LeoVegas announced an increase in its total revenue

12 Nov 2021

leovegassport_vertikal_black-700x350Despite the new regulation in Germany and the Netherlands LeoVegas, the Nasdaq-listed group, announced a 12% increase of its total revenue in the Q3 trading update. This success was helped by the rise of the company in other countries like Italy, Sweden and Spain.

“All key markets performed well during the quarter, where our home market in Sweden was the brightest star. The favourable revenue growth for the Group confirms that the strategy to simultaneously scale up a number of markets and relaunch 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.” CEO and President Gustav Hagman mentioned.

The last quarter could be characterized as an ‘intensive re-regulation period’ since the regulatory framework on the Dutch online betting market combined with the re-regulation of the German market with the launch of the Fourth Interstate Gambling Treaty brought changes in the gambling market. LeoVegas disclosed that total revenue rose by 21% when both markets were discounted.

Sweden was identified as the biggest asset for LeoVegas by  Hagman because the company was able to successfully leverage its newly acquired Expekt brand. Moreover, the group maintained confidence in its Swedish activities. This is based on the fact that the Swedish government will end temporary restrictions on online casinos on 14 November.

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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 market, 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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