Swedish gambling operator LeoVegas will enter the US online gaming market in 2022 after partnering with Caesars Entertainment.
Through the deal, the company will be able to launch an online casino service in New Jersey.
The partnership is subject to certification from the New Jersey Division of Gaming Enforcement (DGE). Should it go ahead, the company will launch its Rhino platform in the state.
New Jersey the entry point for something bigger
Once it has fully settled in the Garden State, LeoVegas aims to expand its online casino product to other regulated jurisdictions in the future.
The company will become the latest of many companies to use New Jersey as a step to get into the US market. Others include Mr Gamble, EveryMatrix and Enteractive.
If all goes to plan, LeoVegas intends to launch in New Jersey during the first half of 2022.
“We think the time and partner are right”
Commenting on the New Jersey expansion, LeoVegas CEO Gustaf Hagman had the following to say.
“We are proud to finally be able to share our plans to establish ourselves in the USA. We think the time and partner are right to launch ‘The King of Casino’ in the USA.
“The American market has immense growth potential, and players are just now discovering online gaming.
“Establishing ourselves with our proprietary platform is a strategic decision, and we know from other markets that having full control over our technology is a key competitive advantage.”
LeoVegas stocks have been tradeable on the OTCQX index for two months.
The New Jersey gaming market
New Jersey released its April 2021 gambling market results recently, in which it performed drastically better compared to last year. Overall revenue was up by 326.4%.
Sports betting revenue rose 1,892.3% annually, which was helped drastically by sporting events taking place – compared to this time in 2020. Sportsbooks generated $51.8 million, while players wagered $748 million. Of the money placed on these events, players spent $681.2 million online.
Online casino games generated $107.7 million last month. Despite online casinos still being available last year, this figure was a 34.8% increase. $105.3 million came from table and slots games, with the other $2.4 million deriving from poker.