LeoVegas Reports Strong Customer Growth in Q2 2016
LeoVegas, award-winning mobile gaming casino, has announced its second ever set of interim results as a Stockholm-listed corporation.
Detailing a revenue increase in Q2 of 67% to €31 million, compared to the €18.5 million in the same period last year, the iGaming operator was pleased with its 2016 momentum, recording a player activity increase on its products as the quarter’s customer deposit hit the + €100 million mark.
While competing in the Nordic and UK iGaming markets, the company’s corporate focus remains on growing its customer base, after reporting a period of heavy acquisition with a gain of 109k new customers.
Raised marketing costs during the period would see LeoVegas report an operating margin of -7.9 recording EBITDA of -€2.2 million in Q2 2016.
Commenting on the company’s performance in Q2 2016, LeoVegas CEO and Co-founder Gustaf Hagman said:
“LeoVegas’ strategy is to prioritise growth. In connection with the launch of LeoVegas Sport, we will increase our investments in marketing and act upon the new opportunities during this major year in the world of sport. This venture represents an exciting growth opportunity and the addition of new customers, even though we will likely see a decrease in profitability in the near term. Our investments in LeoVegas Sport and Live Casino should be viewed from a long-term perspective.”
The considerable investments made during the period as well as the great success achieved by LeoVegas Sport and Live Casino have resulted in a strong start to Q3 for the company. The revenue for July alone totalled €12.8 million, which shows a growth rate of 68%. In addition, the number of newly created accounts and active customers was constantly growing.
LeoVegas will also be showcasing at SiGMA16, Malta’s biggest upcoming event of the year. If you would like to come and watch all the exhibitors at this iGaming summit in November, click here to register.
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