LeoVegas investigated by Swedish authorities

7 Jun 2022

LeoVegas investigated by Swedish authoritiesThe online bookmaker LeoVegas is "fully assisting" Swedish Economic Crime Authority after being contacted on June 7 during a preliminary investigation of suspected insider trading. 

According to the operator, no employee, management team member, or board member in the Company has been notified about any criminal suspicion, and it cannot provide any more information currently.

The probe comes almost a month after the US casino operator MGM Resorts announced that it plans to buy LeoVegas for $607m (€575m). Before the purchase, the Swedish firm cooperated with MGM Resorts for a due diligence review in connection with the offer and added that it had "taken a number of factors into account".

Some factors include but are not limited to, the Company's present strategic and financial position and its expected potential future development and related opportunities and risks. The purchase is part of MGM's strategic objective to create an online gaming business with a global reach.

LeoVegas holds licenses in eight jurisdictions focusing on Scandinavia and mainland Europe.

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LeoVegas Sport is slightly new in the sportsbook industry, but they already knew that they had to follow the steps of their successful casino heritage. They mainly target the Nordic market, but I would like to see them broaden their reach even more. The bookie's impressive improvement is shown through the doubling of its depositors within a 12month time frame, reaching 200.000 active customers. The odds, especially in Premier League, can be compared to Bet365's and as it was expected, the mobile services are their powerhouse, while Kambi's presence as the creator of the platform guarantees stability. LeoVegas will have to add more payment methods to be more flexible and speed up the slow withdrawal process. Although they have to work more on the live betting part, they are a book that's definitely a keeper.

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