LeoVegas takes majority stake in CasinoGrounds

LeoVegas has acquired a 51% majority stake in GameGrounds United, owner of the Casino Grounds streaming network. Under the agreement, LeoVegas will pay an initial SEK30m (€3m/$3.5m), with a potential maximum earn-out payment of SEK15m. Casino Grounds live streams casino games via video-sharing platform YouTube and streaming service Twitch, serving as an active and social casino forum. LeoVegas, which will make the acquisition through its LeoVentures subsidiary, expects to complete the transaction on January 1. Gustaf Hagman, group chief executive of LeoVegas, said: “In Casino Grounds we see a new behaviour in which persons interested in casino are watching others play casino via YouTube and Twitch. “Casino Grounds has created a new niche through its live streaming and social platform, which are highly appreciated by players. “The combination of proprietary content and the moving picture format create exciting opportunities going forward and is in line with LeoVegas’ strategy to be an innovative and entrepreneur- driven company.” The deal comes after LeoVegas last month completed its acquisition of Web Investments Limited, the company behind the Royal Panda gaming operator brand. Related article: LeoVegas finalises acquisition of Royal Panda