LeoVegas comments on information regarding the potential for changing circumstances in the Norwegian market
In LeoVegas financial targets of at least EUR 600 million in revenue in 2020 and at least EUR 100 million in EBITDA in 2020, that were presented on April 19th, it has been taken into account that market conditions can change. The announcement yesterday about the proposal in the Norwegian Parliament is an example of changing conditions that LeoVegas' strategic planning has made room for.
LeoVegas strives to be a transparent company and therefore chooses to disclose the size of the Norwegian market in order to increase understanding of the potential impact. In March 2018, the Norwegian market accounted for 4.6% of LeoVegas total revenues. Regardless of the outcome the development in Norway, it does not affect LeoVegas financial targets.
"There are still no details about the proposal, but in all industries, one can expect that the conditions can change. Some markets are closed and others are opened and regulated. Norway currently has no local licensing system, and instead of prohibition, I hope Norway will move towards a local regulation similar to the one we see in Sweden. "says Gustaf Hagman, CEO LeoVegas Mobile Gaming Group.
LeoVegas has for a long time been very clear in welcoming regulation and the Group's strategy is to expand in regulated markets and markets that are soon to be regulated.
About the LeoVegas mobile gaming group
LeoVegas' passion is "Leading the way into the mobile future". LeoVegas is Sweden's premier GameTech company and is at the forefront of using state-of-the-art technology for mobile gaming. In 2017 the company passed the threshold for being classified as a unicorn, i.e., a start-up valued at more than USD 1 billion. A large part of this success can be credited to an extreme product and technology focus coupled with effective and data-driven marketing. Technology development is conducted in Sweden, while operations are based in Malta. LeoVegas offers casino, live casino and sport gaming, and operates two global and scalable brands - LeoVegas and Royal Panda - as well as a local, multibrand operator collectively referred to as Rocket X. The company's shares are listed on Nasdaq Stockholm. For more about LeoVegas, visit www.leovegasgroup.com.
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Source: LeoVegas AB via Globenewswire