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Statement by the Board of Directors of LeoVegas in relation to the public offer from MGM

The Board of Directors of LeoVegas unanimously recommends the shareholders of LeoVegas to accept the public offer from MGM of SEK 61 in cash per share.
This statement is made by the Board of Directors[1] of LeoVegas AB (publ) (the “Company” or “LeoVegas”) pursuant to Rule II.19 of the Nasdaq Stockholm Takeover Rules (the “Takeover Rules”).
Background
MGM Casino Next Lion, LLC, a wholly owned indirect subsidiary of MGM Resorts International (“MGM”), has today announced a public offer to the shareholders of LeoVegas to transfer all of their shares in LeoVegas to MGM for a consideration of SEK 61 in cash per LeoVegas share (the “Offer”). The total value of the Offer corresponds to approximately SEK 5,957 million[2]. The price of SEK 61 per share in the Offer will not be increased.
The Offer represents a premium of:
· approximately 44.1 per cent compared to the closing price of SEK 42.32 of LeoVegas shares on Nasdaq Stockholm on 29 April 2022, which was the last trading day prior to the announcement of the Offer;
· approximately 57.6 per cent compared to the volume-weighted average trading price of SEK 38.70 of LeoVegas shares on Nasdaq Stockholm during the last 30 trading days prior to the announcement of the Offer; and
· approximately 76.5 per cent compared to the volume-weighted average trading price of SEK 34.56 of LeoVegas shares on Nasdaq Stockholm during the last 180 trading days prior to the announcement of the Offer.
The acceptance period for the Offer is expected to commence on or around 3 June 2022 and expire on or around 30 August 2022.
Completion of the Offer is conditional upon, inter alia, that the Offer is accepted to such an extent that MGM becomes the owner of shares representing more than 90 per cent of the outstanding shares in LeoVegas (on a fully diluted basis), as well as all regulatory, governmental or similar clearances, approvals and decisions necessary to complete the Offer, including approvals and clearances from competition authorities, being obtained, in each case on terms which, in MGM’s opinion, are acceptable. MGM has reserved the right to waive the conditions for completion of the Offer. The Offer is not conditional upon financing. MGM has stated that it will not increase the price of SEK 61 in the Offer. By this statement, MGM cannot, in accordance with the Takeover Rules, increase the price in the Offer.
The Board of Directors of LeoVegas has given consent to MGM to offer a management incentive plan for certain key employees of LeoVegas and notes that MGM has obtained a statement from the Swedish Securities Council (Sw. Aktiemarknadsnämnden) confirming that the proposed incentive plan is compatible with the Takeover Rules (Ruling 2022:16).
The Board of Directors of LeoVegas has, at the written request of MGM, permitted MGM to carry out a due diligence review of LeoVegas in connection with the preparation of the Offer. With the exception of information that was subsequently included in LeoVegas’ Q1 report for 2022, MGM has not been provided with any inside information regarding LeoVegas in connection with the due diligence review.
MGM has obtained irrevocable undertakings to accept the Offer from the Company’s largest shareholder and Chief Executive Officer, Gustaf Hagman, and certain other shareholders[3]. Gustaf Hagman has undertaken to tender 8,050,000 shares (8.2 per cent of the outstanding shares in LeoVegas), and other shareholders have undertaken to tender a total of 6,909,281 shares in LeoVegas (7.1 per cent). Accordingly, irrevocable undertakings to accept the Offer from shareholders representing in total 14,959,281 shares (15.3 per cent) have been obtained. The irrevocable undertakings apply irrespective of whether a higher competing offer is made. The irrevocable undertakings will terminate if the Offer is not declared unconditional on or before 31 October 2022. In addition, Torsten Söderberg, who is also a Board member of LeoVegas, has stated that he is very supportive of the Offer. Torsten Söderberg and family owns 4,533,861 shares in LeoVegas (4.6 percent).
SEB Corporate Finance (“SEB”) is acting as financial adviser and Cederquist is acting as legal adviser to LeoVegas in connection with the Offer.
