LeoVegas Announces a 4% Dip in Revenues to €95M for First Quarter of 2023
LeoVegas Group, the global casino gaming provider, has announced its first quarter revenues of €95 million in 2023, which is a slight dip of 4% in a year-on-year comparison with figures for the same period in 2021.
The trading statement for Q1 of this year also showed a reduction in Gross Profit to €61.5 million which is down from €66.5 million for Q1 of 2021. The Adjusted EBITDA figure was -1.1. million which corresponded to an EBITDA margin of -1.2%.
The report had a breakdown of Net Gaming Revenue (NGR) for LeoVegas in Q1 of 2023 split up by region, the Nordics, the Rest of Europe, and the Rest of the World. The Nordics and the Rest of the World regions saw a decline in NGR of 3% and 28% respectively in a year-on-year comparison. However, the Rest of Europe markets enjoyed a 17% rise in NGR for first quarter year on year.
During first quarter, LeoVegas expanded its footprint in the European market by obtaining a license from German regulators (GGL) to operate in the region.
The trading report highlighted other activities at LeoVegas this year including the recent agreement to acquire a majority shareholding in Push Gaming, in a deal that will see LeoVegas bolster its portfolio of games and adds to the company’s strategy of continued growth.
Another expansion in European markets by the operator is the recent introduction of Expekt, the LeoVegas sports betting brand, into Denmark.
What Does This Mean for LeoVegas
While the Q1 2023 results show a slight decline in revenues for LeoVegas, it is important to consider the broader context and the company's ongoing initiatives for growth.
The future of LeoVegas will likely depend on its ability to adapt to market dynamics, capitalize on new opportunities, and leverage its expanding portfolio of games and licenses. As the company continues to evolve and navigate the changing landscape of the iGaming industry, it will be crucial for LeoVegas to implement strategic measures to drive revenue growth and maintain its competitive edge.