LeoVegas Q4 Revenue Increased 1% YoY

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LeoVegas Q4 Revenue Increased 1% YoY

The group, which won Online Casino of the Year at the recent Global Gaming Awards London 2023, reported adjusted EBITDA of €3.7 million, compared to €11.6 million in Q4 2021, corresponding to an EBITDA margin of 3.8%. Gross profit for the fourth quarter of 2022 was €65.8 million, corresponding to a gross margin of 66.2%.

In the Nordic countries, net gaming revenue (NGR) increased by 9% year-on-year, with LeoVegas noting that Sweden posted another good quarter driven by new records for the Expekt brand.

Rest of Europe NGR increased 4% year-on-year, with the UK and Spain posting healthy growth during the period, while Germany continued to negatively impact sales in the region.

And in the Rest of World region, NGR decreased by 15% year-on-year. LeoVegas noted that the “trend was favorable in most markets in the region, but growth was hampered in the short term by the company closing some smaller markets in the region earlier in the year.”

LeoVegas also addressed several highlights in the period, including entry into a four-year research project with the Karolinska Institute. LeoVegas will contribute to “one of the world’s preeminent medical universities” by providing data and funding, with the aim of improving methods of identifying and preventing problem gambling.

The group also noted an event after the end of the quarter explaining that, through LeoVentures, it sold its shares of a total of 25% in associate BeyondPlay. The total consideration for the sale was €1.9 million.