Process conducted by the Board of Directors
In parallel with other interested third parties contemplating public tender offers, MGM contacted LeoVegas in December 2021. The Board of Directors engaged SEB to lead the process of evaluating other parties’ interest for the Company. In February 2022, MGM submitted a non-binding offer letter to the Board of Directors of LeoVegas indicating an interest to pursue with a public offer subject to, inter alia, a satisfactory due diligence review and the Board of Directors of LeoVegas recommending the shareholders to accept the offer from MGM. The Board of Directors gave MGM permission to conduct a due diligence review. As instructed by the Board of Directors, SEB entertained parallel processes with other interested parties in the interest of creating maximum value for the shareholders in LeoVegas. Following further negotiations with the Board of Directors and SEB, MGM increased its non-binding offer, to a price level other interested parties could not match, in order to receive a recommendation from the Board of Directors.
The Board of Directors’ recommendation
In its evaluation of the Offer, the Board of Directors has taken a number of factors into account which the Board of Directors deems relevant. These factors include, but are not limited to, the Company’s present strategic and financial position and the Company’s expected potential future development and thereto related opportunities and risks.
The Board of Directors notes that the Offer represents a premium of approximately 44.1 per cent compared to the closing price of SEK 42.32 of the Company’s share on Nasdaq Stockholm on 29 April 2022, which was the last trading day before the announcement of the Offer, and a premium of approximately 57.6 per cent and 76.5 per cent respectively, compared to the volume-weighted average share price for the Company’s share on Nasdaq Stockholm during the last 30 and 180 trading days, respectively, prior to the announcement.
As noted above, LeoVegas has received several indications of interest or non-binding offers concerning a potential tender offer. MGM’s offer is, in the assessment of the LeoVegas Board of Directors, the superior offer from the perspective of the shareholders. The LeoVegas Board of Directors has investigated and considered market and industry trends, and certain strategic alternatives available to LeoVegas. Such alternatives included, but were not limited to, remaining an independent listed company with a possible listing in the USA. The LeoVegas Board of Directors has also considered the risks and uncertainties associated with such alternatives.
LeoVegas operates in an industry which is characterised by, inter alia, high innovation pace, new regulation and consolidation. In this context, the Board of Directors believes that the industrial logic and strategic fit between LeoVegas and MGM is attractive and should serve both the company and its employees well in the future.
The Board of Directors further notes that LeoVegas’ largest shareholder and Chief Executive Officer Gustaf Hagman and certain other shareholders, representing in aggregate 15.3 per cent of the outstanding shares and votes in the Company, have entered into undertakings to accept the Offer, subject to certain conditions, irrespective of whether a higher competing offer is made. In addition, Torsten Söderberg, who is also a Board member of LeoVegas and together with family owns 4.6 per cent of the outstanding shares, has stated that he is very supportive of the Offer.
As part of the Board of Directors’ evaluation of the Offer, the Board of Directors has engaged BDO to issue a so-called fairness opinion regarding the Offer, see Appendix 1. According to the fairness opinion, the Offer is fair to LeoVegas’ shareholders from a financial point of view (subject to the assumptions and considerations set out in the fairness opinion).
Under the Takeover Rules, the Board of Directors shall, based on the statements made by MGM in the Offer press release issued earlier today, present its opinion regarding the impact that the implementation of the Offer will have on LeoVegas, particularly in terms of employment, and its opinion regarding MGM’s strategic plans for LeoVegas and the effects it is anticipated that such plans will have on employment and on the places in which LeoVegas conducts its business. In this respect, the Board of Directors notes that MGM has stated that “MGM values the skills and talents of LeoVegas’ management and employees and intends to continue to safeguard the excellent relationship that LeoVegas has with its employees. Given MGM’s current knowledge of LeoVegas and in light of current market conditions, MGM does not intend to materially alter the operations of LeoVegas following the implementation of the Offer, subject, of course, to MGM’s continued regulatory review. There are currently no decisions on any material changes to LeoVegas’ or MGM’s employees and management or to the existing organization and operations, including the terms of employment and locations of the business”. The Board of Directors assumes that this description is correct and has no reason to take a different view in this respect.
