LeoVegas quarterly results in as group plans for expansion in Americas
Swedish operator currently in the process of setting up an office in New Jersey.
LeoVegas has released quarterly results for the period from October 1 to December 31. The strong performance comes just at a time when the European operator of online casino games is at work expanding its footprint in the US and Canada.
Revenue came to €98.2m ($112m). While this represented a 4% decline, if you exclude Germany and Netherlands – which both suffered from regulatory issues – revenue would have increased by 26%. The amount of depositing customers decreased by only 1%, to 456,063.
Next quarter promises to be more a more eventful time for the company as toeholds have been established in the Americas. Reflecting the growing importance of online casino games in the Western Hemisphere, LeoVegas has its sites trained on entering both the Canadian and the US market in the coming months.
Toward these ends, a gaming license has been applied for in the province of Ontario. Further south, in New Jersey, a local team is being assembled to staff the group’s first US office.
As CEO Gustaf Hagman put it: “We are now planning to expand into more markets. We have also commenced establishing operations in the US, where the online gaming market is still in its infancy.
“We are seeing significant potential for a smartphone-oriented casino expert like LeoVegas in North America, where we already hold a leading position in Canada.”
Hagman spoke specifically on the company’s ambitions for New Jersey and other markets in the US: “Our ongoing expansion in the US, with New Jersey as the first state, is proceeding according to plan.
“We have commenced recruitment of a local team and completed much of the technical development as well as initiated the certification process of LeoVegas’ proprietary technical platform. We also began efforts for the expansion into additional US states.”
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