LeoVegas Q4 revenue up 1% year-on-year
LeoVegas has reported revenue of €99.5m ($105.9m) for the fourth quarter of 2022, a 1% increase from the prior-year period.
The group, which won the Online Casino of the Year award at the recent Global Gaming Awards London 2023, reported adjusted EBITDA of €3.7m, compared to €11.6m in Q4 2021, corresponding to an EBITDA margin of 3.8%. Gross profit for Q4 2022 was €65.8m corresponding to a gross margin of 66.2%.
In the Nordic countries, net gaming revenue (NGR) increased by 9% year-on-year, with LeoVegas noting that Sweden posted another good quarter driven by new records for the Expekt brand.
Rest of Europe NGR increased by 4% year-on-year, with the UK and Spain posting healthy growth during the period as Germany continued to negatively impact the region’s sales.
And in the Rest of World region, NGR decreased by 15% year-on-year. LeoVegas noted that the “trend was favourable in most markets in the region, but growth was adversely impacted in the short term by the company closing a couple of smaller markets in the region earlier in the year.”
LeoVegas also touched on various highlights within the period, including entering a four-year research project with Karolinska Institute. LeoVegas will contribute to “one of the world’s most prominent medical universities” by providing data and financing, with the aim of improving methods of identifying and preventing gambling problems.
The group also noted an event after the end of the quarter, explaining that, through LeoVentures, it has sold its shares of a total of 25% in the associated company BeyondPlay. The total consideration for the sale amounted to €1.9m.
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