LeoVegas Revenue Goes Up in Q2 Thanks to Mobile Gaming

Posted by: CasinosOnline in Casino News
More good news for LeoVegas shareholders

Mobile gaming drives LeoVegas revenue up in 2017.

Swedish mobile gaming company and provider of online casino and sports betting services, LeoVegas, announced its business results for the second quarter of this year.

The company can be satisfied with the figures, which show significant year-on-year and quarterly improvements especially when it comes to revenue recorded during the second three months of 2017 and the operating profit.

Numbers Going Up

Revenue for the period from April 1 to June 30 was €49.7 million, which is an increase of 60% when compared to the same period of last year when the company managed to record €31 million.

The company’s earnings before interest, tax, depreciation and amortization (EBITDA) were €6.1 million, a huge improvement compared to a loss of €2.5 recorded in the second quarter of 2016.

The corresponding margin also went up to 12.4%.

LeoVegas’ operating profit managed to recover from a €2.8 million loss in the second quarter of last year, to a plus of €5.5 million recorded in 2017.

Executives Pleased

Gustaf Hagman, LeoVegas’ Chief Executive Officer and co-founder of the company, expressed his pleasure with the figures in the second three months of this year. Hagman especially commended the contribution of mobile gaming in the sharp rise in revenue, which – according to his own words – was the result of the company’s current focus on mobile segment.

He said the company had laid out its goals more than five years ago – to lead the industry into the mobile future. Hagman added the company had clearly taken the position as the most innovative and mobile-focused company.

With this approach, LeoVegas gained attention for with countless accolades in industry publications and which can be seen in the company’s figures of mobile gaming.

Today, LeoVegas is one of the fastest growing gaming companies, which only further proves that the company’s mobile first policy has been a right strategy.

Gustaf Hagman founded LeoVegas together with Robin Ramm-Ericson back in 2011. Today, the company is headquartered in Stockholm, while the brand itself is owned by LeoVegas Gaming Ltd. which is based in Malta.