LeoVegas Announce Modest Q3 Trading Numbers
Swedish-based mobile operator LeoVegas have revealed a set of modest Q3 results, in a quarter which produced an intensive period of activity for the online gaming and sportsbook platform.
Revenues fell marginally short of the comparative 2021 performance, coming in at €98.7m, which represented a 1% decline on last year’s Q3 results. The company’s bottom-line EBITDA was impacted considerably by transaction costs relating MGM’s successful acquisition attempt, came in at -€2.6m. However, taking into account several uncontrollable factors, including the fallout from MGM’s takeover, LeoVegas calculated their adjusted EBITDA figure to be in the black at €7.1m.
As previously alluded to, the operator was subject to an incredibly busy few weeks towards the end of the quarter, with shareholders accepting a lucrative bid made by MGM Casino Next Lion, a subsidiary organization tethered to MGM Resorts International. The deal enabled MGM to assume a colossal 96% of company shares in early September, with a further 2% acquired before the ‘extended tender offer acceptance period’ elapsed.
LeoVegas also launched an aggressive marketing campaign, targeted at growing the brand’s stature and influence within the sports betting sector. The firm engineered new partnerships with two of football’s European heavyweights, striking deals with current Premier League champions Manchester City, and world-famous Italian club Inter Milan. It’s hoped that these relationships will facilitate dynamic new experiences for customers on the respective clubs’ matchdays and serve to heighten the company’s global profile significantly.
A new chairman was also appointed during a frantic September, with Gary Fritz handed the role until the conclusion of the operator’s next AGM.
