LeoVegas to enter U.S. market in 2022 after partnering with Caesars
Swedish online and mobile gaming operator Leo Vegas AB (LeoVegas) is set to enter the US market for the first time after it has partnered up with Caesars Entertainment in the state of New Jersey. The LeoVegas online casino brand is expected to launch in New Jersey in the first half of 2022.
With the agreement LeoVegas will take it first steps in the U.S. through a license by one of Caesars’ land-based casino’s, starting with New Jersey.
The deal was announced during a May 17 conference call where LeoVegas Chief Executive Officer, Gustav Hagman said that LeoVegas could already have its first U.S. customers “at about this time next year.” As part of the state’s requirements, the operator will also be opening an office in New Jersey. Hagman said:
“This is a huge milestone for us as a company. We think that the timing is right, the partner is right, and LeoVegas is ready to do it.”
“This is just the first of the states that we’re entering in the US. You should see this as a plan to entering all states that are casino accessible. There will be more to come over the years,” the CEO added.
Hagman called their new partner Caesars “someone we can grow with.” Although he later said that LeoVegas does not necessarily have to partner with the Casino giant in other U.S. states. “Of course, we would talk with them first,” he commented.
A multi-billion market
Having already opened doors back in 2016, the online gaming industry in New Jersey is currently one of the most lucrative igaming markets in the United States. Something that Hagman stressed by saying that New Jersey’s online gaming market yielded $1.29 billion in 2020 and is projected to create more than $3.0 billion in revenue by 2026.
“By then, it will be far bigger than the Swedish market is right now,” he said.
For Caesar’s, the agreement with LeoVegas is their second international partnership after it closed on its $3.7 billion takeover of British gambling company William Hill in April. Caesars will rebrand its retail sports betting operations from William Hill to Caesars. It will do the same for its online sports betting app which will be named Caesars Sports.
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