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LeoVegas Records Revenue Dip in First Quarter of 2023

Posted on June 6, 2023 | 6:00 am

LeoVegas, the powerful gaming group that operates several successful international online casinos, has announced its financial results for the first quarter of 2023 and the numbers show a slight revenue dip.

The company reported a revenue decrease of 3.5 percent during the first quarter of 2023, for a total amount of 95 million euros. During this quarter LeoVegas was very active, securing a new gaming license in Germany along with selling its 25 percent stake in Beyond Play, an online gambling company, for just under 2 million euros.

Moreover, after the end of the first quarter LeoVegas managed to wrap up two major deals: agreeing the acquisition of Push Gaming and the completion of MGM’s bid to take over the company.

The company announced that gross gaming revenue dropped by 3 percent year-on-year in the Nordic Countries, while in the rest of Europe it went down by 17 percent. The company’s operations in the rest of the world also registered a decrease in gross gaming revenue, it fell by 28 percent.

LeoVegas did manage to cut some of its costs as well during this period, cost of sales during the first quarter decreased by 6.1 percent year-on-year to 14.6 million euros. Gaming duties cost the company 18.8 million euros, leaving a total gross profit of 61.5 million euros in the first quarter, 7.5 percent less than the similar period of last year.

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Big Expenses

The company also announced that its highest expense during the first quarter of 2023 came from marketing, which consumed a total of 33.7 million euros. The business also had personnel costs of 19.1 million euros, while other expenses related to marketing amounted to 17 million euros.

LeoVegas also spent 5.3 million euros on capitalized development costs, so overall its earnings before interest, tax, depreciation and amortization (EBITDA) amounted to just 3 million euros.

Moreover, various other costs affected the company’s bottom line even further, resulting in a loss of 9.3 million euros. Nevertheless, the first quarter of 2023 brought LeoVegas a total net profit of 8.5 million euros, a figure which represents an increase of 18.5 percent compared to the first quarter of 2022.

Source“LeoVegas revenue dips in Q1 2023“,, May 26, 2023.

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