Genting agrees €15m acquisition of Authentic Gaming from LeoVegas
Genting will use Authentic’s streaming technology to beam casino play from land-based properties to its online assets
Genting has acquired live-casino provider Authentic Gaming from LeoVegas for €15m, a deal the operator said would help it “lead the way in the live casino space”.
The deal will see Genting utilise Authentic’s in-property streaming technologies and expertise across its land-based and digital estate, both in the UK and internationally.
Authentic will continue to operate independently, with Genting Group looking to support the company’s continual innovation and expansion.
Genting will also continue to work with its existing and other new partners.
Jeremy Taylor, managing director of Genting Online, said the operator’s global estate of land-based casinos provided a platform to grow both businesses
“Our vision for the future is that customers will be able to play at any of our casinos in the world, such as Las Vegas, Bahamas, or Singapore to name but a few, in an immersive experience, from any device, from any website, 24/7,” Taylor said.
“With their cutting-edge technology and innovative product capabilities we believe that Authentic are well placed to help us realise that vision.
“They are a relatively young business who are bringing fresh thinking to the market place, so now is the perfect time to start working with them to fuel the future success of both businesses.”
The transaction is expected to close at the end of October, with gains from the sale confirmed in LeoVegas’s report for Q4.
In Q2 2019, Authentic generated €1m in revenue.
Jonas Delin, CEO of Authentic, added: “Becoming part of the Genting Group places us in an incredible position to expand our product into more casinos, expand our product portfolio to include more games for the benefit of our entire B2B customer base in Europe and beyond.”
LeoVegas said the “time was right” to sell Authentic, with the price marking a 100% ROI in the last three years.
“The deal shows our innovative strength in the group and our ability to develop and build sustainable companies,” LeoVegas CEO Gustaf Hagman said.
“We have thereby created shareholder value with a more than a 100% return on our investment in Authentic Gaming,” Hagman added.