Sports betting dip offset by online casinos – LeoVegas
May 6, 2020
by Susan Butterworth
LeoVegas is expecting the effects of Covid-19 to be neutral to slightly negative with demand for online casino helping offset a drop in sports betting revenue.
It reported that revenue for Q1, 2020, rose four per cent to €89.4m, while preliminary revenue for April was up 23 per cent to €37.6m
Speaking about the likely effects of Covid-19 on the business, Gustaf Hagman, group CEO, said: “The ongoing crisis has had a minor impact on online-based businesses.
“Gaming online is part of the entertainment industry and when people can no longer go to cinemas, restaurants and similar, more of their leisure budget can be spent on other entertainment, such as gaming.
“For LeoVegas, cancelled and postponed sporting events have resulted in a sharp drop in revenue from sports betting, which accounted for nine per cent of revenue before the crisis.
“At the same time, LeoVegas has likely taken market share in casino mainly from the land-based industry as well as from competitors that are more sportsbook oriented. Our assessment is that the Covid-19 crisis thus far has had a neutral to slightly negative impact on the group’s Swedish revenues.
“Moreover, the assessment is that international revenues have increased somewhat relating to market share moving from land-based to online gaming. At the same time, we are cognisant of the risk for a global recession, during which people’s leisure budgets would likely decrease, in turn affecting the company.”
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