The new year holds a lot of promise for Swedish mobile casino operator, LeoVegas Casino. The online casino managed to boosts its Q4 revenue by two-thirds in 2017 and also make headway of gaining entry into a regulated German online gambling market.
It’s all in the figures
Early last week, LeoVegas reported that their revenue has risen nearly two-thirds to €67.8m in the last three months of 2017.
In the report it showed a 39% dip in earnings which stood at €6.1m as well as a 78% fall in operating profit standing at €2.1m. The company stated that the fall came due to costs associated with their October acquisition of Royal Panda, a UK online casino.
Their overall 2017 revenue went up with 43% to €217m and their adjusted earnings rose by 31% to €19.9m. Gustaf Hagman, LeoVegas CEO, said that the Q4 results were their best yet that came with a very strong underlying growth of 82%.
Their new depositing customer’s number also went up by 50% setting a new record of 128,409 for them.
The start of something new
With the strong ending of 2017 it is to be expected that 2018 started brilliantly for LeoVegas. In January alone, the company’s gaming revenue hit €24.8m which is a solid 76% increase from the figures of January 2017.
LeoVegas has also made another big online casino acquisition with a £65m deal for Intellectual Property & Software Limited (IPS) earlier in January. After the deal was secured, the company rechristened IPS and all their related assets. They are now under the banner of Rocket X.
If both Royal Panda and Rocket X had been included as contributors for the Q4 results their revenue would have hit a solid €84m.
Promising plans for the future
According to Hagman, LeoVegas will be working much harder to strengthen their sports betting product before the FIFA World Cup later this year. This includes a boost on their live streaming offering in Nordic markets.
In an effort to get the ball rolling, LeoVegas launched a free-play Canadian site of which they made former Toronto Maple Leafs captain Mats Sundin the brand ambassador. Through this the company hopes to boost their products while gaining good marketing opportunities.
In the announcement of the Q4 figures last Wednesday they also admitted to making moves to strengthen their German market position through their €2.6m acquisition of World of Sportsbetting Ltd, based in Malta.
The acquisition will give them full access to the HappyBet brand and help them on their quest to strengthen their offering in the German Market. World of Sportsbetting Ltd holds online sports betting and casino licenses in the German state, Schleswig-Holstein. They also have an approved application for a sports betting license in the state of Hesse under the now outdated Interstate Treaty on Gambling.
It is the belief of Hagman that the new German licenses will increase Leo Vegas’s credibility when collaborating with media partners or any other partners. It was an important step to make as the company wishes to get full effect on their market investments.
To add a little local touch to their marketing efforts, LeoVegas has secured deals with both Lothar Matthaus, the football icon, and Stefan Kretzschmar the German handballer. Exclusive Casino Hot Casino Accepts players from United Kingdom Accepts players from Canada Accepts players from Europe* Mobile & Tablet Friendly Up to £1600 Bonus + 120 Free Spins
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LeoVegas has hit the ground running and with such superb revenue results for Q4 of 2017 there is much excitement for what the Q1 results of 2018 will be.
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