LeoVegas Group CEO Gustaf Hagman has stepped down from his position, more than 14 years after founding the online sports betting and casino operator.
Hagman confirmed the news in a LinkedIn post today, 16 June. He will be replaced by the firm’s chief product and technology officer (CPTO) Mattias Wedar.
He will step down with immediate effect.
Hagman founded LeoVegas Group in 2011 alongside Robin Ramm-Ericson with a focus on mobile-first, with the brand first launching in 2012.
The operator grew extensively before its IPO in 2016 which valued the company at more than SEK3.2bn on the Nasdaq First North Premier.
In 2022, LeoVegas Group was snapped up by MGM Resorts International in a deal worth more than $600m (£441.4m), as the US casino giant looked to get a foothold in the world of online gaming.
Hagman remained at the helm of LeoVegas Group in the intervening years, as the business rolled out the BetMGM brand outside of the US and Canada using its technology and that of provider Kambi.
The Entain and MGM Resorts International JV BetMGM had been live in the US, after rebranding from PlayMGM.
First launching in the UK alongside other LeoVegas Group brands such as BetUK, BetMGM has since gone live in Sweden and the Netherlands.
A JV with Grupo Globo has seen the brand also launch in the Brazilian market, which regulated on 1 January.
Under Hagman’s lead, LeoVegas Group also snapped up Push Gaming and Tipico’s US-facing sportsbook technology as the firm built out a one-stop online gaming product.
Hagman’s replacement Wedar has served as the firm’s CPTO since June 2019. He took on the deputy CEO role in April 2025 and will now step up to the top job.
LeoVegas has seen a series of changes in recent months, including chief commercial officer Chris Welch departing and a restructuring of its business which resulted in some redundancies in the UK.
Hagman said: “When Robin Ramm-Ericson and I were sitting at a barbecue, brainstorming about a spinning iPhone as a roulette wheel, I could never have imagined that it would lead us here.
“Founding and leading LeoVegas Group to become a market leader has been one of the greatest adventures of my life, and I am incredibly proud of everything we in ‘Team Leo’ have accomplished.
“When we launched in Sweden in 2012, the industry was in its infancy, and we were sailing in uncharted waters. With a strong team, great commitment, and a fantastic corporate culture, we navigated the course successfully and managed to become one of the leading international players – it is truly impressive.
“Now, as part of the MGM family, LeoVegas Group is now stronger than ever, and it is the right strategic moment to pass the baton to Mattias Wedar. 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.
“After 14 years of traveling and being constantly connected, I am now looking forward to a period of rest and more free time – but I will always be a part of ‘Team Leo’ and will continue to follow its success closely.”
On his new role, Wedar added: “During the six years I have been part of what we call Team Leo, I have been consistently impressed by our innovation, pioneering spirit and strong corporate culture.
“The success story that Gustaf and Robin began 14 years ago is stronger than ever, and we see many exciting opportunities on the horizon. I am honoured to have been entrusted with the challenge of taking on the role of CEO in LeoVegas Group’s new chapter, and I look forward to continuing to lead us towards new milestones.”
Gary Fritz, MGM Resorts International Interactive president, concluded: “I would like to thank Gustaf for his dedication and leadership, and I have full confidence that LeoVegas Group, under Mattias’ leadership, will continue to deliver on our strategic plan. We look forward to supporting him and LeoVegas Group in our shared growth journey.”
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.
The post LeoVegas Group CEO and co-founder steps down after 14 years first appeared on EGR Intel.
Gustaf Hagman to be replaced by product and tech chief Mattias Wedar with immediate effect in major leadership change for the MGM Resorts International-owned firm
The post LeoVegas Group CEO and co-founder steps down after 14 years first appeared on EGR Intel.