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.