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.

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