Profitable Q1 for LeoVegas despite legislation changes in core markets

6 May 2019

Leo-Vegas-Sport-profitable-q1Legislation turbulence in the UK and Sweden in 2019 was not enough to bring down profitability for Leo Vegas Group, which came out positive according to official statements of the group. Q1 saw the group achieving €86 million in corporate revenue, which signals a 12% increase compared to Q1 of 2018. Individual metrics are also looking good with "First-time depositors" going up by 23%, while returning players were increased by a noteworthy 26%.

The recent opening of the Swedish market to international operators that want to acquire a license saw Leo Vegas boosting up its investment in the region even further, intending to be in the frontline of Swedish brands. In specific, the group has upped their game in Sweden in areas such as customer support, marketing as well as player management putting a lot of value on customers in the area.

Moving on to the UK market and its increasingly stricter regulations especially towards the end of 2018, LeoVegas views the situation as quite demanding to keep up with the constantly tightening framework. The group is also in the process of prioritizing the compliance of all its subsidiaries, such as Royal Panda, with the new regulations in the UK.

Some interesting earnings stats for Q1 is gaming duties which rose to €11,5 million as well as the EBITDA of the LeoVegas Group that rose to a €7.2 million with a 8.3% margin.

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LeoVegas Sport is slightly new in the sportsbook industry, but they already knew that they had to follow the steps of their successful casino heritage. They mainly target the Nordic, UK and German markets, but I would like to see them broaden their reach even more. The bookie's impressive improvement is shown through the doubling of its depositors within a 12month time frame, reaching 200.000 active customers. The odds, especially in Premier League, can be compared to Bet365's and as it was expected, the mobile services are their powerhouse, while Kambi's presence as the creator of the platform guarantees stability. LeoVegas will have to add more payment methods to be more flexible and speed up the slow withdrawal process. Although they have to work more on the live betting part, they are a book that's definitely a keeper.

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