It was announced last week that Genting had reached an agreement with LeoVegas for purchasing a subsidiary of the gambling firm, Authentic Gaming. The debt-free deal came up to €15m for Genting. Now, Jeremy Taylor, the MD of Genting has given his thoughts on the agreement and why the gambling firm were all-set on this acquisition. Let’s take a look.
The deal will allow Authentic Gaming to continue to operate independently while Genting helps support the operator’s expansion. On top of that, Genting will be able to utilize the supplier’s in-club streaming technologies for live casino. You can read up more about the deal at the latest online gambling news.
Jeremy Taylor Big-Ups Authentic Acquisition
In an in-depth interview, the Managing Director gave his thoughts about the Authentic deal and why it was pivotal for Genting to go through with the deal. Below, we have attached the highlights from his interview.
Why did Genting choose to purchase Authentic Gaming rather than developing technology in-house?
Authentic has been innovating and developing technologies in this space for the past four years. Clearly by acquiring them, we are able to immediately benefit from those years of technical development and experience.
What are Authentic Gaming’s most desirable qualities and how does this fit into Genting’s long-tem plan as a whole?
Authentic is a young, technology-driven business with a strong and experienced team that has a track record of innovating in this space. Genting is already uniquely positioned to lead the way in live casino because of our ability to bring together our digital platform and our global estate of casinos. With the acquisition of Authentic, we now have the technological capabilities within our business too.
Importantly though, we will continue to work with other partners in the space where they can better serve our specific requirements across different markets, technologies, games and experiences. Authentic will continue to operate independently, with us supporting and investing in its ongoing innovation and development.
Were acquisitions like this always the plan for Genting?
Growing our live casino offering is a key element of our long-term strategy. It is estimated the live casino sector will be worth in the region of €2.5bn in Europe alone and it is our view Genting is uniquely placed to capitalise on the opportunity it presents. We have therefore been committed to ensuring we offer the greatest choice and best possible experience for all our customers choosing to play live casino with us; this acquisition is another sign of that ongoing commitment.
We will always look at opportunities to scale our business efficiently and effectively; but of course we are very particular about how we do this and who with. They need to be the right fit from a strategy, culture, people and product point of view. Authentic ticked all those boxes.
So there you have it. Genting MD Jeremy Taylor believes that the live casino sector which Genting will acquire from the supplier will be worth €2.5bn in Europe alone. Should that prove to be true, then Genting have done themselves the deal of the century.