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LeoVegas Wants to Enter Swedish Market, Applies for Licence
- August 28, 2018 By Riley Wilson -
The Swedish mobile gaming company and provider of online casino and sports betting services LeoVegas has announced it has applied for a licence in its home market.
If the company gets the licence, it will be able to offer casino and sports service to customers in Sweden.
Part of a Larger Strategy
Commenting on its decision to make such a move, LeoVegas stated it was in line with the company’s expansion strategy and one of the steps towards achieving the financial targets for the year 2020. These targets are to reach a minimum revenue and EBITDA of €600 million and €100 million respectively.
Leo Vegas’ Chief Executive Officer Gustaf Hagman stated it was very exciting to formally submit an application and added the company such a move was something the company had been looking forward to for a long time.
He pointed out the importance of becoming a regulated market for Sweden, the industry and the Group itself.
Hagman added the company believed it had great opportunities to continue gaining market shares in the Swedish market. And since LeoVegas is a firm that operates in several regulated markets, it has the proper tools and know-how to create sustainable and strong growth.
The Advantages of Doing Business in a Regulated Market
According to the firm’s financial results for the year’s second quarter, revenue recorded in the regulated markets accounted for 39% of the total net gaming revenue. Regulated markets are a great way to localise the offer and to be more competitive, while at the same time opening more marketing channels.
In addition to this, a regulated market can offer an increased level of player protection and more responsible gaming guidelines. The latter is especially viewed as positive by LeoVegas.
The company pointed out responsible gaming had always been important for LeoVegas, and that it was something LeoVegas welcomed. The group added its responsible gaming platform – LeoSafePlay – was 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.