Sporting Index buyer revealed as new Pinnacle Sports owner

The man behind the ongoing acquisition of Sporting Index is the same entrepreneur who recently secured a majority stake in Pinnacle Sports, eGaming Review can reveal.

Magnus Hedman, the owner of Malta-based B2B risk management and pricing supplier firm Touchbet, is set to shake-up the gaming industry with a double acquisition thought to be worth around £200m.

The Marbella-based Swede, who has a history in financial markets, acquired a majority stake in Pinnacle Sports last August although an official announcement of the deal, in which Hedman’s identity wasn’t revealed, wasn’t made until February.

Speaking to eGR this morning, Pinnacle Sports chief executive Paris Smith confirmed Hedman was indeed the operator’s new majority owner but said the firm had planned on keeping his identity under wraps.

“I am proud to confirm that Magnus Hedman became Pinnacle Sports’ majority shareholder last August,” Paris said. “Magnus brings unrivalled industry expertise and experience to help drive an ambitious strategy for Pinnacle Sports, which has become an important part of his industry portfolio.

“As our strategy has remained consistent, this information isn’t something we felt the need to disclose – our culture has always been to remain low-key, and let our unrivalled product speak for itself.

“Our collaboration with Magnus has been in full swing since August, and has already produced significant results in our Malta Gaming Licence. We are pushing forward with the next steps and as we reach further important milestones we will share updates with eGR,” she added.

Hedman’s acquisition of Sporting Index from private equity group HgCapital, thought to be worth around £40m, is still subject to authorisation from the Financial Conduct Authority.

Betgenius and GVC Holdings were also believed to be in the running for Sporting Index.

Sporting Index this morning said it had no comment to make on the identity of its potential buyer.