LeoVegas online profits fall in Sweden

6 Nov 2020

leo-vegas-swedishThe online gambling operator LeoVegas posted its financial results for the three-month period (Q3) up to September 30, 2020. The generated revenue was €88.9m. This is up only 1% in comparison to last year’s figures. The earnings dropped by 6.3% to €11.9m and the net profit declined almost one-fifth reaching €4.1m.

It is worth noting that despite the 24% rise year-on-year (YOY) of its new depositing players, as well as the 28% rise of its returning depositing players; the Q3 2020 revenue growth was very poor (only 1% as mentioned above). The low gains that were credited to the company were mainly thanks to its GoGoCasino and Live Casino brands in Finland.

The total number of deposits increased only 6% year-on-year and the average deposit per depositing player rate fell 16%. This decrease is part due to the online gambling deposit restrictions that came into effect in Sweden in July 2020.

LeoVegas has commented that these changes have triggered “unhindered” growth among international online operators which do not hold a Swedish license, creating an unfair competition between the licensed and unlicensed bookmakers.

The Stockholm-listed bookmaker also claimed that Sweden has to pass a strict law so as to eliminate illegal gambling sites. Otherwise, the downfall in gambling revenue will be even steeper.

Join and grab exclusive bonuses, daily offers and free bets!

Lay hands on exclusive daily bonuses for members only. These promos are limited and are not advertised on the website.

Yes, I have read the Terms & Conditions and I consent to receiving emails from Bookmakers.bet regarding betting promotions, betting guides and news.

BOOK SPY

The Crypto bookmaker powerhouse Stake.com has signed a deal with the Premier League club Everton FC to appear in the front of men’s jerseys for ...

Read more »

The online operator of Kaizen Gaming, Betano, has inked a deal with the Portuguese football giants FC Porto, for the next four years. The agreement in...

Read more »

The online gambling operator Kindred Group (owner of brands like Unibet) has been granted a license to operate legally in the Netherlands. The local w...

Read more »

The online bookmaker LeoVegas is “fully assisting” Swedish Economic Crime Authority after being contacted on June 7 during a preliminary i...

Read more »

The leading Crypto bookmaker Stake.com has announced that it will be the betting sponsor in the upcoming boxing fight between Naoya Inoue and Nonito D...

Read more »

The Malta Gaming Authority (MGA) has issued a statement confirming that the ex-Chief Technology Officer (CTO) Jason Farrugia and his wife have been ch...

Read more »

The online gaming powerhouse bet365 received a stern warning from the Spillemyndigheden (Danish Gambling Authority) for failing to comply with the loc...

Read more »

Kaizen Gaming’s online bookmaker Betano has finalised a deal with the Romanian Football Federation, which allows it to become the naming partner...

Read more »

The online sportsbook Vbet has extended the partnership with AS Monaco for three more years until 2025. The deal, which began in 2020, will allow the ...

Read more »

The Ministry of Culture and Gender Equality in Norway has begun consultations to introduce a new Gambling Act to replace the Lottery Act, the Totaliza...

Read more »

LATEST BOOKMAKER PROMOTIONS