LeoVegas, through their LeoVentures investment fund, has invested €1.1 million for 25% of the shares in SharedPlay with an option to increase its ownership in the future. SharedPlay is a new company that enables players to share their gaming experiences with each other.
This isn’t playing Call of Duty with your buddies on the Xbox, this is the industry’s first solution for playing casino games in multiplayer mode. SharedPlay is a very new company, they were only incorporated on the 28th of September 2020. It was founded by the former LeoVegas casino director, Karolina Pelc, with the aim to tap into the online social and community-focused consumption trend accelerated by Covid-19 and the growth of streaming sites.
The team at SharedPlay wants to turn solitary game sessions into engaging multiplayer and entertaining experiences. They want to create a more inclusive environment for gamblers, this will improve the experience for the users as well as the gambling operators who, according to SharedPlay, will see increased game retention and time spent on games.
Comments from the companies
Gustaf Hagman, LeoVegas’ Group CEO, commented on their new investment:
“We see a new behaviour in the gaming market as well as in many other digital consumer segments – it’s about sharing your fun and excitement with your friends, but also with others who have the same interest. The team we are investing in is world-class, and SharedPlay has a unique position with the opportunity to drive the next step in the social casino experience.”
Founder and CEO of SharedPlay, Karolina Pec, also added:
“SharedPlay was established to capitalise on the opportunities that exist in the current trends in our rapidly growing industry. I have closely followed the development of social platforms, how we consume moving pictures, and how it has become part of the gaming industry. We aim to create the best and most engaging product for making casino more social among players. There is incredible potential in the strong engagement that exists among the new generation of casino players combined with a safe and secure gaming experience. LeoVegas is a dream partner, as they are passionate about the gaming experience and innovation in product development and have shown through their other investments that they are proficient at driving growth and creating value.”
The future of LeoVegas
LeoVegas has had a fantastic year. Last month LeoVegas reported a 103.2% year-on-year increase in comprehensive profit in 2020, after its strongest-ever fourth-quarter performance helped it post record results for the year. Their total revenue for the year is €387.5m, up 8.9% from €356.0m in the previous year. For Leo Vegas, online sports betting is also another major investment opportunity, they have recently acquired Expekt Nordics Ltd and related assets for sports betting in Europe.
Now that they are in a very significant growth period, it makes sense that the company would be looking at their future. They are investing in former employees’ new ventures. This looks like a good way for the company to breed innovation while keeping the new products close to home.