LeoVegas Adapts To New Circumstances As Q3 Revenue Increases

LeoVegas Adapts To New Circumstances As Q3 Revenue Increases

LeoVegas, one of the largest mobile casino operators in Europe, has today spoke out about its recent gaming activities, including the adaptation to new circumstances resulting from the recent Coronavirus pandemic.

The corporation has publicly released its quarterly report for the third quarter of this year and noted a ‘record large customer base and strong start to quarter four’.

In addition, during the period of July through September 2020, LeoVegas increased its revenue by one percent and experienced more than a twenty-five percent boost in customers making deposits.

Although the firm has felt the impact of the ongoing Covid-19 pandemic, it was able to launch two new operator brands in Finland by way of GoGoCasino and Livecasino.com, with international plans already underway for both websites.

The company stated that it had felt the impact of Covid-19 in Sweden due to new temporary restrictions that were introduced in July but that it has increased its owners of Pixel.bet from just over fifty percent to eighty-five percent.

As part of the business constantly adapting to new measures and circumstances, there has been many positives to take from the third quarter and beyond as its operator brand Royal Panda also launched in Finland on the group’s proprietary technical platform along with the launch of a brand new bingo vertical online and mobile.

What’s more, LeoVegas has already implemented new changes to ensure that regulations in Germany are met so that the brand can trade in the Germany gaming market.

LeoVegas group chief executive officer, Gustaf Hagman, spoke out about how the firm was able to adapt to external circumstances whilst maintaining investment and innovation.

Furthermore, LeoVegas has undergone a number of efficiency improvements to ensure that the corporation remains profitable with a resilient and diverse company and revenue base.

Comments from Gustaf Hagman:

Once again, we have shown our ability to quickly adapt to new, external circumstances, such as those related to the continuing pandemic and the constant regulatory changes in our various markets.

During the third quarter we maintained a high pace of innovation and investment, which is strengthening our long-term position and growth prospects.

During the quarter our customer base again reached a new record level.

The number of depositing customers grew 26% compared with the same period a year ago, which confirms the strong development of our business.

This is partly attributable to the ongoing structural shift from land-based gaming to online, but above all to our focus on creating the best product and experience for our customers.

We continue to optimise scalability and reduce complexity in the organisation.

During the quarter, among other measures we realised synergies from previous acquisitions and instituted a clearer organisational and Group structure.

This has led to a slight level of staff redundancy, and operating profit was charged with EUR 0.5 m for measures coupled to this.

At the same time, we estimate that yearly net savings from these measures will amount to roughly EUR 1.5 m starting with next year.

Our efficiency improvement work equips us for continued profitable growth and makes us – combined with greater diversification of the revenue base – more resilient to rapid fluctuations in individual markets.

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