LeoVegas plots Spanish launch in Q1 2019
Group CEO Gustaf Hagman hails first licence application in a Spanish-speaking country
LeoVegas has applied for a Spanish licence to offer its casino and sportsbook products in the market, and expects to launch in Q1 2019.
The move will expand the operator’s European footprint beyond its current markets of the UK, Ireland, Denmark, Italy and soon-to-be Sweden.
Group CEO Gustaf Hagman said the operator was able to adapt its technology and business model to suit any regulated market regardless of language or local regulation.
“We are now taking the next step on our global expansion journey and applying for our first license in a Spanish-speaking country. Spain is one of the fastest growing markets in Europe,” Hagman said.
“We expect to launch in Spain in the first quarter of 2019.”
According to figures published by the Spanish regulator (DGOJ), the Spanish market grew 29.86% year-on-year in Q3 2018.
Casino revenues rose 39% while sportsbook was up 27%. In July, the Spanish parliament agreed to cut its 25% tax rate to 20%.
LeoVegas has been aggressively pushing its UK presence via its Rocket X brands but UK revenues took a hit in Q3, with organic revenues dropping 32% after increased regulatory pressure on the business.