Stefan Nelson, CFO of LeoVegas, joins Katie Goldfinch for a fireside chat at ICE Barcelona 2026 to discuss how the operator is navigating tighter regulation, rising taxes and competitive pressure.
Nelson said LeoVegas’ day-to-day operations have remained largely unchanged since its acquisition by MGM Resorts. While the business now benefits from MGM’s financial strength, brands, entertainment IP and global ambitions, LeoVegas continues to operate with a high degree of independence.
The delisting has also allowed management to adopt a more long-term strategic view, without losing focus on near-term execution.
Growth in regulated markets as operators face rising complexity
Nelson describes today’s regulated online gambling environment as more complex than ever, shaped by higher taxes, stricter compliance requirements and competition from unregulated operators.
As a result, LeoVegas has moved away from a one-size-fits-all strategy toward a more selective, localised approach. “I think that’s how our mindset is changing,” Nelson says, noting that growth increasingly depends on taking market share rather than relying on market expansion.
Operators with strong technology, talent and infrastructure can still gain ground in mature markets such as the UK, Spain, Italy and the Nordics.
Recent acquisitions, including Push Gaming and sportsbook technology assets, reflect LeoVegas’ focus on controlling its technology stack and reducing dependence on third parties. Future M&A, Nelson adds, will remain selective, prioritising compliant businesses with strong local positions and capable management teams.
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