Denmark’s Gambling Authority Spillemyndigheden has renewed LeoVegas’ operating licence for a further five years, until 2026.
Having operated in the Danish market since 2016, the extension will see LeoVegas be able to continue operating its online casino and sportsbook brands for the regulated market, which reformed its online gambling laws in 2018.
Commenting on the renewal, Gustaf Hagman, group CEO of LeoVegas AB, said: “Our Danish launch was one of our most successful, and the fact that we are now one of the largest operators in this market is testament to that.
“I am thrilled that LeoVegas can continue to offer our customers in Denmark the greatest gaming experience, as a responsible and sustainable operator.”
Spillemyndigheden’s extension was deemed to be “vital” to LeoVegas’ strategy in targeting growth across Europe’s regulated marketplace, with the group currently holding licences in Sweden, the United Kingdom, Italy, Spain, Schleswig-Holstein in Germany, Ireland and Malta.
Over the course of 2021, Denmark’s licensed online gambling firms have agreed to abide by the standards of a new code of conduct on marketing, in a bid to reduce the sector’s proliferation.
Last month, LeoVegas said that re-regulation in Germany continued to negatively affect performance, despite securing “high, double-digit growth in key markets” in a considerable number of its operational markets.
The online gambling group added that developments in Sweden continued to be encouraging, with record-high revenue secured during Q2, with “rapid growth” in a North American market which now accounts for ten per cent of consolidated revenue also praised.
For the second quarter of the year, LeoVegas reported revenue of €96.8m, a 13 per cent year-on-year drop from €110.7m, with adjusted EBITDA down 54 per cent from €10.6m (2020: €23m).
