Genting buys Authentic Gaming from LeoVegas
The conglomerate Genting Group has announced the purchase of the live dealer arm Authentic Gaming from LeoVegas for €15 million.
It was only a matter of time that the iGaming space became ripe for consolidation and other transactions. At the beginning of September, we told you about the acquisition of Red Tiger Gaming by Netent. Today, it's a different kind of deal that we're here to tell you about: Genting buys Authentic Gaming. We've got some details next.
Genting Group is a huge conglomerate from Malaysia, operating in several business lines including leisure & hospitality, property development, plantations, biotech & life sciences and energy. They also operate land-based casinos, and it is for this reason that they purchased Authentic Gaming.
The conglomerate will now be able to offer live streaming service using newly acquired technology so that online players can enjoy the feeling of playing in a live casino 24/7 on a tablet, mobile and desktop. Genting operates casinos in places like Singapore, the Bahamas and Las Vegas.
The purchase will allow Genting Group to live-stream their games from their existing land-based casinos.
Authentic Gaming is a 'supplier of premium live casino solutions' streamed from resorts and casinos around the world. They were part of LeoVegas' live dealer arm until the announcement that Genting buys Authentic Gaming.
The transaction price of €15 million represents a handsome profit for LeoVegas that purchased Authentic Gaming in 2015 - so it seems there are no real losers.