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LeoVegas Reveals Plans to Launch Its First US Online Casino
LeoVegas has market access in New Jersey through a deal with Caesars Entertainment
The plan is for the platform to go live during the first half of 2022
LeoVegas Group CEO Gustaf Hagman noted the "immense growth potential" of the US market
New Jersey currently has the largest online casino market in the US
Andrew O'Malley
LeoVegas has revealed plans to launch its first online casino in the US market, expecting to go live in New Jersey during the first half of next year. [Image: Shutterstock.com]
Launching in New Jersey
LeoVegas has outlined its plans to launch its first US online casino. The initial launch will be in New Jersey and the company hopes to be taking bets in the first half of 2022, pending regulatory approval. LeoVegas revealed in its press release on Monday that it has gotten market access in New Jersey through a deal with Caesars Entertainment.
wants to have total control over its offering
It will utilize its proprietary platform Rhino for its US launch. LeoVegas wants to have total control over its offering in order to deliver a competitive and unique experience to US customers.
LeoVegas held a conference call and Q&A session on Monday to discuss its US plans in more detail. In addition to getting market access in New Jersey, LeoVegas has also set up a local entity for its operations. Before going live, it will need to get the relevant regulatory approvals and organize its operations, including setting up an office, putting a team in place and developing a marketing strategy.
Leveraging proprietary technology
LeoVegas Group CEO Gustaf Hagman said that the operator was proud to announce its expansion into the US market. He mentioned the "immense growth potential" of the US and that the operator will focus on "offering an innovative, world-class gaming experience directly in mobile phones."
He also revealed that the plan to utilize its proprietary platform is a strategic decision and he believes that it will be an important competitive advantage. The Rhino platform currently powers 14 brands, has a license in eight jurisdictions, and processes a huge number of transactions each month.
In advance of announcing the planned launch in New Jersey, LeoVegas shares become tradeable in March on the OTCQX market. This meant that US investors are able to purchase shares in the Sweden-based company.
A lucrative market
LeoVegas is one of the biggest names in the online casino space in Europe, also offering sports betting and bingo.
Many Europe-based operators have been looking at the potential of the ever-growing US market with interest. In its press release about its New Jersey plans, LeoVegas said that the US market will eventually become the biggest regulated gaming market in the world.
New Jersey is a natural starting point for operators as it currently has the biggest online casino market in the US. In 2020, total revenue for the state's online casinos was about $970.3m and is expected to reach $3bn by 2026. Over 20 brands currently operate online casinos in New Jersey, paying a 17.5% tax rate on gross gaming revenue. Only a handful of other states have online casinos up and running at the moment, including Pennsylvania and Michigan.
Posted in: Casino US News
Tags: LeoVegas New Jersey online casino
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