LeoVegas Secures German License & Embraces Consumer Protection
LeoVegas Group has taken a significant step forward by obtaining a license from the Gemeinsamen Glücksspielbehörde (GGL) to launch its slot games in all 16 German states. The 16-state major milestone will help the company expand its presence in Germany and ensure consumers a safe and enjoyable igaming experience.
CEO Gustaf Hagman commented on the news that “consumer protection is of utmost importance to us, and with this license, we can guarantee our customers a secure and high-quality igaming experience.” With this new license, LeoVegas is now well-positioned to grow its market share in Germany further.
Increased cost and stagnant revenue don’t hamper LeoVagas
Despite suffering an operating loss last quarter due to increased costs and stagnant revenue, LeoVegas is still doing quite well overall. These results should not be viewed in isolation; over the past 12 months, their total revenues have increased by 13%, proving that they are still well-positioned for continued, if not increased, growth.
In April 2021, LeoVegas also announced it would sell its 25% stake in B2B igaming start-up BeyondPlay to Bettor Capital for €1.9m, generating a 73% return on investment.
After only two years under the guidance of LeoVegas, BeyondPlay’s share price more than quadrupled from its original value, demonstrating the success of their involvement and solidifying LeoVegas’ reputation as an industry leader, the payoff shows that LeoVegas is willing to take risks on new ideas and companies even if they don’t directly relate to their core business — something that could pay off big time down the line.
Embracing consumer protection pays off
The company’s strategy of embracing consumer protection through regulation is also one of the reasons they have remained successful despite turbulent times. By ensuring that their games comply with all applicable laws and regulations, consumers can rest assured that their safety comes first when playing at LeoVegas-managed sites.
LeoVegas in summary
LeoVegas Group’s recent licensing agreement from the Gemeinsamen Glücksspielbehörde (GGL) has secured a significant victory. This move sets them up for further success in Germany as they continue to focus on providing consumers with a safe and enjoyable gaming experience while expanding their market share across Europe.
Additionally, their willingness to invest in new ideas shows their commitment to growing their core business and diversifying into other areas, such as B2B igaming start-ups. All signs point towards continued financial success for LeoVegas.
