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 Leo Vegas registers a growth of 9% with revenues of 387.5 million euros in 2020 after its best fourth quarter in history

 
Leo Vegas has published its financial data for the last quarter of 2020 and makes a general balance for the same year, a period in which despite the adversities the company has registered an annual growth of 9%, which means income of 387, 5 million euros.
INFOPLAY/ COMUNICADO |
Gustaf Hagman, CEO of LeoVegas Mobile Gaming Group, highlighted that the company concluded 2020 with its best fourth quarter in history.

In this regard, he stressed that it is a great achievement that has been possible "despite frequent changes to the gaming requirements in our markets, in addition to being in the midst of a global pandemic."

Hagman also stated that he is proud of the team's ability to adapt to changing conditions.

Leo Vegas also highlighted the following aspects of the fourth quarter:
• Revenues increased by 13% to 98.4 million euros
• The number of depositing clients was 461,983, which means an increase of 24%.
• Net gaming revenue (NGR) from locally regulated markets was 45% of total NGR.
• Adjusted EBITDA was 11.5 million euros

Regarding events in the fourth quarter, the company has highlighted:
• Bingo was launched as a new product category. LeoVegas was the first company in the gaming industry to offer payments through Open Banking. During the quarter, the Group's unique and record-breaking jackpot was launched under the name LeoJackPot.
• The PinkCasino brand launched in Canada; and, Royal Panda, was relaunched in Finland.
• LeoVegas secured long-term, diversified financing through a combination of a bank credit line (RCF of EUR 40m) and a bond issue of SEK 500m under a total framework of SEK 800m.
• Before the next regulation in Germany, a number of changes were implemented, such as mandatory deposit limits, modified game mechanisms and that live casino is no longer offered. This led to lower revenues during the quarter, with a greater impact during the month of December.
• LeoVegas has changed its interpretation of the calculation of gaming taxes in Denmark for earlier periods. This resulted in a self-correction, and a one-off cost of EUR 3.5 m has been charged against EBITDA
• Decision has been taken to migrate the Royal Panda brand to the Group’s proprietary technical platform, resulting in an impairment loss of EUR 1.9 m for all intangible assets coupled to Royal Panda’s platform.

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