LeoVegas taking market share as sports betting rivals suffer

Online gambling operator LeoVegas reported a healthy boost to its operations during the first quarter of 2020 as the COVID-19 pandemic turned customers’ attentions away from sports betting.

Figures released Wednesday by the Stockholm-listed LeoVegas show the company generated revenue of €89.4m in the three months ending March 31, a 4% rise over the same period last year. Earnings jumped by one-quarter to €9m despite roughly €1.4m in unfavorable currency movements from “turbulence in our operating environment.”

The number of depositing customers was up 6% year-on-year to 413k during Q1 – 11% growth from Q4 2019 – as both new and returning depositing customers hit record highs. The company’s share of revenue from regulated markets rose three points year-on-year to 53%.

LeoVegas, the self-described ‘king of mobile casino,’ said it has “taken market shares from the land-based gambling industry” due to the pandemic-related shutdown of gaming venues. The company is also poaching share from “competitors with primary focus on sports betting,” as sports accounted for only 9% of LeoVegas revenue pre-pandemic.