Stockholm-listed operator LeoVegas expects to launch its services in Spain’s regulated iGaming market during the first quarter of 2019.

The operator has submitted a license application to offer online casino and sports betting to Spanish players, with the launch part of its first step to target expansion into other Spanish-speaking territories.

"We are now taking the next step on our global expansion journey and apply for our first license in a Spanish-speaking country, Spain,” said group CEO Gustaf Hagman. “Spain is one of the fastest growing markets in Europe.

“Through our technology and experience, we can effectively adapt our business to regulated markets regardless of language and regulations. Spanish is spoken by more than 470 million people. Naturally, we see the establishment in the Spanish market as a first step to get into several Spanish-speaking countries.”

After recently receiving approval to launch in Sweden’s re-regulated market from next month, LeoVegas said that expansion into new markets was one of the steps for achieving its financial targets for 2020 of at least €600m in revenue and €100m in EBITDA.

LeoVegas currently holds gaming licences in Malta, the UK, Denmark, Italy, Sweden, and Ireland.

Shares in LeoVegas AB (STO:LEO) were trading down 3.01 per cent at SEK37.44 per share in Stockholm Friday morning.

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