LeoVegas shifts focus towards Latin America
Online gambling operator LeoVegas reported solid growth in the second quarter of 2019, despite the struggles regarding the company’s exit from Switzerland.
According to figures released on Wednesday the Stockholm-listed LeoVegas generated revenue of €94.4m in the three months ending June 30th, up by an 8% from the same period last year, making it a new quarterly record.
The company with a ‘King of Casino’ moniker prides itself on its product mix. Nearly three-quarters of its Q2 revenue came from RNG casino products, with another 17% from live casino.
At only 9% sports betting product remains a minor contributor.
Shift of Focus
Even though Switzerland’s regulated market contributed €2.2m to LeoVegas’ Q2 revenue, the operator has decided not to pursue a new online license. Instead, the company will make an effort to offset this loss through its recent launch in Spain’s regulated market, as well as through expansion into grey/black markets such as Brazil, Chile and Peru.
According to Hans Uhrus, Communications Director at LeoVegas, Latin America is a market with many opportunities and very high potential for the future. He also added that despite the company opting for a soft-launch approach, their products have been well received by both the players and the affiliate community in those three countries.
Addressing the gambling problem issues
Aside from focusing on expansion and growth into new markets, the company is also working on addressing the issues of problem gambling. LeoVegas Gaming group has joined forces with Gambling Therapy, a problem gambling treatment solutions provider to launch LeoLine. The new live chat service will offer immediate help for customers looking to address gambling issues.
The initiative will focus on early identification and interaction with customers, while educating and raising awareness among staff so that they can provide appropriate support and make timely interventions.
LeoVegas’ UK-based subsidiary Rocket X first developed the concept during last year’s Responsible Gambling Week, with the LeoLine being rolled out on a wider basis.