LeoVegas revenue up 17% for Q2 despite “exceptional circumstances”

By Owain Flanders

LeoVegas CEO Gustaf Hagman has praised his company’s ability to produce continued growth despite “exceptional circumstances” amid the COVID-19 pandemic.

The operator saw revenue of €110.7m ($130.9m) for the second quarter of 2020, a rise of 17% year-on-year.

Group EBITDA was €23m, an increase of 52% from 2019, while the number of depositing customers also saw a rise of 24%, to 434,453.

During the quarter, LeoVegas completed the migration of 12 of its UK brands to the company’s proprietary technical platform and launched its brand LiveCasino.com in a number of countries.

According to the operator, the COVID-19 pandemic is judged to have had a positive impact on revenue during April and May, excluding business in Sweden.

This growth has continued past the second quarter, with the number of depositing customers increasing by a record level for a single month in July, with a 34% rise.

Preliminary revenue in July amounted to €30.7m, which is an increase of 5% on 2019 levels.

Commenting on the results, Hagman said: “LeoVegas has delivered continued solid growth and profitability during a period of exceptional circumstances in the world around us. 

“We continue to focus on delivering sustainable and profitable growth for our shareholders and on offering an entertaining and safe gaming experience for our customers around the world.

“LeoVegas’ long-term vision is to be ‘King of Casino.’”


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