LeoVegas record continued growth in Q22017-09-04 07:12:15
Although it is still a relative newcomer to the online gaming industry LeoVegas has already established itself as one of Europe’s leading operators. The award-winning casino at LeoVegas, the company currently holds the titles for ‘Casino Operator of the Year’ from EGR and ‘Online Casino Operator of the Year’ at the International Gaming Awards, has made a name for itself by bringing players the best in mobile and online gaming. LeoVegas’ excellent games offering and the cutting-edge platform has proven to be a winner with players and have seen their profits grow continually over the last 5 years. This growth shows no signs of slowing down with the company recording an increase in profits for Q2 and a strong start to Q3.
The second quarter of 2017 (Q2), the period from April 1st to 30th June, showed an increase in revenue at LeoVegas of 60% over the same period last year. Revenue for the quarter reached a record €49.7m showing organic growth of 53%. A breakdown of the numbers showed continued growth in the European market with the company shifting its focus from Sweden to further afield. Revenue from Sweden accounts for 37% of the company’s overall business, attributing €18m to LeoVegas’ revenue for Q2. LeoVegas’ Danish site, which was only launched 6 months ago, contributed 6% to the company’s revenue. The mobile gaming market continues to grow with mobile deposits now accounting for 67% of all deposits at the casino.
Announcing the Q2 reports CEO of LeoVegas and Co-founder Gustaf Hagman said; "As the first gaming company, we now choose to break out revenue from Sweden. Sweden accounts for 37 percent which amounts to EUR 18 million in the second quarter. It puts us in the driver's seat before the coming regulation. The amazing development in Denmark continues and the UK has also had an impressive quarter. This gives us strong momentum into the third quarter, where July started very well with NGR at the new record level of EUR 18.3 million."
Continued Growth Expected in Q3
The company also announced that it has forecasted continued growth in Q3. Initial reports have shown that the company has started the period strongly with Net Gaming Revenue (NGR) of €18.3m for July, representing a 42% increase over the same period last year. Meanwhile, in Australia new, stricter gaming laws which are set to come into effect in Q3 are predicted adversely affect LeoVegas’ profits. The Australian market currently makes up 7.6% of the company’s total revenue. The company whoever is in an extremely strong cash position with approximately €60m in the bank and no debts. This means that LeoVegas have the capital and resources to react to changes in the market, carry out acquisitions and make investments going forward in the market. The company is in a very strong financial position and its growth shows no signs of slowing down.
LeoVegas currently operates three online platforms, LeoVegas Casino, LeoVegas Live Casino and LeoVegas Sports. At LeoVegas Casino players can find one of the internet’s largest collections of slots, table games and poker while LeoVegas Live Casino offers players the chance to experience live games such as roulette and blackjack in real time with real life dealers and players around the world. The games at LeoVegas are provided by some of the best software developers in the online gaming industry including NYX, BetSoft, IGT, Microgaming and Play’n GO. The latest addition to LeoVegas is LeoVegas Sport which is the company’s sports betting platform.
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