LeoVegas has reported an 8 per cent rise in revenue from €89.4m to €96.7m (£83.8m/$116.7m) in the three months to 31 March 2021.

In its Q1 updates, the firm reported that organic growth, excluding Germany, was up 19 per cent, with adjusted EBITDA of €10.9m, corresponding to an adjusted EBITDA margin of 11.3 per cent.

The number of depositing customers rose by 12 per cent to 462,386 and adjusted earnings per share were €0.07.

During the first quarter LeoVegas acquired Swedish sports betting brands Expekt from Betclic Group for a total purchase price of €5m.

The operator also started trading shares in USD on the OTCQX Markets, in a bid to start meeting interest from US investors.

It invested €1.1m, through its LeoVentures arm, in a 25 per cent share in SharedPlay, which enables players to share their gaming experiences with others through a multiplayer platform.

Reflecting on the operating conditions in Germany, group president and CEO Gustaf Hagman said: “During the first quarter we saw the full effect of the changes taking place in the German market. Operators in the market are acting differently with respect to implementing the new restrictions, which unfortunately has led to a skewed competitive situation. The assessment is that up to 70 per cent to 80 per cent of the German market for casino has temporarily been shifted over to operators that have chosen to not adapt to the coming market regulation.

“Our hope is that this will soon be sorted out by the German authorities, which is a prerequisite for the licence system’s success, with a high level of channelisation and consumer protection. Germany generated approximately 6 per cent of the group’s total revenue during the first quarter, compared with 15 per cent a quarter earlier.”

Looking ahead, LeoVegas has generated €32.7m in revenue during April, corresponding to a 13 per cent contraction on the previous year. However, excluding Germany, revenue would have seen a 4 per cent rise.