LeoVegas prioritises customer growth in Q2 2016

Screen Shot 2016-08-10 at 13.02.21
Gustaf Hagman

Announcing its second ever set of interim results as a Stockholm Nasdaq-listed corporation, LeoVegas Mobile Gaming Group (LeoVegas) has detailed a revenue increase of 67% to €31 million (Q2 2015: €18.5 million).

The mobile-focused European igaming operator who floated on the Stockholm Nasdaq last March was pleased with its 2016 momentum, recording increased player activity on its products as Q2 customer deposits hit the + €100 million mark.

Competing in the highly saturated Nordic and UK igaming markets, LeoVegas continues its corporate focus of growing its customer base, reporting a period of heavy acquisition with 109,000 new customers gained.

Increased marketing costs during the period, would see LeoVegas report a -7.9 operating margin recording a Q2 2016 EBITDA of -€2.2 million.

LeoVegas governance would specify that the higher marketing level was primarily driven higher spend both in direct marketing and in affiliates marketing in connection with the Launch of LeoVegas Sport and new marketing opportunities.

Commenting on Q2 2016 performance Gustaf Hagman LeoVegas Group CEO & Co-Founder stated:

“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.”

 

Check Also

Cloudflare webinar: Close Your Security Gaps and Protect 100% of Your Traffic

SBC Webinars presents Cloudflare: Close Your Security Gaps and Protect 100% of Your Traffic

The SBC Webinars series continues on Tuesday 8 December when Cloudflare presents Close Your Security …

Genius secures official data and trading coverage on OpenSports platform

Scientific Games (SG) and Genius Sports have significantly expanded their existing sportsbook services agreement, allowing …

BridgerPay boosts Equiti Group’s global deposit approvals

BridgerPay boosts Equiti Group’s global deposit approvals

The integration of Retry technology from payments platform BridgerPay has helped Equiti Group to achieve …