Based on the above, the Board of Directors unanimously recommends the shareholders in LeoVegas to accept the Offer.
This statement shall in all respects be governed by and construed in accordance with Swedish law. Disputes arising from this statement shall be settled exclusively by Swedish courts.
The information in the press release is information that LeoVegas is obliged to make public pursuant to the EU Market Abuse Regulation and the Takeover Rules. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CEST on 2 May 2022.
[1] The Board member Torsten Söderberg and the Company’s largest shareholder and Chief Executive Officer Gustaf Hagman have not participated in the Board’s evaluation of or discussions regarding the Offer due to conflict of interest.
[2] Based on 97,652,970 outstanding shares in LeoVegas, which excludes 4,000,000 treasury shares held by LeoVegas. In the event that LeoVegas should pay any dividend or make any other value transfer prior to the settlement of the Offer, the price per share in the Offer will be reduced correspondingly.
[3] LOYS AG: 3,259,281 shares (3.3 per cent). Robin Ramm-Ericson: 2,250,000 shares (2.3 per cent). Pontus Hagnö: 1,000,000 shares (1.0 per cent). Gilston Invest AB: 400,000 shares (0.4 per cent).
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Conferences in Europe
New Gamification Academy at SBC Summit to Present Fresh Approaches to Player Engagement

With gamification emerging as a driving force in the casino industry, SBC Summit introduces the Gamification Academy, an initiative built to confront pain points in engagement, retention, loyalty, and differentiation by exploring what truly keeps players coming back.
Launched in partnership with leading iGaming turnkey solutions provider Soft2Bet, the Gamification Academy will take place on Tuesday, 16th September, at the Sala Tejo, MEO Arena.
The programme forms part of SBC’s newly introduced Tech Academies, a series of immersive learning streams designed to arm summit attendees with practical know-how in AI, marketing, Web 3.0 & blockchain, and gamification.
Delegates can anticipate discussions examining the role of personalisation in driving loyalty, strategies for balancing gamified features with brand authenticity, and honest reflections on both the successes and challenges of gamification in the industry.
“Gamification has transformed how people interact with digital products across industries, and iGaming is no exception,” SBC Founder and CEO Rasmus Sojmark said.
“Players now expect fun, engaging, and rewarding experiences, and that’s exactly what gamification delivers. The Gamification Academy will show the industry how to apply these proven principles to build deeper connections, keep players returning, and create more meaningful player journeys,” he added.
Kicking off the Academy, Soft2Bet’s Chief Product Officer Yoel Zuckerberg will lead the ‘Introduction to Gamification & Player Engagement’ workshop. Setting the stage for the day, the session offers a comprehensive overview of gamification’s power and how it has shaped the industry in recent years.
Chief Business Development Officer Toni Jermaniš (SofaScore), CEO & Co-Founder Josh Jones (Rise & Hustle), and Senior Solutions Engineer Alec Gehlot (Optimove) will focus on the player retention angle through their ‘Why Personalisation is the Key to Retention‘ panel moderated by Soft2Bet’s Chief Business Development Officer Martin Collins. The session will explore how tailored offers, customisable interfaces, and personalised recommendations are giving players more control over their experience and, in turn, strengthening loyalty and long-term value.
Following a networking break, two case studies will spotlight real-world lessons from gamification, dissecting what works, what doesn’t, and how to measure success.
First up is the case study titled “Baking in Gamification During Design”, led by Alexis Wicen (CEO, Scatters Group). In this session, delegates can learn how to weave gamification into their products without losing brand authenticity. Drawing on real-world examples, the session will examine where brands have succeeded in integrating gamification into their games and platforms, and where they have fallen short, showing delegates how to approach gamification more effectively in their own projects.
