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.
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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