LeoVegas Gaming Chief Executive to leave roleMonday, May 29, 2017 10:21
Mr Styren has been in the role since 2012 and is a member of the LeoVegas senior management team.
The Long Goodbye
Whilst he will remain as a director of various LeoVegas subsidiaries during the handover period, Mr Styren will gradually withdraw from these assignments prior to his official departure from the management team which will be on June 30. Styren’s duties will be handled within the structure of the existing organisation.
"When I started at LeoVegas 2012 we had just launched and had no customers; today we are market leaders,” Styren said.
“Since then, we have managed to build the world's best mobile casino, added sports games and live casino, listed on Nasdaq First North and made LeoVegas one of the best gaming companies in the world.
“After more than five fantastic years, I feel it's time to move on to new challenges.”
Gustaf Hagman, who is the group chief executive and also co-founder of LeoVegas, said: “Johan has been very valuable to LeoVegas, primarily by being part of building our business in Malta.
“Johan has been part of creating what LeoVegas is today and I want to thank him for his amazing effort during his five years at LeoVegas.
“I wish him all the best in the future.”
2017 is looking good for LeoVegas
Earlier this month, LeoVegas released its First Quarter earnings report, which showed revenue rising 49% to €43m in the three months ending March 31. The company reported earnings of €6m versus a €1.3m loss in the same period last year, whilst operating profit came in at €5.5m from a €1.6m loss.
The quarter benefited from the launch in December of LeoVegas’ Denmark-licensed operations. Hagman said the Danish market launch had gone “extremely well” and was “one of the most successful launches” in the history of the company. Denmark accounted for 3% of Q1’s overall revenue.
The first quarter also saw LeoVegas complete its takeover of the Italian-licensed operations of Winga.it. The new business will eventually be transitioned to the LeoVegas brand, and Hagman sees fantastic growth potential due to his view that “the mobile journey has yet to take place in Italy.”
The Italian-based launch now means LeoVegas is currently active in five regulated markets, along with the UK, Denmark, Ireland and Malta. Regulated markets accounted for 18% of Q1 revenue, up from 17% last year, but Italy only contributed to this total from the month of March.
Depositing customer numbers were up 42% to 172k in the first quarter, whilst new customers were up 23% to 75k. Deposit growth was slower than in Q4 because of LeoVegas withdrawing from the Czech Republic – which accounted for 4% of Q4 revenue – to comply with the market’s new regulations. LeoVegas said it doesn’t plan to apply for a new Czech license.
Hagman said LeoVegas started Quarter two off “on a tear”, with April’s net gaming revenue up 79% over last year to €16.5m. Hagman said LeoVegas began ramping up its marketing efforts in Quarter one and it’s expected that the company will begin to see greater returns on this investment as the year progresses.
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