The second case study, ‘The Metrics of Gamification’, will examine where the impact of gamification is most evident and how brands can measure it effectively. Featuring Uri Admon (CEO, Captain Up), the session will cover key factors such as retention, loyalty, engagement, revenue, and player enjoyment, helping delegates understand how to balance player needs with company goals.
The Academy will close with ‘The Five Steps of Gamification,’ a panel hosted by Soft2Bet’s Head of Sales, Alon Eshed, joined by Helen Walton (Founder & CCO, G Games), David Olim (CEO, FootAR), and Tom Jang Lemke (CEO and Founder, SavageTech). By breaking down the fundamental building blocks of gamification, including rewards, progression, competition, and storytelling, the session will highlight how these principles form the foundation of more engaging and personalised player experiences.
The Gamification Academy will feature at the upcoming SBC Summit 2025, SBC’s global flagship event, taking place at Feira Internacional de Lisboa and MEO Arena from 16–18 September. The summit will also host a six-track conference, a 135,000 square meter exhibition, the Affiliate Leaders Summit and Payment Expert Summit, plus a full schedule of evening networking events.
Participation in the Tech Academies is exclusively for VIP Event Pass and Expo+ holders only.
You can RSVP to attend our tech academies here.
VIP Event Pass: Access to the show floor, all networking areas and conference sessions, complimentary food and drink from the summit’s food festival and access to exclusive evening networking sessions and parties.
Group VIP Event Pass: Get your passes for just €400 each when you purchase for three or more people (a saving of €200 per ticket!) – perfect for bringing your team along.
Expo+ Pass: Access to the show floor, conference sessions and daytime networking only.
Expo Only Pass: Our free option, which gives you access to the show floor only. This is perfect for individuals from outside the gaming industry who want to explore potential partnerships. Please note that this will not grant you access to our academies.
Operator and Affiliate Passes: Operators and affiliates are eligible for a free VIP event pass. Simply apply.
The post New Gamification Academy at SBC Summit to Present Fresh Approaches to Player Engagement appeared first on European Gaming Industry News.
Bodog Canada
Casino Games and Console Games: Are They Really That Different?

Games come in many shapes and sizes. This has long been the case. The digital age brings everything from slot machines to sprawling console adventures. Casino titles and console games might look like they live in two different worlds. One is often focused on quick play and chance. The other leans into storylines and hours of immersion.
There are definitely a lot of differences. But there are similarities and overlaps that not everybody has considered.
Two Industries, One Trend: Growth and Choice
One of the clearest similarities between casino games and console gaming is how both industries have grown in recent years. Players now face huge menus of choices.
Casino fans know that there can be some very big libraries and even new titles appearing by the week. They are all trying to stand out with a new theme or mechanic (or just new characters). New and emerging markets like Canada still benefit from the huge libraries that are available. Bodog Canada is a casino that has a lot of different slot games as well as a lot of traditional table games. Blackjack and similar options are ubiquitous – there are even new developments and tweaks to the gameplay.
Big slot developers and brands may even create a lot of different new games for the market. There are enough for brands to even advertise regular slots of the week or similar.
Meanwhile, the console market has exploded. There are AAA open-world adventures and indie gems. The huge number of games caters to different tastes. Just like casino libraries, console platforms thrive on variety. This abundance means players in both spaces are never short of something new to try.
The numbers definitely back this up. A record number of new titles were launched in 2024 on Steam. There were over 15,000 new titles. Nobody could possibly try all of the games that have been put out on the market. Steam is a PC platform – we have seen a similar pattern in other console games.
Different Styles of Play
There’s no denying that the styles of play differ. Casino games are designed around quick interactions. A spin of a roulette wheel or a few seconds on a slot machine. All of these fit neatly into short bursts. Console games often ask for long sessions. They draw people in with depth and are designed to be longer. Some even take hundreds of hours to complete or give open-world designs people can explore endlessly.
