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LeoVegas secures new gaming licence in Germany

| By Robert Fletcher
LeoVegas Group has been issued a new gaming licence by the German Federal States’ Joint Gambling Authority, Gemeinsamen Glücksspielbehörde (GGL).

The licence will enable LVSports Limited, an entity of LeoVegas Group, to offer its virtual slot games in all 16 German states.

LVSports and LeoVegas will also be able to conduct nationwide marketing across Germany to promote its offering to players in the country. 

“We are looking forward to launching LeoVegas in Germany under the new nationwide licence,” LeoVegas Group chief executive Gustaf Hagman said. “With our track record of regulated markets, we will ensure the greatest igaming experience with a high level of consumer protection.”

The licence comes after LeoVegas last month posted an operating loss for the final three months of 2022 as increased costs took a chunk out of flat revenue.

In a trading update for the three months to 31 December 2022, LeoVegas – which was acquired by MGM Resorts International late last year – said total revenue stood at €99.5m, which was up 1% year-on-year.

Despite the takeover, LeoVegas must still report its own quarterly report as it still has bonds on the Nasdaq Stockholm corporate bond list.

Also last month, LeoVegas sold its 25% share in online gambling venture BeyondPlay to Bettor Capital, an investment platform focused on the real-money igaming market, for €1.9m.

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