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LeoVegas Announces Huge Q2 2017 Growth
LeoVegas is one of the most well known and popular online casinos in Canada, and Canadian players will be happy to know that the room’s Q2 2017 results are in, and they are simply spectacular.
Amongst the highlights are the reporting of a 60% increase in revenues to $49.7m, which came on the back of a 53% increase in organic growth:
New Focus on Mobile
One of the key growth sectors for the casino came from and increased focus on their mobile offering. LeoVegas has been in the vanguard of bringing mobile games to customers, a strategy resulting in 67% of all deposits, for a total dollar value of $167.9m.
This is a particularly impressive number for analysts, given the fact that mobile gaming is both considered one of the most difficult sectors to gain traction in due to the ultra-competitive nature of the current market:
“LeoVegas continues to be one of the fastest growing gaming companies and is growing considerably faster than the market as a whole. LeoVegas’ growth is proof that we are positioned right with our mobile focus,” the company said via a statement.
Future Looking Strong
LeoVegas appears well positioned to continue the success of this quarter into the future. Overall revenues increased 55% in H1 2016, demonstrating a clear upward trend. While it does expect to encounter some headwind from the recent rewriting of Australia’s gambling laws, there are many other opportunities that should hep to make up any loss.
“July got off to very strong start, with Net Gaming Revenue (NGR) of EUR 18.3 m (12.9), representing growth of 42%. During the third quarter, we do not expect marketing in relation to revenue to deviate meaningfully from the level in earlier quarters this year,” the company said in a statement.
While it might be a while before we see it taking on some of the entrenched titans of the industry, the future is definitely looking bright for one of the industry’s most up and coming players.