LeoVegas Q2 Revenue Increase and Confirmed Departure from Sweden
2019 has been a successful year for LeoVegas so far. The premium operator and leader in mobile casino gaming recently published its financial report for the second quarter of 2019, with the results being more than satisfactory.
Details of the Report
According to the report, the revenue is up 8% year-on-year for the Q2. The company generated €94.4m during this period, which is a new quarterly record for this gaming operator. Not only that, but LeoVegas also reported €15m in earnings for the same period.
A major chunk of the total revenue (42%) is attributed to operations in the Scandinavian markets, which totaled in a 2% increase of the entire revenue in comparison with the previous year. Operations in the remaining regulated European markets brought in 47% of the revenue, but the increase in compliance expenditures influenced the growth of the company, resulting in only 1% revenue growth since 2018. Nearly 11% of the entire revenue stems from dealings outside of the European markets, and the report suggests a 13% increase in revenues for online gambling operations in said markets for the second quarter of 2019.
The operator’s RNG casino products generated about 75% of the revenue in the highlighted quarter, while live casino and sports betting brought in the rest of the revenue. Around 17% is tied to live casino, while only 9% is attributed to sports betting.
Shocking News
However, what surprised the public was the announcement that LeoVegas will depart from Sweden. The operator said that it will no longer seek an operating license in this fresh market, despite the income it amassed in the market in this quarter. LeoVegas managed to generate €2.2m in revenue from its Swedish clientele, but that must not be satisfactory as the company prepares for withdrawal from the market.
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