LeoVegas sets its eye on the goal of US sports betting

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LeoVegas is reportedly considering expansion into the newly regulated US sports betting market, following a growth in local sportsbook revenue through the first half of 2018.

Recording that sports betting accounted for eight percent of Q218 revenue, the Swedish online gaming firm has stated a keen interest in the future of the US market.

“In terms of the US, we of course have it on our radar and follow development,” said group CEO Gustaf Hagman. “It is a market with huge potential.”

Though Hagman added the company were aware that “a lot of factors” would need to be taken into account before the move, the American sports betting industry has been experiencing a meteoric growth since its legalisation in May.

A report by the American Gaming Association and Nielsen Sports, released on 5 September, predicts sportsbook operators will drive $573m into the annual revenue of the NFL alone, reflecting a sizeable investment in the industry.

An additional $451m is expected to be spent by operators and data providers purely through advertising partnerships with the league.

With Hagman stating LeoVegas’ expansion strategy involves “new product categories,” the freshness of the US market, projected to soon be enlarged by Rhode Island and Pennsylvania, may prove a tantalising prospect for the firm.

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