Maintaining profitability: LeoVegas releases Q1 report
Report comes amid increase of operations in North America as well as MGM Resorts takeover bid.
After a quarterly report, it seems LeoVegas is finding itself in a position of relative strength: though by some metrics – the rate of depositing customers, for instance – things are down, overall profitability is up.
And another highlight: while the company is most active in the European market, this quarter also saw expansion in North America, notably in newly-launched Ontario.
The number breakdown follows: revenue increased by 2% to €98.5m ($96.7m); EBITDA was €14.1m; the number of depositing customers came to 455,843 (that aforementioned decrease, which amounted to 1%); earnings per share were also down €-0.07.
The quarter covers the period from January 1 to March 31, 2022.
CEO Gustaf Hagman struck a sanguine tone when commenting on his company’s performance: “LeoVegas began the year in solid fashion, with revenue growing 2% in the first quarter.”
Hagman then commented on North American growth: “On 4 April, the gamin market was re-regulated in Ontario and we relaunched the LeoVegas and Royal Panda brands on the same day that the market opened.
“This has begun successfully, and Ontario is the group’s ninth locally regulated market… We have positive experiences from operating in regulated markets and have high growth ambitions both in North America and in Europe for the years ahead.”
In terms of designs on the US market, the LeoVegas report cited some new games due to debut there during the second quarter: The Nemean Lion, brought by subsidiary Blue Guru Games, for instance, was already released in the US on April 21, 2022.
The report has come on the heels of Leo Vegas’ Board of Directors deciding to recommend to its shareholders to accept the public offer by MGM Resorts International to purchase it at the price of $6 per share.
LeoVegas is well known across the industry and has won the “Online Casino of the Year” at the Global Gaming Awards for five years running.
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
