LeoVegas Q3 revenue up despite difficult-to-navigate environment

LeoVegas revenue was €88.2m ($97.6m) for Q3 2019, a rise of 12% year-on-year.

EBITDA was €12.7m, an increase of 41%, while operating profit was €6m, up 71%.

The operator saw a decrease of 4% for new depositing customers, at 135,019, and an increase of 12% for returning depositing customers, totalling 199,023.

Revenue for the year-to-date was €269m, an increase of 11% from 2018.

LeoVegas’ Swedish license was recently extended to the maximum five years after a Swedish court overturned its two-year license limit.

Following the decision, the operator said its returning customers in the Swedish market are at an all-time-high.

Last month, LeoVegas, and its subsidiary Royal Panda, received fines totalling €750,000 after the Dutch Gambling Authority found both sites were accessible with a Dutch IP address.

Gustaf Hagman, President and CEO of LeoVegas, said: "We continued to show progress during the third quarter in a difficult-to-navigate environment and generated double-digit growth in both sales and operating profit.

"Greater regulatory complexity in several of our main markets has given rise to certain short-term challenges but is also raising the barriers to succeed in the sectors which benefit established companies.

"We continue our efforts to execute our strategy of innovation, expansion and profitability."