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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bgsharpe
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6 May 2019 - 6:33pm
#1
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72% of wagers placed on mobile devices, a new record

Well, like it or not obviously the future is in mobile play as many operators and game developers obviously directing their efforts mainly toward developing the mobile software and game experience.

auCL-Ed
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7 May 2019 - 12:35am
#2

LeoVegas has always been mobile device focussed so its no real surprise. I thought it would actually be higher for them.

sharpe

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bgsharpe
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7 May 2019 - 11:38am
#3

Well if it's of any consolation to them I guess this %-ge will only grow in the next years probably.

Is that number have to stand at 100% for them to have the right to call themselves a mobile casino though Wink

usbarbadosslim93
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7 May 2019 - 4:52pm
#4

It's interesting to see all these operators that focus on Sweden struggling up front. I think it'll get better for them in the future as they adjust to the market being regulated.

sharpe

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