LeoVegas Tames Q3 Turbulence
Take Germany out of the fiscal equation and growth would have been an even more impressive 31 per cent — underlined by the firm’s growing number of depositing customers, up seven per cent in Q3 to almost 470,000 players.
And other markets, for example Canada, Italy and Spain, grew between 40-70 per cent in the quarter.
Other Q3 highlights included LeoVegas repurchasing company shares for €2.5 million (£2.14m/US$2.86m), paying out a (second) dividend of €3.9 million (£3.34m/US$4.46m) to legacy shareholders.
Stockholm NASDAQ-listed LeoVegas, now operating mostly out of Malta, has meanwhile also expanded its existing bond issue by SEK 200 million (£17.17m/€20.04m/US$22.95m) and scaled-up its responsible and safe gambling protocols, with UK punters being amongst the first to benefit.
“We are satisfied with our performance during the third quarter,” said LeoVegas CEO Gustaf Hagman.
“All key markets performed well during the quarter [and] our home market in Sweden was the brightest star.
“The favourable revenue growth for the group confirms that [our] strategy to simultaneously scale up a number of markets and re-launch the Expekt brand has been a success.
“The company today is more diversified than ever, and we have succeeded in compensating for the sharp drop in revenue in Germany.”
LeoVegas is now poised to launch in the US market and will apply for a new online gaming licence in the Netherlands before year’s end.