LeoVegas AB, the parent company of the well-known online casinos LeoVegas and Royal Panda, has grown considerably in the first three months of 2018.
The most important results at a glance:
- The turnover amounted to € 77.4 million (+ 76% compared to the first quarter of 2017).
- Sports betting and live casino were good for resp. 6.5% and 15.3% of the gambling revenue.
- The number of players who made a deposit at least once was 302,014 (+ 75% compared to a year earlier).
- The EBITDA amounted to € 9.5 million (+ 58%).
- The profit after tax amounted to € 1.7 million.
With this revenue, LeoVegas is already ahead of the goal that the company itself formulated in 2015: a revenue of € 300 million throughout 2018. That is why management has set a new target. In 2020, LeoVegas AB must generate at least € 600 million in revenue and at least € 100 million in EBITDA. Ambitious!
For the first time in the company's existence, Sweden is not the most important market for LeoVegas, but the United Kingdom. British players now account for 25.6% of net gambling revenue. The acquisition of Royal Panda in October 2017 contributed to this.
Fine of £ 627,000
In addition to the good figures, less positive news about Leo Vegas came out today. The UK Gambling Commission has imposed a fine of £ 627,000 (around € 714,000) for unfair advertising and sending offers to players who have closed their accounts.
According to LeoVegas, the fine is mainly due to affiliates who have not followed the rules of the Gambling Commission. The company says it has meanwhile taken measures against websites that contain misleading or incomplete information about LeoVegas.
Investors do not respond enthusiastically to the figures and the news of the fine. On the stock exchange in Stockholm, a LeoVegas share is now traded for 83 Swedish krona. That is more than 3 percent lower than yesterday's closing price.
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