LeoVegas Group has sold its 25% share in online gambling venture BeyondPlay to Bettor Capital, an investment platform focused on the real-money igaming market, for €1.9m (£1.7m/$2.0m).
Formerly known as SharedPlay, BeyondPlay launched two years ago and generated a 73% return on investment for the operator’s LeoVentures investment arm.
BeyondPlay combines a custom-build platform with streaming technology and social features to create an interactive, multiplayer proposition for users.
“It has been truly incredible to watch BeyondPlay grow from an idea to a leader in its industry niche over the last two years,” LeoVegas group chief executive Gustaf Hagman said. “Karolina Pelc (BeyondPlay founder and CEO) and her team have done an impressive job, and I know they are just getting started.
“We look forward to maintaining our valued partnership with BeyondPlay, and wish them all the best in their continued growth.”
Pelc added: “LeoVentures has been a fantastic acceleration partner for BeyondPlay, and we are grateful for the support received from the early days to date. We remain committed to a successful commercial partnership with LeoVegas Group and are excited for the next chapter of our journey.
“Looking to the future, securing the backing of such a prominent VC firm as Bettor Capital, among other hugely significant strategic industry investors, as part of a larger fundraising effort, is a powerful statement on our company’s growth trajectory.
“I am looking forward to announcing more details very soon.”
The announcement came as LeoVegas also posted its Q4 results for 2022, revealing an operating loss as increased costs took a chunk out of flat revenue.
In a trading update for the three months to 31 December 2022, LeoVegas – which was acquired by MGM Resorts International late last year – said total revenue stood at €99.5m, which was up 1% year-on-year.
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