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NEWS 14 February 2020

LeoVegas revenue up 3% for Q4 2019

By Owain Flanders

LeoVegas revenue was €87.1m ($94.4m) for Q4 2019, a rise of 3% year-on-year.

EBITDA was €14.5m, an increase of 79%.

The operator reported a 7% rise in the number of its depositing customers at 351,613, while the number of returning customers reached an all-time high of 207,982, up 14%.

During the quarter, LeoVegas sold its subsidiary Authentic Gaming to Genting for a fee of €15m on a debt-free basis.

The operator praised its development in the Swedish market, which it described as “stronger than ever,” and continued growth in Germany despite the removal of a key payment services provider.

The quarter also saw LeoVegas remove its Royal Panda brand from the UK market, instead focusing on other Rocket X-managed brands within the region, as well as the flagship LeoVegas brand.

Gustaf Hagman, CEO of LeoVegas, said: "During 2019 we worked hard to reduce complexity in the group, be more efficient and adapt to the changes taking place in the gaming industry.

"In parallel with this we have enhanced the attraction of our product through new functionality and greater personalisation.

"We have entered 2020 with a good starting point, with an increasingly efficient organisation and many ongoing initiatives surrounding product innovation and brand expansion."

RELATED TAGS: Online | Industry | Financial | Casino
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