Online betting firm LeoVegas has published their third-quarter 2019 financial results, revealing that revenues for the period grew.
Key financial indicators for the third quarter ending September 30th, 2019 were:
- Group revenue of €88.2 million up 12% from last year
- Net gaming revenue up 11%, with the Nordic region accounting for 44% of the total
- European gaming accounted for 42% of net gaming revenue
- The rest of the world accounted for 14% of net gaming revenue
- Marketing spend down slightly to €27.7 million
- Personnel costs up to €11.3 million
- Other operating expenses down to €8.7 million
- Deposits up to €275.5 million, with mobile making up 75% of that total
- EBITDA up to €12.7 million
- Pre-tax profits down 58.4% to €5.5 million
- Net profit down to €5.1 million
LeoVegas CEO Gustaf Hagman spoke about the results, noting: "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 sector which benefit established companies.
"LeoVegas today has a much more even distribution of revenue across several markets and brands where half of our revenue is derived from locally regulated markets, which contributes to greater stability and lower business risk.
"Meanwhile, we continue our efforts to execute our strategy of innovation, expansion and profitability."