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Online Casino Operator LeoVegas is Optimistic about the Future

Companies / Gambling Oct 16, 2019 - 04:50 PM GMT

By: Submissions

Companies

One of Europe’s leading online casino operators, LeoVegas, reported a strong start to 2019 and looks set to consolidate its position as one of the globe’s top mobile gaming providers.

The Swedish company was founded in 2011 by managing director Robin Ramm-Ericson and CEO Gustaf Hagman. The pair recognised that smartphones were about to revolutionise every aspect of our lives, and that they would be at the leading edge of technology and innovation over the coming decade. They set out to corner the emerging mobile gaming market by creating the best possible experience for the smartphone platform.


Hagman and Ramm-Ericson’s vision paid off, and the LeoVegas Group is now the top mobile casino provider in Europe, with over 900 employees. LeoVegas introduced sports betting in time for Euro 2016 and soon after began expanding into other regulated European markets. This expansion included the acquisition of UK gaming companies Royal Panda (in October 2017) and rising newcomers Rocket X (in March 2018).

Live blackjack

LeoVegas currently offers over 600 different games and has two live dealer platforms, one powered by NetEnt and one powered by Evolution Gaming. Evolution Gaming’s live blackjack tables are among the most popular offerings from LeoVegas, and have received a glowing review over at PlayBlackJackLive.co.uk. The 34 blackjack tables cater for VIP high rollers at one end and those who want to make more modest wagers at the other. Accordingly, table limits can vary from 50p to £5,000, and Evolution Gaming sets a house edge of 0.61%, which is very favourable for the player.

Core markets

The UK remains a very important market for LeoVegas, as indeed it is for most online gaming providers. In 2017, the company increased its profile by announcing sponsorship deals with Brentford and Norwich City football clubs. Alongside the UK, LeoVegas sees its core market as being the Scandinavian nations of Sweden, Norway, Finland and Denmark. When Sweden became a regulated market at the start of this year, LeoVegas was one of the initial providers. The company was granted a licence last November.

Spain

In July, LeoVegas was granted an online gaming licence for Spain, covering both sports betting and online casino games. This brought the number of European markets that the company operates in up to seven, as it has existing licences for Sweden, the UK, Denmark, Italy, Ireland, Malta and Schleswig-Holstein. Its operations worldwide include Peru and Chile, and the Spanish-speaking market overall represents an important area for the company.

Spain’s online gaming market was valued at €1bn in 2019 and is growing by over 20% every year. Just 13% of all gaming in the country is currently carried out online, compared to 50% in Sweden. However, the country is going through a period of transition and that percentage is expected to increase rapidly.

Strong start

In Q1 2019, LeoVegas reported an increase in corporate revenue of 12% to €86m – a phenomenal growth from it was first traded on the Stockholm Stock Exchange in March 2016. The number of depositing players increased by 23% to 370,000, while the number of returning customers increased by 26% to 196,000. The company has been adjusting to tighter regulations in Sweden and the UK, two of its prime territories. Increased gaming duties have also hit the company’s operating margins. As a result, it has apparently introduced measures to streamline operations and improve efficiency, including renegotiating its arrangements with suppliers. However, the company’s size means that it should certainly be capable of weathering this period of readjustment.

Public perception

LeoVegas has been fined and criticised in the past for misleading advertisements suggesting that gambling was a reliable way to make large amounts of money, and also for poor handling of self-excluded customers. However, it has also regularly won industry awards. Most recently, these have included Casino Operator of the Year in the EGR Nordic Awards, Best Mobile Operator of the Year in the International Gaming Awards, and Online Casino of the Year in the Global Gaming Awards.

As a gaming provider for mobile platforms, LeoVegas is second to none. The company’s foresight in recognising the way that smartphones would become the platform of choice for online gaming over the past eight years has been rewarded with a generous market share. By working with the best software developers and offering an easy-to-use interface, LeoVegas has become one of Europe’s favourite online casino and sports betting forums. Alongside an ambitious approach to business acquisitions, this should ensure that LeoVegas remains one of the top mobile gaming providers for years to come.          

By Lee Ralph

© 2019 Copyright Lee Ralph - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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