LeoVegas Sees Slight Increase in Q1 Revenues

Online gaming operator LeoVegas Group announced its first-quarter 2022 financial results, revealing that revenues jumped 1.9% when compared to the same period last year.

The company noted that revenues were impacted by its withdrawal from the Dutch market when it launched regulated services last year, sharing that if it stayed in its revenues would have been up 9%. The Swedish market was positive for the operator, as was Spanish and Italian revenues.

In all, the company announced revenues of €98.5 million. Deposits were €309.5 million, up 4.6% from the same period last year. The company paid €16.3 million in taxes, up 6.9% from last year. Gross profits were up 1.7% to €66.5 million.

The company had cost of sales of €15.6 million, down 2.2% from last year. Personnel costs were up 12.2% to €14.9 million. Other operating expenses were up 39.1% to €12.1 million. Marketing costs were down 17.2% to €29.9 million. LeoVegas also reported €254,000 in other income and it had €4.2 million of expenses recognized as capitalized development costs. All of this resulted in EBITDA of €14.1 million, down 35.6% from last year.

The company had an operating profit of €9.6 million. The company paid €1.2 million in finance-related costs and had a pre-tax profit of €8.4 million.

In his quarterly statement, LeoVegas CEO Gustaf Hagman pimped the company's recent purchase agreement with BetMGM. "MGM is also very clear in its release that this acquisition will provide a unique opportunity for LeoVegas to create a scaled global online gaming business," said Hagman. "And the board believes that the logic - the industrial logic, the strategic fit between LeoVegas and MGM - is very attractive and should serve both the companies and its employees very well in the future."

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