LeoVegas released a report about its financial performance in the first half of the year, ending June 30, and also posted information about company’s results in Q2.
During H1, company’s revenue grew 76% YOY to reach €60.5 million. However, the operating loss was estimated at €4.3 million, which is a considerable increase from the €600,000 reported a year ago.
As far as the overall Q2 performance is concerned, LeoVegas has not posted a quarterly decline since 2012, when the platform was rolled out.
During the second quarter of the financial year, the number of active customers depositing funds into their accounts jumped to 176,635, which is 147% more than a year earlier. EBITDA reached €260,000 in Q2, which was regarded as one of the weak points amid the satisfactory quarterly financial performance.
One of the most notable events during the aforementioned period was the launch of the Kambi-powered sportsbook. It was released just in time for the start of Euro 2016. Statistics show that as many as 5,000 customers placed their wagers through LeoVegas sports betting platform during Euro 2016 finals.
Gustaf Hagman, LeoVegas Group CEO and Co-founder, commented on company’s accomplishments and said that the results went beyond their expectations. During Q2, the deposits went well over 100 million. Estimates show an increase of 25% as compared to the results posted during the previous quarter, which is yet another milestone for LeoVegas.
Mr. Hagman defined Q2 as a pretty eventful one. He did not miss to mention the considerable investments made during the registered period as well as the great success both LeoVegas Sport and LeoVegas Live Casino have achieved upon their launch. As a result, LeoVegas enjoyed a strong start of Q3. The revenue for July totaled €12.8 million, which is a 68% growth rate. In addition, the number of active customers and newly created accounts were constantly growing.
LeoVegas CEO said that the company was developing in line with the set targets. For the time being, they were predominantly focused on investing in the most profitable online gambling segments and making LeoVegas a leading mobile gambling platform.
According to LeoVegas representatives, the company has set a target of generating a revenue of €300 million by 2018.
Meanwhile, it became clear that LeoVegas sportsbook is to be managed by the former Betsson head of sportsbook Andreas Bardun. As for the casino section, the latest addition to the already extensive casino portfolio is the full suite of proprietary table games, a product of Felt.
