Winga.it is the newest acquisition of LeoVegas, Sweden-based premium online gambling operator. The news was announced earlier this week, along with the details regarding the purchase of the Italian company.
Leo Vegas paid €6.1 million to Winga.it’s former owners – Finnish PAF, which had bought the Italian site back in 2015. It seems PAF wanted to pull out from the Italian market, so both parties quickly finalized the deal. The move will be completed by the end of the month, after Italian authorities officially confirm it.
Winga.it reportedly grossed €8 million last year, with half of the income earned online. The results of the company were declining in recent years, which could be a challenge for the new owners, but as we were told by LeoVegas, that trend will quickly be dealt with.
The future plans include a gradual increase in LeoVegas presence in Italy, but it’s still unclear what that means in practice. There are those suggesting the Winga brand could even cease to exist.
This is the first acquisition in LeoVegas history, but definitely not the last, since the financial situation of the company gives a lot of opportunities for future expansions.
Gustaf Hagman, the CEO of the leading gambling establishment operating in Malta, the UK, Denmark, Ireland and Italy, proudly reported the company achieved a fantastic 70% revenue growth in 2016.
The total revenue at the end of the year was €141.4 million, with €16 million earned, and it is estimated the company currently has €55 million in cash, which will surely be used for new investments.
LeoVegas was founded in Stockholm in 2011 and quickly managed to establish itself as one of the leading names on the market. The quality of their services brought them many prestigious awards in the business, with the title of Online Casino Operator of the Year being the most recent one.