LeoVegas Gaming Group has released its Q3 financial report for 2021. The company has announced that its revenue for the three-month period was €99.4m, which was up just over €10 million from the same period in 2020. The company’s strongest results came from Nordic countries, with particularly impressive takings coming from Sweden.
The biggest performing sector in Q3 for LeoVegas Group was classic casino games, which contributed 76% of all revenue. Sportsbook revenue for the year contributed 10% of the overall revenue, and live casino made up 14%.
The company saw the highest number of new customer sign-ups since Q2 2020. This saw a 5.2% increase from the same period last year. There was also an 8.4% increase in returning depositing customers from last year.
The Nordic countries have always been a key market for LeoVegas Gaming Group, and the figures released in this quarter show why. The revenue generated from the region accounted for 44% of the overall Q3 revenue. There was a 39% increase in net gaming revenue in the region from 2020.
Sweden was the headline grabber though. The country had record revenue and customer sign-ups. One of the reasons for this is the acquisition of the sports betting brand Expekt. The brand has performed exceptionally strong in Sweden since its launch.
This strong performance was noted by the company’s chief executive Gustaf Hagman. They said that Sweden was the big star of these earnings, adding that it was great that the company could perform so well in a strictly regulated market.
There was some less promising news out of Germany though. While the company saw a 19% revenue increase from the previous year in the rest of Europe, this could have been higher had it not been for legal changes in Germany.
The introduction of spin limits and new regulations meant that the company’s revenue was not as high as it could have been. Removing Germany from the equation would have seen the overall revenue from Europe up 31% year on year.
Revenue from the rest of the world contributed to 22% of all revenue in Q3. The company saw strong results here, with a 42% increase from the same period in 2020. One reason for this is the company’s ongoing success in Canada.
Hagman commented further on these numbers. They said that they showed the company’s plan to upscale in key markets and the buying of the Expekt brand has been a big success. They added that the LeoVegas Gaming Group is more diverse than ever. They mentioned that this has helped to offset losses in Germany.
As for outgoings, the company saw an increase in both cost of sales and gaming duties expenses. Marketing costs also increased significantly. Personnel costs remained the same year on year.
The company will now look ahead to its fourth quarter. The situation in Germany is likely to continue to impact takings, while the company’s withdrawal from the Dutch gambling market could also see some decline. The Netherlands accounted for 6% of all the revenue gained, which is a significant amount.