LeoVegas Q2 revenue up 8% despite difficult UK conditions

By Nathan Joyes

LeoVegas has reported an 8% year-on-year rise in Q2 revenue to €94.4m ($105.6m), despite a challenging period in the UK.

The online casino operator acknowledged difficult regulatory conditions in the UK market, as well as challenges due to re-regulation in Sweden; its organic growth in local currencies was 8%.

This number grew to 26% excluding the UK, with the number of depositing customers up 8% to 334,961, while returning customers had risen to 196,203, a 12% increase.

EBITDA rose just 0.7% to €15.1m, with the EBITDA margin falling from 17.2% to 16%.

LeoVegas CEO Gustaf Hagman said: "LeoVegas is delivering good growth with high profitability in a difficult-to-navigate environment.

"Q2 2019 was our best quarter ever and we continue to take market shares.

"Compared with a year ago, LeoVegas has a more balanced geographic revenue mix. This means we are not as sensitive to challenges that may arise in a specific market, which in turn means we have lower business risk in the group."


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