LeoVegas Posts First Quarter Loss

Online casino group LeoVegas has posted their 2019 first quarter financial results, revealing that the company posted a €31,000 loss for the period.

Key financial indicators for the first quarter ending March 31st, 2018 were:

• Revenues up 11.6% to €86.3 million
• Amounts wagered up 8% to €268.5 million
• 72% of wagers placed on mobile devices, a new record
• Swedish customer base up 23%, but organic revenues down 16% in the market
• Nordic region revenues down 5%, due largely to welcome bonuses in the newly regulated Swedish market
• Nordic markets accounted for 39% of revenues
• Casino revenues accounted for 76% of the company's bottom line, followed by live casino at 16%, and sportsbetting at 9%
• Cost of sales up 16% to €17 million
• Gross profits of €57.9 million, up 4% from last year
• Marketing expenses of €32.8 million, up 8.6%
• Other operating expenses down to €8.1 million

Commenting on the results LeoVegas CEO Gustaf Hagman said, "During the first quarter we once again delivered sequential growth and posted record performance on a number of key performance indicators. This, combined with the fact that our customer base is growing in a sound and sustainable way, has given us a good start to 2019.

"We are maintaining a high pace of expansion and innovation at the same time as we are focusing on cost efficiency and scalability in the group. This makes us well positioned for a year of continued profitable growth."

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