LeoVegas has been one of the most ambitious gaming projects in the industry. According to company CEO Gustaf Hagman, compliance is instrumental in the operator’s future success
The Importance of Compliance
According to LeoVegas CEO Gustaf Hagman, the key to succeeding in the iGaming industry is compliance and sustainability, which he estimates to be challenged by themselves. Mr. Hagman noted that the company has managed to post better third-quarter results across important segments, such as revenue and customers who decide to make their first deposit with the platform.
Mr. Hagman commented on the reassuring results of his company, noting that revenue increased by as much as 41%, compared to the same period last year or around $90 million in the past quarter ending on September 30. EBITDA also registered a notable jump to $10.3 million in the same period.
Another reason to be content with the results was the net gaming revenue which also increased to 35.5% from 25.2% previously and even more notably, the number of customers who had opened an account and deposited went all the way up to 57% of the nearly 320,000 people on record.
Meanwhile, LeoVegas remained quite active by spearheading a push across the industry by acquiring entities, such as Royal Panda, the same time last year, and posting strong results with the other operators that it owned.
At the same time, the company had to report slight losses across other businesses, including Rocket X, but those weren’t disturbing at all. Mr. Hagman noted that his company had to operate in markets where compliance with strict laws had been a challenge, but where nonetheless LeoVegas managed to claw a good name for itself.
Planning Ahead in Light of Growing Regulation
Mr. Hagan is quite open about the intentions of LeoVegas. In an interview for a respected gaming outlet, he noted that the third quarter was an important one for the company as it prepared it to focus exclusively on meeting all regulatory and legal demands in fullest and create long-term investments that would allow it to grow.
This, Mr. Hagman noted, is not to say that LeoVegas’ priority wasn’t compliance before. However, the toughening regulation would require companies to address issues in an anticipatory manner.
Mr. Hagman noted that Sweden is also going to be a strong market and said that the country already accounted for 24% of LeoVegas’ revenue. A similar figure was posted for the United Kingdom, where revenue has been strong as well, with 25% posted in the last published report for the quarter.
New, strong, and promising markets for the company remain places such as Germany, Denmark, and Canada. Meanwhile, Italy has been coming under some pressure in anticipation of new anti-advertisement law that will ban all ads from the public eye, be that physical or online marketing.
Even then, Mr. Hagman noted that Italy still remains one of the markets that LeoVegas was interested in and that all of the aforementioned locations were more challenging to reach today than they had been in the past.
Nevertheless, LeoVegas is up to the task.