But even here, there are overlaps. Casual console games like mobile ports and indie titles can mimic the quick pace of casino games. Think of puzzle games or arcade-style shooters that are all about instant gratification. They echo the same “jump in and jump out” model seen in many casino titles.
Shared Themes and Visuals
Themes are another place where links appear. Casino developers know that visuals matter. Slots come dressed in everything from mythology to sci-fi to jungle adventures. Console games also lean heavily on themes. They build entire worlds around specific styles.
In both spaces, developers reuse familiar ideas because they work. Things like mythology and science fiction appear across slot libraries and console releases. The art and atmosphere can often feel strikingly similar, even if the gameplay itself is very different.
Mechanics: Skill vs Chance
One of the biggest differences lies in mechanics. Casino games are usually driven by chance. Spins and card draws are random – strategy often plays a secondary role. In contrast, console games usually rely heavily on skill.
Some casino titles do bring elements of strategy into play. Poker requires both luck and skill, and blackjack asks players to think carefully about probability. Console games sometimes lean into randomness, too. Loot systems or even dice-roll mechanics mimic the uncertainty of chance found in casinos.
Social Experiences
Another interesting similarity is the social side. Some casino games have turned into shared experiences. Players can sit at the same table virtually in a live dealer game and interact with others. Console gaming has mirrored this with online multiplayer. This could mean teaming up in a shooter. It could also be facing off in a sports game; the social element keeps people engaged.
Both industries understand the power of community. It’s no longer just about the game itself. The social element is huge.
Technology Driving Both
Technology has been the engine behind the rise of both casino and console games. Casino developers have embraced mobile play and used HTML5. Console makers have pushed graphics and processing power to create lifelike worlds.
Interestingly, both industries borrow from each other here. Casino games sometimes mimic console-style graphics and storytelling. Some console games sneak in casino-style mini-games, like card tables or slot-style mechanics tucked inside larger adventures.
The post Casino Games and Console Games: Are They Really That Different? appeared first on Gaming and Gambling Industry in the Americas.
Conferences in Europe
Strategies that Scale: Evoplay’s Alex Malchenko on Cracking the Code of Localised iGaming Success

Alex Malchenko, Head of Sales at Evoplay, joins us for an exclusive conversation ahead of HIPTHER’s European Gaming Congress 2025.
Evoplay, proud Pen & Paper Sponsor of this landmark event, continues to pave the way in iGaming with pioneering content, creative game design, and strategic market expansion.
With over a decade of B2B sales experience, Alex has played a lead role in entering regulated territories, forging new Bingo and Lottery partnerships, and launching fresh business directions – making him the ideal voice to explore insights around localising content for different markets: challenges, nuances, and successful strategies.
Alex, with your background scaling new markets and products, what challenges have you encountered with content localisation in the iGaming space?
When we enter or grow in a new market, we look at its own specifics. In some markets, the main challenge is regulation, whether it’s strict certification rules, requirements on game content and promotions, RTP levels, or even small details like how session time is displayed. That’s why we take time to understand the rules, the culture, and what local players actually want.
One good example is our instant game Penalty Shoot-Out: Street, which we created for Brazil and its strong football culture. The challenges there were both technical and regulatory, since Latin American markets often have very different rules. In some countries, just certifying the game isn’t enough — additional RGS and RNG certificates and official confirmations are also required.
On top of that, we had to make sure the gameplay matched what players expected. With Penalty Shoot-Out: Street, we achieved this by combining fast bets, quick results, a familiar theme and the thrill of every goal, and it worked.
Another case is our Hot Triple Sevens, a worldwide-popular slot, which we’ve refreshed with new mechanics like Hold & Win. Then we re-skinned the game to suit different audiences — for example, American Sevens and Fogo do Brasil 777 — to make them resonate more with local styles and tastes.
When games are built with the right themes and mechanics for a specific market, they feel more engaging and relevant to players, which can significantly boost their appeal. That’s why localisation is something we put thought into every time, learning from experience, working with partners, testing locally and improving as we go.
