LeoVegas maintains targets for 2020 despite challenging Q3

LeoVegas has reported a 41% year-on-year increase in Q3 revenue to €78.6m ($90.3m).

The operator generated €9m in EBITDA, corresponding to an EBITDA margin of 11.4%.

Net gaming revenue (NGR) from regulated markets was 35.5% of total NGR, an increase from 25.3%, while the number of depositing customers rose 57% to 318,189.

During the quarter, the operator also launched sports betting brand BetUK and acquired 51% of esports betting operator pixel.bet.

Despite the positive figures outlined above, LeoVegas CEO and Co-founder Gustaf Hagman said: “[Q3 was] a challenging quarter for our two largest markets, with greater focus on compliance and sustainability.

“It is satisfying to note LeoVegas is the most well-known online casino brand in Sweden – our position ahead of regulation is very strong.”

In addition, Hagman highlighted the ongoing “open dialogue” with the Gambling Commission in the UK market.

LeoVegas saw NGR of €26.6m in October, a 29% growth, and is projecting a strong Q4 as a result.

Going into 2020, the operator believes previously outlined targets of €600m in revenue and €100m in EBITDA are still achievable despite new regulatory and market challenges.