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Genting Pays €15m for Authentic Gaming to Enter Online Gambling Space

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Popular casino giant Genting has taken a significant step to bolster its gaming offering, after the company agreed to purchase Authentic Gaming from Swedish gambling firm LeoVegas AB.

According to a report from industry news medium Gambling Insider published on October 29, 2019, the Malaysian entertainment operator will be paying €15 million (about $16.6 million) on a debt-free basis for Authentic Gaming, as it seeks to make a grand entrance into the online gambling space.

Leveraging on Authentic Gaming’s Platform

Jeremy Taylor, the Managing Director of Genting Online, explained

“Our global presence in a land-based casino gives us a platform to grow online at a fast pace. Our vision is to offer our customers an amazing gaming experience from all of our casinos around the world, 24 hours a day, through any device.”

As he added, the company would take advantage of Authentic Gaming’s product and advanced technology to propel it into accelerated growth in the online gambling industry. Genting, which already holds a significant stale in the global land-based space, claimed that the acquisition would help enhance a “rapidly growing digital arm.”

The combination of Genting’s online and offline gaming experiences is set to go live on all of its platforms.

Bringing together offline and online experiences, Genting would utilize Authentic’s streaming technologies and expertise across its land-based and digital estate, both in the UK and internationally.

The purchase is coming at a time where Genting is working towards expanding its presence across the European casino sector, and as Authentic Gaming chief executive Jonas Delin explained, the company is hoping to play a pivotal role in helping its new owners achieve that.

“I am very happy that Genting, with more than 50 years of experience in gaming and entertainment, shares our vision to weave online and land-based casino and has chosen to invest in our product and team,” he added. 

Genting wants the Japanese Market Too

On October 30, the Singapore Business Review reported that Genting had been put on a shortlist of three bidders looking to be a part of an integrated resort project in Osaka, Japan. 

Following the passing of the Integrated Resorts Implementation Bill by the Japanese Upper House on July 20, there has been quite a lot of competition to be the first licensed operator in the country. Three licenses are set to be given out in 2020, and analysts believe that Genting, thanks to its strong financial position and responsible policies, is firmly in the lead. 

The first integrated resorts in the country are set to be completed by 2025, with developers and prospective operators putting final touches on their plans already.

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works. Contact him at Jimmy@beanstalk.io

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