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This year has been a great year for LeoVegas. The online casino operator has revealed the financial report for Q4 of 2019. The revenue for the final quarter of 2019 rose by nearly 3% when compared to 2018.
The casino and sportsbook operator is very excited to announce exceptional performance in its key markets. According to LeoVegas, Q4 revenue increased by almost 3% in comparison with 2018. The company reported €87.1m in revenue (2018: €84.5m).
LeoVegas stresses the importance of Swedish performance as one of the principal explanations for such excellent results. For the casino, the market presence remains “stronger than ever”. A strong brand and its focus on responsible gaming helped the company maintain optimal efficiency.
The company broke the record in Sweden with revenue and customer numbers at the end of 2019. However, it is interesting to note that the operator expects more rigorous guidelines for unlicensed operators in 2020. This will surely improve channelization and consumer protection.
After an aborted transfer to Malta, LeoVegas introduced new cost-efficient strategies for 2020. The company anticipates annual cost savings of approximately €3.7m.
Here are a couple of other highlights from the report:
Last year, three of LeoVegas’ main targets experienced significant changes. The UK, Germany, and Sweden introduced new regulations and reshaped their legal frameworks. This undoubtedly influenced the company. Gustaf Hagman, the CEO of the company, commented on the events that transpired in 2019.
“2019 was a year characterised by a change in our industry, with external challenges coupled to higher demands for compliance, and higher gambling taxes. We have entered 2020 with a good starting point, with an increasingly efficient organisation and many ongoing initiatives surrounding product innovation and brand expansion.”
He added that this year brings a lot of uncertainty for regulation, but he is confident LeoVegas will prevail.