The Swedish-based LeoVegas mobile gaming group has reported a record quarter in its home country.
The third quarter report, taking results up to the end of September, showed revenue up 12 per cent to €99.4m and, excluding Germany, growth was 31 per cent. EBITDA was €11.5m, corresponding to a margin of 11.6 per cent. It recorded 469,721 depositing customers, up seven per cent.
Gustaf Hagman (pictured), group CEO, noted that Germany had been dramatically affected by re-regulation, but other key markets had performed well. In its home market, Sweden, the company had been particularly successful with both revenue and customer base reaching new, record levels.
Hagman said that the acquisition of Expekt had "exceeded expectations" and showed strong growth since its re-launch at the end of May.
Re-regulation was also taking place in the Netherlands and Ontario in Canada, for which the company was preparing. “Re-regulation processes can be turbulent and arbitrary.
"Such has been the case in the Netherlands, when the authorities changed their policies with short notice, entailing that all gaming operators that had not yet been granted a gaming licence were forced to stop providing their services in the country.”
