The mobile gaming company and online casino and sports betting services provider LeoVegas announced its financial results for the period from October 1st 2016 to December 31st 2016 as well as for its full year 2016.
The Group Chief Executive Officer and co-founder Gustaf Hagman commented on the performance of LeoVegas, saying that the company’s 2016 was a record year in terms of organic growth, innovation and profitability. When it comes to the full-year performance of the operator, Mr. Hagman shared that the Group had managed to increase its revenue by over €58 million, which had been the largest organic growth ever registered on a global scale.
The company’s boss also commented on the fourth-quarter performance of LeoVegas, praising the company for its launch in the regulated market of Denmark. He said that the launch had been successful and had been a great experience for the operator in terms of any future market launches.
As revealed by the company, its revenue increased by 58% and reached €41.2 million over the fourth fiscal quarter, generating a massive organic growth. The operating profit of LeoVegas in the period from October 1st to December 31st amounted to €9.5 million, while the earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €10 million.
LeoVegas also revealed that the mobile deposits made by its customers over the last three months of 2016 accounted for 67% of total deposits, which marked a 87% increase to €139.1 million. There was also a massive increase in the number of depositing customers. The latter rose by 75%, reaching a total number of 176,306. The number of new depositing customers rose by 83% to 85,384.
Apart from its quarterly results, LeoVegas announced its financial results for the full year ended on December 31st, 2016. The mobile gaming company shared that its annual revenue posted a massive organic growth of 70%, or €58.5 million to €171.4 million. The operating profit amounted to €19.9, while the earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €21.3 million.
As the company’s Chief Executive Officer highlighted, the Group has already felt the positive impact of its Casino and Live Casino products launch in the regulated market of Denmark over the fourth fiscal quarter. The successful process also helped the company remain focused on its goal for global expansion in 2017.
Thanks to the new piece of gambling legislation that was enacted by the Czech Republic on January 1st, LeoVegas has applied for a gaming licence and is still expecting for the licensing process to be completed. The company has been forced to close its operations on the territory of the country temporarily in compliance to the local legislation.
The Group also managed to expand its presence in Ireland, with its sportsbook services being granted with an operating licence there. The global presence of the company was also bolstered, as one of the independent companies withing the LeoVegas Group – Authentic Gaming – agreed on partnership agreements with a number of European gaming operators to launch its live casino offering.
- Author
Olivia Cole
