After more than 14 years at the helm, LeoVegas co-founder Gustaf Hagman has stepped down as Group CEO, marking the end of an era for the Swedish gaming giant.
Under his leadership, the company evolved from yet another operator into an international powerhouse in the online gaming industry with an impressive global presence across a plethora of jurisdictions.
Taking over from Hagman is Mattias Wedar, the former Deputy CEO, who has been with LeoVegas since 2019. Wedar originally joined as Chief Product and Technology Officer and quickly transitioned into broader leadership responsibilities earlier this year.
With extensive experience in the upper-management echelon, Wedar brings a strong background in digital product development, having previously served as CEO of Gametek and held senior roles at Eniro, a European search engine platform.
LeoVegas fully trusts Wedar and his ability to lead the company into a new era, highlighting his focus on a product-first approach, global expansion, and improving the user experience.
Founded in 2011 by Hagman and Robin Ramm-Ericson, LeoVegas quickly expanded across Europe by creating its own in-house technology and acquiring regional brands.
The success of LeoVegas led to the company being acquired by MGM Resorts in 2022, for $607 million in a deal that boosted MGM’s presence in Europe and enabled it to introduce LeoVegas’s platform in new and emerging markets such as Latin America.
Since this development, LeoVegas has been constantly growing, with the brand becoming one of the first to officially launch in the re-established iGaming market of Brazil.
Similarly, in 2023, LeoVegas also acquired Tipico’s US operations in a move that saw the iGaming giant further strengthen its global presence.
Reflecting on his journey, Hagman talked about the early days of mobile gaming:
When we launched in Sweden in 2012, the industry was in its infancy, and we were sailing in uncharted water.
Moreover, Hagman said that the central part of the company’s success was a strong company culture and a talented team, stating that one of his original visions was to transform the smartphone into a personal, portable roulette wheel, an idea that helped shape LeoVegas’s identity.
Commenting on Wedar’s appointment, Hagman added:
Mattias has been an invaluable asset from day one, and I am confident that he is the right person to take the Group to new heights
Gary Fritz, President of Interactive at MGM Resorts International, also praised Hagman’s legacy, crediting LeoVegas’s product expertise and local market insight as key to the global success of both LeoVegas and BetMGM.
