LeoVegas Revenue Rises in First Quarter of 2017
While he operating profit at the end of the first quarter of the last year recorded a loss of $1.75 million, the latest results show a profit of $6.03 million.
The Swedish mobile gaming company and online casino provider LeoVegas is definitely one of the leading names in the business, offering high-quality services on some of the world’s most competitive markets.
With a wide variety of releases in its offer, it’s no wonder that company achieved solid financial results in the first three months of this year, recording an increase of staggering 49% in revenue.
The revenue rose to a total of $48 million, with the recent Danish launch being of the crucial factors behind such a result. 3% of the total figure came from Denmark, but the performance of the market in this country was especially strong in April, accounting for 5% of revenue.
Numbers Looking Good
EBITDA in the Q1 was $6.57 million, which is an excellent improvement when compared to the same period of 2016 when the company recorded a loss of nearly $1.5 million.
The operating profit at the end of the first quarter of last year recorded a loss of $1.75 million, while the latest results are a reason to celebrate, with the numbers rising to $6.03 million.
Mobile platforms are becoming more and more popular, with 67% of all deposits being this way – which is a net increase of 6%.
Chief executive officer and the co-founder of LeoVegas, Gustaf Hagman, expressed his satisfaction with the results, stating it was another step towards the company’s goal of $330 million in revenue by 2018.
He said the company had the needed resources to carry out any future strategic acquisitions, and that every employee was focused on evaluating good market opportunities.
LeoVegas was founded in Sweden, back in 2011. Today, the company headquarters is in Stockholm, while the brand itself is based in Malta. The company also provides sports betting services to a number of international markets. The hard work of their employees and the quality of their work has been recognized by the industry on several occasions, with the latest award being “Online Casino Operator of the Year”, received in February.