LeoVegas, a mobile-focused online betting firm, has confirmed that its application for a license that will see it offer sports betting and casino in its native country of Sweden. The move is part of its expansion efforts in the industry and responsible betting.
Beginning January 1, 2019, Sweden will become a licensed betting market. In line with that goal, the country started an application process ahead of the record restructuring of its gambling laws.
LeoVegas is seeing the Swedish market as an important element in its efforts to achieve 2020 financial targets. Its goal is to realize a revenue of at least €600 million and EBITDA of €100 million and above.
Considering the mounting pressure on betting firms to adopt responsible betting, LeoVegas has adopted the issue and turned it to an advantage. It is now differentiating itself through the commitment to responsible betting. The efforts have been profitable as they have positively impacted revenues – in the second quarter of the of the year, the company’s Net Gaming
Revenue (NGR) from the regulated markets accounted for 39% of its total NGR.
Responsible betting is a great opportunity to localize a firm’s offering and become more relevant to the region. Through it, more marketing channels are created while the customer experiences are improved.LeoVegas is positive about the extensive guidelines required for responsible gambling that Sweden regulating market will offer. Commenting on the firm’s application, Gustaf Hagman, the group’s chief executive officer said, “LeoVegas has always had a focus on this area and it is something that it welcomes.”
In the Swedish market, LeoVegas will be fronting LeoSafePlay, its responsible gaming platform. It is operated as a stand-alone business to ensure that it has an undivided focus on growth and implementation of market trends in the responsible gambling field. It seeks to use upcoming technologies such as artificial intelligence and machine learning to offer the best experiences for the next generation of gamblers.
The firm is hopeful that the application will be successful. That way, it will have an opportunity of advancing its culture, offering the best gaming experience for people betting in its home country, and ultimately increasing NGR from regulated markets. In the long run, the firm will generate more of its NGR from the regulated markets which are viewed as prohibitive by a majority of other industry players.
Hugman revealed that LeoVegas has been eyeing the Swedish market. He said, “While it has been known for some time that Sweden is introducing a local license system, it is very exciting to formally submit an application and that is something we have been looking forward to for a long time.”
“Sweden becoming a locally regulated market is a milestone for the country, the industry, and LeoVegas.” He stated.
“Now for the first time, everyone can compete on equal terms in a regulated environment, where responsible gaming is a very important part,” he continued indicating the importance that the Swedish betting market will have.
He expressed optimism by saying, “We believe we have great opportunities gaining market shares in the Swedish market. LeoVegas is a company that operates in several regulated markets and thus has the right tools and knowledge to create sustainable and strong growth.”