LeoVegas presented its quarterly report for the period 1 July to 30 September, with €88.9m in revenue for the period, a 1% increase from €88.2m the previous year, and EBITDA of €11.9m against €12.7m in 2019.
The number of depositing customers increased by 26% from 347,464 to 438,691.
Lamenting a “troubling” Swedish market, the online gambling operator also acknowledged that it expects to receive nationwide licences in Germany once they are available. The country, which is expected to implement its new licensing system during 2021’s Q2, generated approximately 17% of the group’s total revenue during the third quarter.
Elaborating on difficulties endured in the Swedish market once again, Gustaf Hagman, president and CEO and LeoVegas, explained: “In Sweden we are seeing a troubling development in which the unlicensed market continues to grow unhindered. A growing number of operators without licences are actively targeting Swedish players, including those who have been barred by the self-exclusion tool Spelpaus.”
“This has been confirmed by, among others, several organisations that provide help to people with a gambling problem. These organisations have noted that the majority of those seeking help are playing with the unlicensed operators. The problem is big and is shaking the foundation of the entire Swedish licence system. Quick and strong measures are now needed by Swedish politicians and authorities to ensure a well functioning Swedish gaming market,” Hagman added.
LeoVegas, which launched its GoGoCasino and Livecasino.com brands in Finland ahead of international expansions, saw Q3 revenue rise slightly to €88.9m.
Casino accounted for 77% of the group’s GGR, live casino made up 16%, and sportsbook came in with 7%, which represents a recovery during the quarter as a result of an increase in sporting events during the period.
Hagman explained: “Once again, we have shown our ability to quickly adapt to new, external circumstances, such as those related to the continuing pandemic and the constant regulatory changes in our various markets. During the third quarter we maintained a high pace of innovation and investment, which is strengthening our long-term position and growth prospects. During the quarter our customer base again reached a new record level.”
“With a positive start to the fourth quarter, a record-large customer base and many exciting initiatives I am looking forward to a strong end to the full year,” Hagman concluded.
Source: GMB
