LeoVegas, whose operations are mainly based in Malta, posted a 4 per cent growth in revenue for the first quarter, saying preliminary revenue in April increased by 23 per cent.

The company said revenue in the first three months of this year amounted to €89.4 million.

Preliminary results indicate that revenue last month totalled €37.6 million. It said growth was positively affected in markets where LeoVegas carried out product improvements and where the land-based gambling industry is shut down. At the same time, a “dramatic” decrease in sporting events had a negative impact on growth in April.

Group CEO Gustaf Hagman acknowledged that the effects of the COVID-19 crisis are hard to assess, and that the conditions are changing constantly.

“The ongoing crisis has had a minor impact on online-based businesses. Gaming online is part of the entertainment industry, and when people can no longer go to cinemas, restaurants and similar, more of their leisure budget can be spent on other entertainment, such as gaming.

“For LeoVegas, cancelled and postponed sporting events have resulted in a sharp drop in revenue from sports betting, which accounted for 9 per cent of revenue before the crisis. At the same time, LeoVegas has likely taken market shares in casino mainly from the land-based industry as well as from competitors that are more sports book oriented.

“Our assessment is that the COVID-19 crisis thus far has had a neutral to slightly negative impact on the Group’s Swedish revenues. Moreover, the assessment is that international revenues have increased somewhat relating to market shares moving from land-based to online gaming. At the same time, we are cognizant of the risk for a global recession, during which people’s leisure budgets would likely decrease, in turn affecting the company, Mr Hagman said.