Gaming firm LeoVegas this week announced that they had purchased a 51% stake in GameGrounds United, which streams casino games to viewers.
The agreement will see LeoVegas paying $3.5 million in cash for GameGrounds, with the possibility of another $1.7 million in extra payouts if certain criteria are hit. Casino Grounds has become a popular channel that broadcasts casino games on both Twitch and YouTube. The site also has an active forum, which generates community discussion. LeoVegas expects the deal to be completed on January 1st of next year.
Speaking about the deal LeoVegas CEO Gustaf Hagman said, "In Casino Grounds we see a new behaviour in which persons interested in casino are watching others play casino via YouTube and Twitch.
"Casino Grounds has created a new niche through its live streaming and social platform, which are highly appreciated by players.
"The combination of proprietary content and the moving picture format create exciting opportunities going forward and is in line with LeoVegas' strategy to be an innovative and entrepreneur- driven company."