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NEWS 7 November 2019

LeoVegas Q3 revenue up despite “difficult-to-navigate environment”

By Owain Flanders

LeoVegas revenue was €88.2m ($97.6m) for Q3 2019, a rise of 12% year-on-year.

EBITDA was €12.7m, an increase of 41%, while operating profit was €6m, up 71%.

The operator saw a decrease of 4% for new depositing customers, at 135,019, and an increase of 12% for returning depositing customers, totalling 199,023.

Revenue for the year-to-date was €269m, an increase of 11% from 2018.

LeoVegas’ Swedish license was recently extended to the maximum five years after a Swedish court overturned its two-year license limit.

Following the decision, the operator said its returning customers in the Swedish market are at an all-time-high.

Last month, LeoVegas, and its subsidiary Royal Panda, received fines totalling €750,000 after the Dutch Gambling Authority found both sites were accessible with a Dutch IP address.

Gustaf Hagman, President and CEO of LeoVegas, said: "We continued to show progress during the third quarter in a difficult-to-navigate environment and generated double-digit growth in both sales and operating profit.

"Greater regulatory complexity in several of our main markets has given rise to certain short-term challenges but is also raising the barriers to succeed in the sectors which benefit established companies.

"We continue our efforts to execute our strategy of innovation, expansion and profitability."

RELATED TAGS: Online | Financial
IN-DEPTH 15 November 2019
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