LeoVegas sets 2018 revenue target

egas has announced it is targeting revenue of €300m by 2018 when releasing its financial results for the second quarter and first half of this year.

The operator revealed its revenue grew organically by 76% year-on-year in H1 to €60.5m, though an operating loss of €4.3m was recorded, increasing from a loss of €600,000 in the same period a year ago.

LeoVegas is yet to post a quarterly revenue decrease since its launch in 2012.

For Q2, deposits went up 79% to €100.6m, while the number of depositing customers soared by 147% to 176,635.

One of the few low-points for Q2 was that negative EBITDA of €260,000 was reported.

A highlight of the period was the launch of LeoVegas’ sportsbook product in May, shortly before the start of Euro 2016, and over 5,000 customers placed a bet with LeoVegas on the final of the tournament.

LeoVegas Group CEO and co-founder Gustaf Hagman said: “Deposits in the second quarter passed the milestone of 100 million, an increase of 25% compared with the previous quarter. The quarter has been eventful with long-term market investments and successful launches of LeoVegas Sport and LeoVegas Live Casino, which has resulted in strong growth in new customers and a strong opening of Q3.”