When it comes to Evoplay approaching localisation for a new market, what are the first strategic frameworks or priorities you put in place?
In short: regulation, communication with partners, and understanding players. When entering a new market, we carefully study all aspects, analyse the situation, and build a strategy. This includes legal, commercial, marketing and financial components, among others. Of course, for a complete picture, we also look at competitors’ experience, talk extensively with local participants, and study players — sometimes launching special campaigns independently, sometimes in collaboration with partners.
In this regard, Evoplay has made significant progress this year, reaching a new level. To support this approach, we also run campaigns that help us better understand players and their preferences. For example, the Oath of Steel campaign with SlotsCalendar, featuring a shared prize pool, invited players to take part and share their feedback, which we looked at thoughtfully. Similarly, we worked on a joint game with SlotCatalog, drawing on insights from their player preference analytics. Initiatives like this give us a better sense of what players enjoy and help us shape our games for different audiences, supporting our broader approach when entering or growing in new markets.
Could you share an example where you had to adapt a game significantly – theme, mechanics, or language – to resonate with local players? What were the specific market nuances you had to tune into?
In our business, every game must meet regulatory requirements, and it’s normal that adapting a game for a specific market requires some extra adjustments. A good example of this is the lottery vertical, which is quite different from standard iGaming. In our business, every game must meet regulatory requirements, and it’s normal that adapting a game for a specific market requires some extra adjustments. A good example of this is the lottery vertical, which is quite different from iGaming. Here, we need to follow particular rules regarding content and promotions, along with other market-specific restrictions.
Other bright examples of our games adapted to local markets include mythology-inspired hits like Temple of Thunder II Bonus Buy and Roman Rule, as well as the previously mentioned American Sevens and Penalty Shoot-Out: Street. These games work well because everything comes together — the theme clicks with players, the visuals fit the concept, and the mechanics are engaging. I’d also highlight the simplicity of the games and their user-friendly UX/UI, which players appreciate no matter the region.
Operating in regulated markets obviously adds complexity. How do you strike the balance between compliance (e.g., legal, cultural mandates) and maintaining the brand’s creative integrity during localisation?
In situations like this, branded games are a good approach. Creating them involves working closely with partners, discussing details such as logos and technical settings like RTP or bet ranges.
At the same time, we like to experiment with small creative touches to see what really clicks with players. A good example is The Easter Catch slot, an updated version of our worldwide popular The Greatest Catch, especially designed for the Easter holidays. Taking this approach keeps the game flexible, meets legal and cultural requirements, and still feels like our brand. Tailoring it for the partner and their audience also makes the game more engaging and usually leads to better performance.
You’ve been instrumental in forging Bingo and Lottery partnerships. How does localisation differ when tailoring for those verticals versus standard casino-style titles?
First of all, I want to emphasise that Bingo and Lottery are quite different from standard iGaming. These are established verticals with their own history, unique communities, and regulatory features. The lottery market is also largely monopolised and moves at a slower pace compared to the fast-moving world of iGaming.
Some online lotteries, while offering more dynamic and engaging experiences than paper versions or traditional online formats, are subject to many restrictions. For example, design themes common in slots are often prohibited, RTP requirements differ, and other regulatory rules apply.
When it comes to trends in this area, the World Lottery Association sets the pace, and other lotteries tend to follow their lead.
Evoplay entered this sector to bring a fresh, innovative perspective, showing how classic games can be reimagined for a new generation of players and enthusiasts seeking new experiences. The projects we’re currently developing here hold great promise and add a fresh spark to this traditional space.
Thank you, Alex, for walking us through Evoplay’s thoughtful approach to content localisation and the art of balancing strategy with respect for local flavor. We can’t wait to hear more from you and other industry leaders live at the European Gaming Congress 2025.
Join us at the European Gaming Congress 2025 | 30–31 October | Warsaw
The post Strategies that Scale: Evoplay’s Alex Malchenko on Cracking the Code of Localised iGaming Success appeared first on European Gaming Industry News.
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