LeoVegas targets ‘sustainable’ growth with new UK betting brand

LeoVegas Group has today (Wednesday) rolled out a new sports betting brand in the UK as part of an ongoing effort to achieve “strong and sustainable growth”.

BetUK, a casino-only site when acquired from IPS as part of a £65m deal earlier this year, is now accepting sports bets as well as access to a range of casino games. SBTech is powering the sportsbook, following the integration by main platform supplier Bede.

The launch comes after LeoVegas in June unveiled a sponsorship deal with Swansea City, which competes in English football’s second-tier Championship, to help promote the new brand.

Since the start of the 2018-19 football season, BetUK branding has featured on the front of Swansea’s playing jerseys. The logo of sister brand 21.co.uk is also present on the team’s training kit.

Gustaf Hagman (pictured), group chief executive of LeoVegas, told iGamingBusiness.com that BetUK would support the company’s multi-brand strategy in the UK as it seeks to build on its presence in the local market.

“Since its start, LeoVegas has adhered to a successful, global brand strategy,” Hagman said. “In larger markets this can be complemented with a local multi-brand strategy.

“The UK market is very large and mature, which creates scope to work with more brands that attract different types of customers.

“We are now taking the next step and launching a brand that has sports betting as its primary focus. BetUK.com is a premium domain with a very strong link profile that ranks high on Google and other search engines.”

Hagman added: “It is a very exciting move, and I am convinced that it will be a success with strong and sustainable growth.”

Confirmation of the launch comes on the back of a financially successful second quarter for LeoVegas, during which the firm saw earnings before deductions and interest reach €15m (£13.6m/$17.5m). Revenue was also up 76% year-on-year to €87.4m thanks to the impact of its Royal Panda and Rocket X acquisitions.

The company this month also revealed plans to iGamingBusiness.com to build on its application for a new licence in Sweden by submitting a further application for the Spanish market as part of its wider growth strategy.