LeoVegas Shares 2022 Q1 Report, Revenue Reaches $103.6 Million

LeoVegas has released its revenue report for the first quarter of 2022 and it shows that its YoY revenue has grown by 2% and it reached €98.5 million ($103.6 million). The revenue for the previous year was €96.5 million ($101.7 million). The number of depositing players, however, dropped from 462,386 to 455,843, which is a 1% decrease.

LeoVegas Ceased its Operations in the Netherlands

Even though LeoVegas decided not to take part in the Dutch market, the report noted that the business had massive success in Sweden. LeoVegas stated that it was the “largest commercial operator” in the country and continued amassing market shares.

Nordic countries were responsible for 51% of the NGR of LeoVegas, the rest of Europe accounted for 26% and the rest of the world was responsible for 23% of the company’s NGR. This is no surprise considering the fact that LeoVegas is a Nordic-based operator.

The report outlined the fact that the share of the rest of Europe was lower than 2021 due to the fact that LeoVegas decided to withdraw from the Netherlands. The numbers per product stated that casino accounted for 72% of the GGR, live casino contributed 16% and sports betting contributed 12%. Sports betting had the biggest growth thanks to the launch of Expekt.

Deposits Increased From 2021 As Well

Even though the number of depositing players decreased, the deposited amount increased from €295.8 million ($311.3 million) to €309.5 million ($325.7 million), which represents a 5% increase.

Adjusted EBITDA reached €14.1 million ($14.8 million). Compared to Q1 of 2021, EBITDA is up 35.6%. Moreover, LeoVegas reported an operating profit of €9.6 million ($10.1 million). In Q1 of 2021, the operating profit of LeoVegas was €3.7 million ($3.9 million), which means that the company’s operating profit has increased by 163.8%.

The income tax of the operator proved to be a headache as it reached €15.4 million ($16.2 million). In Q1 of 2021, income tax was just €200,000 ($210,000). Royal Panda was responsible for the majority of the increase.

One of LeoVegas’ greatest highlights in this quarter was the launch in Ontario. Both Royal Panda and LeoVegas started operating on the same day that online gambling was officially in legal effect. The company also announced that it launched two tech hubs – one in Malaga and one in Warsaw.

Most recently, MGM shook the world as it announced that it made a bid to purchase LeoVegas for a price of $607 million. With this move, the US casino giant is looking to expand its influence in Europe and become far more profitable. LeoVegas’ report shows that the brand is not only profitable, but it has major share of the European market.