Gambling company LeoVegas brings on Lothar Matthäus and Stefan Kretzschmar.
Sweden-based online gambling giant LeoVegas is determined to extend its reach into the world of sports betting. The recent acquisition of World of Sportsbetting will grant the company a license to operate in Germany. They've already enlisted the help of football icon Lothar Matthäus and successful handball player Stefan Kretzschmar as their brand ambassadors.
LeoVegas is investing approximately 2.6 million euros to acquire all of World of Sportsbetting's shares. While the Maltese company was famous for operating HappyBet in the German market, it was not for their physical betting shops. These have since been taken over by a Playtech subsidiary. What interested LeoVegas the most were the licenses held by World of Sportsbetting. They are one of the 25 providers approved for gambling in Schleswig-Holstein back in 2012, following a brief departure from the Interstate Gambling Treaty. However, these licenses only cover the northernmost federal state.
Additionally, World of Sportsbetting holds a permit sought after by many gambling companies—a nationwide license from Hesse. Despite legal concerns postponing the formal award, LeoVegas believes this to be their key to success in Germany. In the words of LeoVegas:
"An approved application for a sports betting license in Hesse means permission to operate throughout Germany."
With a market capitalization worth over $1 billion USD, LeoVegas is considered a highly successful entrepreneur in the online gambling landscape. Their "mobile-first strategy", focusing on making their products more accessible through smartphones, is what has put them at the top. Loyal to their strategy of operating in regulated markets, LeoVegas is taking this approach in Germany as well.
To fast-track their entry into the German betting scene, LeoVegas turns to familiar faces. Lothar Matthäus and Stefan Kretzschmar will serve as "testimonials", acting as brand ambassadors and the face of LeoVegas' new sports bookmaker. They've done this successfully before, gaining credibility through popular advertising partners to penetrate new markets in Sweden and England. The deal to take over World of Sportsbetting is slated to be finalized in February, with both Matthäus and Kretzschmar's contracts already signed.
The licenses increase LeoVegas' credibility, allowing them smoother negotiations with media partners. The ambassadors, along with their local appeal, will help tailor the marketing towards the German audience. The company is also planning to adjust its products to suit the German market and add crucial payment options. As LeoVegas plans to venture into regulated markets while sticking to their "licensed as possible" mindset, they see this acquisition as an opportunity to fortify their presence in Germany.
The first advertisements featuring Stefan Kretzschmar have already popped up on LeoVegas' international website, specifically designed to lure in German customers. It remains unclear whether a distinct German website will be created.
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Source: www.onlinecasinosdeutschland.com
