Unveiling the results for the second quarter of 2018, leading casino operator LeoVegas has declared that it was one of the most intense quarters since the company’s launch.
Gustaf Hagman, LeoVegas CEO and co-founder has listed the successful ventures of the quarter, emphasising above all the new sportsbook deal which happened just in time for World Cup 2018 Russia. The affiliate operator has also “adapted to the GDPR, stricter demands for compliance, and the forthcoming regulation in Sweden everyone is talking about.”
There has also been a number of vital deals, such as the partnership with the Swedish Open and the extension of the contract with Leicester Tigers. All of these initiatives have laid a splendid foundation for the company’s continued growth, sustainability and a new technical platform.
In the period from 1 April to 30 June 2018, the firm’s revenue amounted to EUR 87.4 million, which is a fantastic 76% increase.
The second quarter marked a surge of organic growth of 27%, whereas organic growth excluding markets that were closed in 2017 was 38%. In Q2 EBITDA (Earnings Before Interest Taxes Depreciation Amortisation) totalled EUR 15.0 million, with an EBITDA margin of 17.2%. Projects with Royal Panda and Rocket X are unfolding as planned, with a solid EBITDA margin of 30.0% for the former, and 21.8% for the latter.
“I am very happy about the strong earnings in the quarter,” Hagman has said.
By virtue of the launch of the new front-end platform, certain connections the company had needed to be redone. As a result, the customer inflow reduced for a limited period, but it was a known risk. However, in the past three months, the number of depositing customers grew 79%, making it 309,987 now.
Hagman has particularly highlighted the focus on compliance and the enactment of the GDPR as an essential factor in the steady growth and client inflow. Having such an eventful period behind has made LeoVegas more prepared than ever.
Hagman has concluded on an optimistic note, “Our new platform has been launched, we have made good progress with our compliance efforts, and the World Cup is over. The third quarter will thereby be a quarter with focus on growth and on further driving our business forward.”
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