LeoVegas has declared a record-breaking opening quarter, cushioning the blow of sustaining a £627,000 fine from the UK Gambling Commission for marketing and self-exclusion breaches.
Revenue increased by 76 per cent to €77.4m and organic growth was at 40 per cent, during a period in which the igaming firm acquired Germany-focused World of Sportsbetting, Rocket X) and streaming service CasinoGrounds.
Adjusted EBITDA totaled €9m, up from €6.2m, while the number of new depositing customers was 146,063, an increase of 95 per cent.
LeoVegas is aiming to hit €600m in revenue and EBITDA upwards of €100m by 2020.
“We are continuing our hard work and are accelerating into 2018 on the momentum we built up last year,” said CEO and co-founder Gustaf Hagman.
LeoVegas’ fine by the UK regulator follows on from a £1m penalty imposed on Sky Bet in March for similar failings.
Then UKGC stated that LeoVegas failed to return funds to 11,205 self-excluded gamblers, sent marketing material to 1,894 players who had previously self-excluded and allowed 413 such customers to gamble once again with the company without talking to them beforehand.
There were also 41 website ads that were found to have been misleading, between April 2017 and January 2018.
LeoVegas acknowledged the breaches and have already returned balances to players where possible.
