LeoVegas the Swedish online gaming giant announced a deal to enter, the promising US market
Through an agreement with Caesars Entertainment the company is planning to launch its online casino product in the state of New Jersey during the first half of next year.
Subject to the confirmation of the state’s regulator, LeoVegas will launch its proprietary platform Rhino, with plans to later expand into other US states.
Last March, LeoVegas started trading on the OTCQX market, allowing American investors to buy the shares, in preparation for this opportunity.
The State of New Jersey has a population of approximately 9 million and was one of the first US states to legalise online gaming in 2018.
New Jersey’s online gaming market is currently estimated to be the largest in the USA, with revenue of over $1 billion in 2020.
The market already has more than 20 brands offering online casino in the state, and gaming tax is 17.5 per cent of Gross Gaming Revenue.
Commenting on this deal, LeoVegas CEO Gustaf Hagman said:
“We are proud to finally be able to share our plans to establish ourselves in the USA. We think the time and partner are right to launch ‘The King of Casino’ in the USA.
‘The American market has immense growth potential, and players are just now discovering online gaming.
“Establishing ourselves with our proprietary platform is a strategic decision, and we know from other markets that having full control over our technology is a key competitive advantage.”
The operator is set to obtain market access through a licence held by one of Caesars’ land-based properties.
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