Malta-headquartered operator LeoVegas has recently praised a successful performance in most of the company’s key markets. The online gambling and sportsbook operator’s revenue for 2019’s fourth quarter shows a little over three per cent increase. When compared to 2018’s financial reports which were €84.5m, 2019’s numbers increased to €87.1m.
Market Growth
LeoVegas highlighted its Swedish performance, commenting that it remains “stronger than ever”. The firm owes its success to a strong brand, responsible gaming and experience gained from other regulated markets operations.
LeoVegas ended December in Sweden with revenue and customer numbers at record levels. The operator also wishes more action to be taken against unlicensed actors in 2020. This would enhance channelization and consumer protection.
The company cancelled a proposed office move to Malta this year which lead to annual cost savings of approximately €3.7m.
It also saw Q4 EBITDA rise 13.5 per cent to €9.2m in comparison with 2018’s €8.1m.
The number of depositing customers also rose 7 per cent in the quarter to 351,613. The number of returning depositing customers was at a record-high of 207,982, which is a 14 per cent boost.
Some Changes
Last year saw three of LeoVegas’ major markets, namely the UK, Germany and Sweden, go through significant developments.
Gustaf Hagman, group CEO, had this to say about it: “2019 was a year characterized by change in our industry”. There were “external challenges coupled to higher demands for compliance, higher gambling taxes and uncertainty surrounding future regulation,” he added.
According to him, because of these challenges it’s harder “to navigate in an increasingly complex world.” It “presents long term competitive advantages for a company like LeoVegas.” And this is despite the company’s having “a scalable organization, proprietary technology and focus on sustainable growth.” It also has an “increasingly broader revenue base spread across several markets and brands.”
“We have entered 2020 with a good starting point,” Hagman concluded.
Giving the first quarter of 2020 update, LeoVegas saw revenue amount to €30.1m. This means there was an increase of five per cent from €28.7m.
