Estimated Time 12 min
July 14, 2020
Online gaming company LeoVegas announced a healthy boost to its operations during the first quarter of 2020 as the COVID-19 pandemic diverted consumers’ focus away from sports betting. The recent figures released by Stockholm-listed LeoVegas show that the company generated revenue of €89.4 m in the three months, a 4% improvement over the same period last year.
With this in focus, following the successful launch of the GoGo Casino brand in Sweden, a successive international rollout of the brand is underway, with Finland first in line. The launch is part of LeoVegas’ international rollout of the online casino brand, after introducing GoGo Casino to the Swedish market in March 2019. The operator says the brand, which was created to combine casino functions with user-friendliness, will soon be established in more markets. The ambition is to take market shares in the target group that values speed and simplicity, and the outcome thus far has exceeded expectations.
Words from the CEO of GoGo Casino
“GoGo Casino is the first new brand to be launched on our proprietary multi-brand platform, and it is exciting to see that our customers appreciate the product and experience. The fact that GoGoCasino has done so well in the regulated market in Sweden shows our ability to use our proprietary technology to create new, appreciated brands with economies of scale and synergies across the Group. Finland is the first new market for GoGo Casino outside Sweden, and I am looking forward to scaling up the brand internationally”, comments Gustaf Hagman, Group CEO.
Market shares situation during the pandemic
The CEO of LeoVegas said that it has “taken market shares from the land-based gambling industry” due to the pandemic-related shutdown of gaming venues. The company is also poaching shares from “competitors with a primary focus on sports betting,” as sports accounted for only 9% of LeoVegas revenue pre-pandemic. Nordic market revenue was up 10% year-on-year, claiming a 41% slice of the overall.
The launch of the GoGo Casino brand has helped LeoVegas grow its Swedish market share, and thus pushed the company to plan the launch of GoGo in Finland during the second quarter of 2020. He further said the current quarter is off to a solid start, as April’s revenue was up 23% year-on-year to €37.6m, for which the company credited its successful UK platform migration, “improvement in the payment flow in several markets” and a record-high customer base at the start of the month. Some of the other reasons which pushed the company to launch GoGo Casino in other places are as follows:
LeoVegas AB stated that GoGoCasino.com was ‘developed by a small team using existing resources’ and that its ensuing acceptance amongst players in Sweden has prompted the initiation of a larger ‘international rollout’ with Finland set to be first on the list.
Additionally responsible for iGaming domains including RoyalPanda.com, BetUK.com, 21.co.uk, SlotBoss.co.uk and Pixel.bet, LeoVegas AB followed up the debut of GoGoCasino.com by introducing its new LiveCasino.com domain under the same Brands of Leo umbrella in May. The firm’s Chief Executive Officer, Gustaf Hagman, used the press release to proclaim that this latest release was designed to target the fast-growing ‘live casino niche’ and has been welcomed by those who ‘appreciate the product and experience’ offered by its proprietary multi-brand platform.
A statement from Hagman
“The fact that at GoGoCasino.com has done so well in the regulated market of Sweden shows our ability to use our proprietary technology to create new and appreciated brands with economies of scale and synergies across the group. Finland is the first new market for GoGoCasino.com outside Sweden and I am looking forward to scaling up the brand internationally.”
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