LeoVegas applies for gambling licence in Sweden
August 20 2018 - 6:05AM
On January 1, 2019, Sweden becomes a licensed
gaming market and LeoVegas has now submitted its application to
obtain a licence for casino and sports betting. This is in line
with LeoVegas' expansion strategy and is one of the steps towards
achieving the financial targets for the year 2020, which are to
reach at least EUR 600 m in revenue and EBITDA of at least EUR 100
m.
"While it has been known for some
time that Sweden is introducing a local licence system, it is very
exciting to formally submit an application and is something we have
been looking forward to for a long time. Sweden's becoming a
locally regulated market is a milestone for Sweden, the industry
and LeoVegas. Now, for the first time, everyone can compete on
equal terms in a regulated environment, where responsible gaming is
a very important part. We believe we have great opportunities to
continue gaining market shares in the Swedish market. LeoVegas is a
company that operates on several regulated markets and thus has the
right tools and knowledge to create sustainable and strong
growth," comments Gustaf Hagman, Group CEO.
Regulated markets and their
potential
During the second quarter LeoVegas' Net Gaming Revenue (NGR) from
regulated markets accounted for 39% of total NGR. Regulated markets
provide greater opportunities to localise the offering and be more
relevant. This is especially true for marketing, as more marketing
channels are opened up, but also for the customer experience, where
- for example - more payment methods become available.
Responsible gaming -
LeoSafePlay
A regulated market also has a greater number and more extensive
guidelines for responsible gaming, which LeoVegas views as
positive. Above all, the central register that will be implemented
will serve as a valuable resource for responsible gaming.
The forthcoming licence requirements in Sweden are
extensive with respect to responsible gaming. LeoVegas has always
had its focus on this area, and it is something LeoVegas welcomes.
The Company's responsible gaming platform, LeoSafePlay, is operated
as a standalone business unit in order to create the best
conditions for the next generation system of responsible gaming
based on machine learning and artificial intelligence
For
further information, please contact:
Gustaf Hagman, Group CEO and co-founder:
+46-(0)8-410 367 66, gustaf.hagman@leovegas.com
Philip Doftvik, Head of Investor Relations and Corporate Finance:
+46-(0)73-512 07 20, philip.doftvik@leovegas.com
About the LeoVegas mobile gaming
group
LeoVegas' passion is "Leading the way into the
mobile future". LeoVegas is Sweden's premier GameTech company
and is at the forefront of using state-of-the-art technology for
mobile gaming. In 2017 the company passed the threshold for being
classified as a unicorn, i.e., a start-up valued at more than USD 1
billion. A large part of this success can be credited to an extreme
product and technology focus coupled with effective and data-driven
marketing. Technology development is conducted in Sweden, while
operations are based in Malta. LeoVegas offers casino, live casino
and sports betting, and operates two global and scalable brands -
LeoVegas and Royal Panda - as well as a local, multibrand operator
collectively referred to as Rocket X. The company's shares are
listed on Nasdaq Stockholm. For more about LeoVegas, visit
www.leovegasgroup.com.
LeoVegas applies for gambling
licence in Sweden
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: LeoVegas AB via Globenewswire
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