LeoVegas Makes First Foray Into Online Bingo

By Ben Hamill - October 05 2020
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LeoVegas Makes First Foray Into Online Bingo

Online casino gaming and entertainment giant LeoVegas has expanded into the booming world of online Bingo. The operator recently launched its very first online Bingo product and range of games.

According to a pre-launch press release to the media, LeoVegas says it believes that by adding online Bingo to its existing award-winning range of products – live dealer games, live casino games tables, sports betting offerings, online casino games such as slots, boardgames, instant scratch tickets, etc. – it will have expanded and complemented its existing range of iGaming products by quite a bit.

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Why Bingo?

LeoVegas in its announcement furthermore also cites research conducted and published by gaming research giant H2 Gaming Capital – which research considers the global Bingo market to be valued at approximately US$2.34 billion annually, of which, significantly worth noting, only about 23 per cent is generated online (as opposed to in person at physical Bingo halls and gaming hotspot locations).

The information provided by the outcome of research conducted by firms such as H1 Gaming Capital and others like it has led LeoVegas to conclude that there remains significant and largely untapped potential for growth in the online Bingo segment of the digital games and entertainment market.

And it is exactly this under-utilised potential the Swedish operator says it now plans on tapping into and bringing to the surface.

Tapping Into Untapped Potential

LeoVegas Group Chief Executive Officer Gustaf Hagman is clearly a firm and passionate believer in this untapped potential locked up into online Bingo in its many glorious shapes and dimensions. The LeoVegas customer base is today significantly larger and wider reaching than ever before, pointed out Hagman, not to mention even that it continues to grow stronger and ever larger and wider.

This growth and expansion have in turn created a whole lot of increased demand for quality and variety in online gaming, explained the group CEO. And LeoVegas intends to meet and hopefully satisfy that demand by launching its very own online Bingo range of games and interactive experiences. 

The operator is clearly eager to grow and succeed as a whole and has been working tirelessly toward this cause. LeoVegas in August this year reported a year-on-year increase in revenue as well as net profit for 2020 H1 – which improved performance was ultimately boosted by a Q2 record revenue performance.

LeoVegas for the six months ending June 30 reported having generated revenue equal to US$236.6 million – which revenue marks a stunning 10.8 per cent improvement over the same period of the previous year. Profit too, saw a significant improvement – up 132.4 per cent to US$20.19 million.

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