Ciao Bella! LeoVegas takes over Italian market2017-04-11 12:55:35
The popular site with headquarters in Malta purchased the site from its Finnish competitor Paf. The acquisition was subject to approval by the Italian authorities, with LeoVegas meeting all requirements in February 2017.
This acquisition of Winga.it allows LeoVegas to settle into an established position within the ever-expanding Italian market. According to a press release on the acquisition, LeoVegas has paid Paf €6.1 million in cash. This is LeoVegas' first major takeover but, according to a LeoVegas source, not its last.
Winga is based in Milan and offers licensed games within Italy. Half of Winga's profits are generated via live games. Among these live games is a live casino show that is broadcast live on Italian digital TV and via SKY. Given its popularity and marketing effects, it would come as no surprise if LeoVegas decided to copy the idea for its own brand.
According to a press release by LeoVegas, the Swedish gambling house decided to purchase Winga after evaluating different options for acquisition. LeoVegas found several factors that spoke in favour of Winga.it. According to LeoVegas CEO Gustaf Hagman, one of the main reasons was that acquiring Winga would allow them to profit from its “established position” within the Italian market.
The decision by LeoVegas to buy Winga was welcomed by Paf. Paf's CEO Christer Fahlstedt stated that Italy was no longer part of Paf's strategy for its future. As such, the “generous offer” that LeoVegas made came at an ideal point in time.
Expansion into Irish market
LeoVegas holds licenses in Malta, the UK, Denmark, Italy and Ireland. On its most recent expansion into Ireland, Gustaf Hagman, Group CEO and co-founder of LeoVegas, commented that 'again, it is the combination of our efficient team and our technology platform that allows us to customise our product and launch in a short time.'