LeoVegas CEO and Co-Founder Gustaf Hagman hands over the reins

Gustaf Hagman has stepped down as CEO of LeoVegas Group after co-founding the iGaming company some 14 years ago. 

“After 14 incredible years, today marks my last day as CEO of LeoVegas Group. It’s amazing to think it all started at a barbecue, a spin of a phone, and an ambition to challenge the world of iGaming,” Mr Hangman wrote. 

“What began as a spark of an idea with Robin Ramm-Ericson quickly evolved into a vision built on product and technology, recognising the potential of touchscreens and mobile gaming.”

The Swedish CEO also announced that he is “passing on the reins” to Mattias Wedar, a Team Leo veteran. 

“LeoVegas Group is geared up for its next chapter, and I couldn’t be more excited about the future. I’m thrilled to pass the reins to Mattias Wedar, a Team Leo veteran and proven leader with unmatched knowledge of our products and a passion for innovation,” he said.

His tech and data-driven approach combined with understanding of their players makes him the “perfect person to lead LeoVegas Group forward”, he added.

“I have full confidence in Mattias and the entire management team.”

LeoVegas was launched on January 12, 2012, with five mobile games and has been “committed to being data-driven from day one – a principle that has guided our decisions ever since”, according to the former CEO. 

“Building this company and watching it grow into the global iGaming force it is today has been the most rewarding entrepreneurial journey of my life”

A pivotal moment, Mr Hamgan added, was the development of Rhino, their proprietary technology platform. 

“Building and owning our tech was a game-changer; without Rhino, we wouldn’t be where we are today.”

“Thank you to everyone at LeoVegas Group and MGM for your dedication, support, and shared passion. LeoVegas Group will always hold a special place in my heart, and I look forward to cheering you on from the sidelines!,” he said.

“As I step aside, I leave you all with a final Roar! May it echo through the continued success of LeoVegas Group.”

For years, LeoVegas centered its strategy around online casino games, a vision sparked by co-founders Gustaf Hagman and Robin Ramm-Ericson’s early discussions about adapting roulette for iPhone screens. The company’s expansion has been driven by both in-house innovations, like its Rhino platform, and strategic acquisitions, including game studio Push Gaming (2023) and Tipico’s US sportsbook (2024).

These moves highlight LeoVegas’ growing emphasis on sports betting, a sector it has actively pursued in recent years. In 2021, it acquired Nordic-focused sportsbook expekt, relaunching it in Denmark as Nye Expekt, while also boosting its sports presence through sponsorships.

A major turning point came in 2024 when MGM Resorts International acquired LeoVegas in a deal worth SEK 5.957 billion (€580 million), with Hagman playing a pivotal role in the integration. Since then, LeoVegas has taken on expanded responsibilities within MGM, including operating the BetMGM brand in key European markets like the UK.

Gary Fritz, President of MGM Resorts International Interactive, credited Hagman’s leadership and LeoVegas’ expertise for positioning both brands as industry leaders. “Since the acquisition, we’ve executed our growth strategy with a clear focus on strategic investments and establishing BetMGM as a top global igaming and sports betting brand,” he said.

A new leader for a new chapter

Stepping into the CEO role is Mattias Wedar, currently Deputy CEO and Chief Product & Technology Officer (CPTO) since 2019. With prior experience as CEO of Stockholm-based gaming software firm Gametek (serving clients like Mr Green and ReBet), Wedar brings deep industry knowledge to the role.

His appointment comes at a time of both opportunity and challenge. Backed by MGM’s global reach, LeoVegas is well-positioned for growth, but it must also navigate tightening regulations in core markets like the UK and the Netherlands.

Mr Fritz expressed confidence in Wedar’s ability to drive the company forward, while Hagman praised him as an “invaluable asset from day one.” Wedar, reflecting on his six years with LeoVegas, highlighted the company’s innovative spirit and strong culture. “The foundation laid by Gustaf and Robin 14 years ago remains robust, and exciting opportunities lie ahead,” he said. “I’m honored to lead LeoVegas into this next chapter and look forward to achieving new milestones.”