LeoVegas posts record revenue thanks to sports, live casino

Stockholm-based mobile gambling operator LeoVegas had its best revenue performance to date in Q3 thanks to an expanded product mix.

For the three months ending September 30, LeoVegas reported revenue of €39.7m, a 76% gain over the same period last year that it claims was entirely organic. Earnings soared to €9.8m from €1.1m in Q3 2015 after the company trimmed its marketing-to-revenue ratio from 53% to 36%.

LeoVegas CEO Gustaf Hagman credited the launch of the company’s new Kambi Sports Solution-powered sportsbook and expanded Live Casino options with giving the company “considerable momentum” in Q3, which saw new depositing customers rise 78% year-on-year.

Sadly, LeoVegas has yet seen fit to break out its revenue into separate casino and sports columns, so the true impact of the new sportsbook product – which arrived in time for the Euro 2016 football tournament – will remain a mystery for the time being. Hagman would say that the company is “focusing intensely” on developing the “fastest and most user-friendly mobile sportsbook” out there.