Under the agreement, LeoVegas will take ownership of all assets of the Nordic-focused brand.
LeoVegas said the acquisition strengthens its brand portfolio with an established position in sports betting, as well as expands its strategic growth opportunities within this segment.
LeoVegas chief executive Gustaf Hagman (pictured) added that the purchase represents a “milestone” for the operator, with plans in place to make Expekt a leading sports wagering brand in Sweden and other Nordic countries.
“For those of us who grew up with online gambling in Sweden, Expekt is undeniably one of the pioneers in sports betting,” Hagman said. “After a few years on the sidelines, we will now restore Expekt to its former glory as the leading sports betting brand.
“We are working resolutely to offer the ultimate mobile sports betting experience, which will entail a number of new innovations and new thinking with a starting point from what a mobile experience can entail for the big years of sport in 2021 and 2022.”
The acquisition comes after LeoVegas last month 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.
Revenue for the 12 months through to 31 December stood at €387.5m, up 8.9% from €356.0m in the previous year.