LeoVegas Set to Consolidate Position as Leading Global Brand
LeoVegas, one of the top casino operators in Europe has reported a profitable start to 2019 and is in prime position to consolidate its role as one of the leading mobile gaming providers in the world. The figures reported from 2019 so far show the Swedish company racking up impressive corporate revenue as well as increasing the number of players on its books.
The company sprung into life in 2011 after a pair of entrepreneurs recognized the market was about to be transformed by the introduction of smartphones. Since then LeoVegas has set out to be one of the main players in the market and at the forefront of technological innovation.
Q1 figures show impressive growth
LeoVegas has faced a number of challenges in 2019, with two of its main markets – the UK and Sweden – tightening up on gambling regulation. Increased duties have also been levied, hitting profit margins of all gambling firms.
LeoVegas has said that it has streamlined operations where possible to preserve profitability, and has also renegotiated supply arrangements in a bid to save cash. However, the market views these moves as prudent adjustments rather than a company in trouble and experts believe that the figures from LeoVegas show the business is continuing to perform strongly.
The gambling firm has reported a rise of 12% in corporate revenue, reaching €86 million in the first quarter of 2019. The number of depositing players also rose to 370,000 – a hike of 23% – while the number of returning players was also up by 26%, climbing to 196,000.
Tumultuous times
Despite its strong fiscal performance, things haven’t always gone so well for LeoVegas. In recent times they’ve been penalized for implying that it’s possible to make lots of money gambling. It has also been criticized for its management of self-excluded customers.
However, the slaps on the wrist have not been sufficient to rein in the company’s strong performance and it has gone on to win armfuls of accolades. These include Best Mobile Operator of the Year in the International Gaming Awards, Casino Operator of the Year in the EGR Nordic Awards and Online Casino of the Year in the Global Gaming Awards.
The UK and Scandinavian markets are part of the core business for LeoVegas but it is increasing its operations across Europe. In July it was granted a licence in the Spain, permitting it to offer both sports betting and casino games. This increased the number of licenses it held to seven in Europe, with additional operations worldwide in Chile and Peru.
