LeoVegas sees improved Q3 performance in Sweden
Increased revenue in Sweden helped make up for the impact of regulatory changes in Germany.
Sweden.- LeoVegas has reported revenue of €99.4m for the three months ending September 30, an increase from €88.9m in Q3 last year.
Traditional online casino brought in 76 per cent of that, with a further 14 per from live casino and 10 per cent from sports betting.
Sweden performed particularly strongly, seeing record revenue and customer numbers thanks to a better performance than expected from newly acquired Expekt as well as the main LeoVegas brand.
The Nordic region generated 44 per cent of revenue, with an increase in revenue of 39 per cent from Q3 2020. The rest of Europe contributed 34 per cent of revenue.
Net gaming revenue here was up 19 per cent thanks to growth in Italy and Spain, which helped compensate for the impact of regulatory changes in Germany.
Revenue from the rest of the world was up 42 per cent year-on-year, with strong performance in Canada.
Group EBITDA was down 0.8 per cent at €11.8m. However, operating profit was up 7.8 per cent year-on-year at €5.5m. Net profit remained even at €4.1m.
CEO Gustaf Hagman said: “All key markets performed well during the quarter, where our home market in Sweden was the brightest star. It is positive that the company can show strong performance in one of the world’s most competitive and strictly regulated gaming markets.
“The favourable revenue growth for the group confirms that the strategy to simultaneously scale up a number of markets and relaunch the Expekt brand has been a success.
“The company today is more diversified than ever, and we have succeeded in compensating for the sharp drop in revenue in Germany.”
Last month, LeoVegas began blocking players in the Netherlands as new rules came into force with the launch of the country’s regulated online gambling market.
However, LeoVegas said the Dutch market only accounted for a low-to-mid share of its revenue.
See also: LeoVegas Group introduces personalised deposit limits in the UK
