LeoVegas reports 13% rise in Q4 revenue; Hagman highlights Italian success
LeoVegas' Q4 revenue increased 13% year-on-year to €98.4m ($119.3m) during what was a highly successful quarter for the operator.
Organic growth in local currencies was slightly higher, at 14%, while adjusted EBITDA was up 25% to €11.5m.
The number of depositing customers also rose 24%, to 461,983.
In a financial report that mirrored the trend of online gambling revenue surging as players stay at home during lockdowns, Hagman singled out the Italian market for praise in particular.
Events the operator highlighted during the quarter were LeoVegas offering payments via Open Banking, and securing long-term financing through a combination of a bank credit facility and a bond issue.
Revenue was also affected by a number of changes in the German market, which had their greatest effect in December.
LeoVegas CEO Gustaf Hagman said: “LeoVegas concluded the record year 2020 with its strongest fourth quarter ever. And we did this despite frequent changes to the gaming requirements in our markets in addition to finding ourselves in the midst of a global pandemic.
“With the exceptions of Sweden and the UK, our core markets showed high double-digit growth during the quarter. Above all I want to highlight Italy, which has now become one of our five biggest markets.”
Hagman will soon appear on the GI Huddle, while he was one of the stars of Gambling Insider magazine’s recent CEO Special.
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