LeoVegas Co-founder and CEO Gustaf Hagman to Step Down
LeoVegas Group has officially announced that Gustaf Hagman, its co-founder and long-serving CEO, will step down from his role following more than a decade of leadership. The development marks the end of an era for the Sweden-based online gaming company, which has experienced rapid expansion in both its casino and sports betting divisions under Hagman's guidance.
LISTEN TO THIS ARTICLE:The company, which is owned by MGM Resorts International, confirmed the leadership transition on June 16. Mattias Wedar, who currently serves as Deputy CEO and Chief Product and Technology Officer, will assume the position of CEO.
Hagman co-founded LeoVegas in 2011 alongside Robin Ramm-Ericson. Since the company's launch in 2012, he has been instrumental in building the firm from a startup focused on mobile casino experiences to one of the most recognized online gaming operators in Europe. Over the past 14 years, he has overseen its growth beyond Sweden to include the broader Nordic region, the UK, and, more recently, re-entry into the Dutch market in 2023.
Reflecting on his time at the helm, Hagman acknowledged the early days of LeoVegas, describing the iGaming industry in Sweden at the time as uncharted territory. He credited the company's progress to the strength and commitment of its team, the cultivation of a vibrant corporate culture, and the strategic initiatives that helped establish LeoVegas as a major international player.
During Hagman's tenure, LeoVegas was heavily focused on online casino operations, which were initially conceptualized through the idea of fitting traditional casino games, such as roulette, onto mobile devices. However, in recent years, the company has expanded significantly into the sports betting segment.
One notable development was the acquisition of expekt, a sportsbook with Nordic roots, which was relaunched in Denmark as Nye Expekt. The firm also made strides in sports sponsorships and acquired the Tipico US sportsbook in 2024, strengthening its footprint in the sports wagering market.
The company's technological development also flourished during this period, exemplified by its proprietary Rhino platform and the 2023 acquisition of Push Gaming, an established game studio. These moves formed part of a broader strategy to diversify LeoVegas' offerings while maintaining a competitive edge in both casino and sports betting sectors.
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Hagman Instrumental in MGM Deal
Another major milestone under Hagman's leadership was the 2024 acquisition of LeoVegas by MGM Resorts International. The deal, valued at SEK5.9 billion (€537 million), positioned LeoVegas as a strategic asset within MGM's global expansion plans. Hagman played a key role during the transition and integration phase, helping align LeoVegas with MGM's vision for its digital operations.
Following the acquisition, LeoVegas assumed a pivotal role in MGM's international operations. This included managing the BetMGM brand in several European jurisdictions, most notably the UK.
MGM Interactive President Gary Fritz highlighted that Hagman's leadership and LeoVegas' product innovation have been fundamental to establishing BetMGM and LeoVegas as prominent names in the global online gaming and betting landscape. Fritz also underscored that since acquiring LeoVegas, MGM has remained committed to its growth strategy through targeted investments and market expansion.
Before joining LeoVegas, Wedar held the role of CEO at Gametek, a Stockholm-based iGaming software company known for providing services to brands such as Mr Green and ReBet. His appointment is viewed as a continuation of the company's tech-forward and expansion-oriented direction.
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