LeoVegas Mobile Gaming Group has increased its revenue by 8 per cent, to €96.7 million, during the first quarter of 2021, a development that CEO Gustaf Hagman says the Group is pleased to have achieved at the start of the year.
“Excluding Germany, which has been affected by new restrictions related to the upcoming regulation, revenue increased by 19 per cent,” he noted in the Group’s quarterly financial report.
“Our growth has been driven mainly by our loyal customer base, which reached a new record level during the period. We have maintained a high pace of investment, and despite this we achieved adjusted EBITDA growth of 22 per cent, driven by our scalability and good cost control.”
LeoVegas acquired sports betting brand Expekt in Q1, complementing the Group’s brand portfolio and product offering, which is expected to be completed in May.
“The timing of the acquisition is perfect as we are now facing two years filled with major sports events, and we plan to launch Expekt well in advance of the UEFA European Football Championship, which starts in June,” says the CEO.
During this time, the Group’s investment vehicle, LeoVentures, also experienced an intense period, most notably with the establishment of an in-house game studio, Blue Guru Games. “This venture will give us full control and greater flexibility in developing new games, a unique offering to our players, and also a new revenue stream for the Group,” he said.
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