LeoVegas reported a reduction of 3.5% in its revenue during 2023’s Q1 (between January and April) for a total of €95m ($168.6m).
According to iGaming news website iGB, LeoVegas reported a €14.6m ($26m) cost of sales for Q1, which means a 6.1% decrease when compared to 2022’s Q1.
LeoVegas’ total gross profit went down by 7.5% at €61.5m (109.2m).
Meanwhile, the company’s biggest expense was €33.7m ($56m) in marketing, while personnel cost LeoVegas €19.1m ($33.9m).
Other marketing-related expenses came to a total of €17m ($30.1m).
LeoVegas also saw an additional €5.3m ($9.4m) in capitalised costs linked to development, and another €3m ($5.3m) in other income and expenses.
LeoVegas’ EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) came to a total of €3m ($5.3m).
While depreciation and amortisation cost LeoVegas €4m ($7.1m), the company’s operating loss shot up to €8.2m ($14.5m).
Amortisation and depreciation are two ways of how the value for business assets over time is calculated.
After a €784,000 ($1.4m) income tax, LeoVegas’ Q1 saw an €8.5m ($15.1m) net profit – an 18.5% increase over the same period in 2022.
LeoVegas’ 2023 Q1 deals
Over the first four months of 2023, LeoVegas has made a number of deals.
Last February, LeoVegas sold Bettor Capital its 25% BeyondPlay stake for €1.9m ($3.3m).
BeyondPlay, a social gaming start-up, makes use of streaming to create multiplayer gaming sessions from solo play.
In the same month, LeoVegas penned an agreement with Italian football club Internazionale Milano, to increase awareness of their brand with worldwide fans of football.
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