LeoVegas Announces Profits in First Quarter of 2017
Canadian players were quick to fall in love with the Nordic Nasdaq-listed enterprise LeoVegas Group, most specifically with their mobile-first online casino facility, which has achieved global fame in a short period of time.
Powered by some of world’s leading gaming platforms such as NetEnt and Mictogaming among others, LeoVegas is a fully licensed and regulated gaming venue which offers a safe and secure gambling environment.
Boasting an impressive selection of completely instant-play slots and other casino games, Nordic operator Leo Vegas has been making huge steps to prominence which has subsequently resulted in fine financial results which have recorded an increase in the first quarter of 2017 year-on-year.
Company’s revenue amounted to $48 million which is a whopping 49% up on the amount generated in the corresponding period last year. Leo Vegas has attributed its recent Denmark launch with one of the key driving aspects behind the increase which made it significant part with 3% of the overall revenue figure.
Earnings before interest, tax, depreciation and amortization in the first quarter of 2017 came at a $6.57 million which is a remarkable improvement compared to last year’s $1.42 million loss.
LeoVegas’ operating profit soared from a 1.75 million loss to $6.03 million on the positive side of the spectrum.
Mobile-first operator acknowledged that mobile deposits accounted to 67% of all deposits, a 6% increase to the first quarter in 2016.
Chief executive and co-founder of the company states that with stable results are just another step towards LeoVegas’ financial target set at $330 million in revenues by 2018.
“This has elevated interest in LeoVegas as an investment, and we hope our continuing work with this will generate even greater interest. We continue to actively evaluate acquisition opportunities, and with a cash position of more than €60 million, we have resources to carry out additional strategic acquisitions going forward.”, he said.