Genting Group has inked a deal with online gambling operator LeoVegas to purchase its live dealer arm Authentic Gaming. The gambling giant confirmed the deal for €15m (£12.9m/$16.7m).
According to the reports, LeoVegas found that the deal price represented a return of over 100% as the live dealer subsidiary Authentic Gaming generated €1m for the three months to June 30.
“We have now laid the foundation for Authentic Gaming to take its next big step in live casino,” Authentic Gaming founder and chief executive Jonas Delin said. “I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team.”
Genting has previously partnered Evolution Gaming for its live dealer content, with the supplier broadcasting its Dual Play Roulette title from the operator’s Resorts World Birmingham venue.
Jeremy Taylor, managing director of Genting Online, said: “Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day through any device.
With Authentic Gaming’s advanced technology and innovative product, we are convinced that together we have a good position to realize that vision.”
Earlier in the month, the Netherlands’ gambling regulatory authority, the Kannspelautoriteit (KSA), slapped a fine of €350k and €400k on the Malta-based LeoVegas and its Royal Panda Ltd subsidiary, respectively. The companies were caught accepting wagers from Dutch customers between August 2018 and January 2019.