Affiliate Industry
LeoVegas AB Q4: Quarterly report 1 October – 31 December 2019. LeoVegas reiterates its long-term financial targets, remove short term financial targets and raises the dividend
“We have entered 2020 with good underlying growth and profitability, and an ever-stronger balance sheet”
– Gustaf Hagman, Group CEO
FOURTH QUARTER 2019: 1 october–31 december 2019[1]
- Revenue increased by 3% to EUR 87.1 m (84.5).
- EBITDA was EUR 14.5 m (8.1), corresponding to an EBITDA margin of 16.7% (9.6%)
- Adjusted EBITDA was EUR 9.2 m (8.1), corresponding to a margin of 10.6% (9.6%).
- The number of depositing customers was 351,613 (327,156), an increase of 7%.
- The number of returning depositing customers was record-high 207,982 (181,747), an increase of 14%.
- Adjusted earnings per share were EUR 0.06 (0.06).
Events during the quarter
- LeoVegas investment company LeoVentures sold the subsidiary Authentic Gaming to Genting. The sales price was EUR 15.2 m on a debt-free basis and generated a capital gain of EUR 11.4 m.
- LeoVegas carried out strategic measures in the UK and has called off a move to new offices in Malta. These initiatives will lead to annual cost savings of approximately EUR 3.7 m. Restructuring costs of EUR 6.1 m are reported under items affecting comparability for the fourth quarter. At the same time, an impairment loss of EUR 10.2 m has been recognised for the Royal Panda investment.
Events after the end of the quarter
- Preliminary revenue of EUR 30,1 m in January (28.7), representing growth of 5%.
- In light of a more pronounced focus on profitability in an increasingly dynamic business environment LeoVegas has decided to remove the financial targets to reach sales of EUR 600 m and EBITDA of EUR 100 m by 2021. At the same time, the company has reaffirmed its long-term financial target to achieve organic growth that outperforms the online gaming market and an EBITDA margin of no less than 15%.
- LeoVegas’ Chairman, Mårten Forste, hired as new COO in Malta.
- The Board of Directors proposes a dividend of SEK 1.40 per share (1.20), an increase of 17%, to be paid out – as in the preceding year – on two occasions during the year.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
sustainability and long-term growth
During 2019 we worked hard to reduce complexity in the Group, be more efficient and adapt to the changes taking place in the gaming industry. In parallel with this we have enhanced the attraction of our product through new functionality and greater personalisation. We have launched new brands, focused more on Casino, and expanded to new markets. Towards the end of the year we intensified the integration of our previous acquisitions, which is expected to contribute to cost savings and increased economies of scale.
Our investments in sustainability have been particularly meaningful, where LeoVegas is one of the leading operators. For example, today we have some 70 employees who work exclusively with responsible gaming and compliance.
an industry in change
2019 was a year characterised by change in our industry, with external challenges coupled to higher demands for compliance, higher gambling taxes and undertainty surrounding future regulation. In the near term this is presenting challenges to navigate in an increasingly complex world, but it also presents long term competitive advantages for a company like LeoVegas, which has a scalable organisation, proprietary technology and focus on sustainable growth along with an increasingly broader revenue base spread across several markets and brands.
We have entered 2020 with a good starting point, with an increasingly efficient organisation and many ongoing initiatives surrounding product innovation and brand expansion. Owing to the increasingly dynamic business environment and a more pronounced focus on profitability, we have decided to remove our financial targets for 2021 while we reiterate our long-term financial targets of organic growth in excess of the market and an EBITDA margin of at least 15%.
At the same time, our underlying profitable growth and favourable financial position have created the foundation for the Board’s proposal to raise the dividend for 2019 by 17% to SEK 1.40 per share.
fourth quarter 2019
Revenue for the fourth quarter amounted to EUR 87.1 m (84.5), representing organic growth of 3%. Growth during the period remained good in most of our markets. Excluding the UK market, organic growth in local currencies was 11%. We are especially pleased with our performance in Sweden, where we continue to take market shares.
EBITDA for the fourth quarter adjusted for items affecting comparability during the period totalled EUR 9.2 m (8.1), corresponding to an EBITDA margin of 10.6% (9.6%). We thereby improved our underlying profit by 13% compared with a year ago despite a higher burden from gambling taxes and increased regulatory complexity, which confirms that our focus on efficiency and cost control is yielding the desired result.
A couple of weeks ago we communicated a number of strategic decisions coupled mainly to the UK and our ambitions to create a less complex and more scalable organisation. These initiatives gave rise to one-off restructuring costs that affected fourth quarter earnings by a total of EUR 6.1 m and are expected to lead to annual cost savings of approximately EUR 3.7 m. The savings consist mainly of platform and product costs, a more efficient organisation and more optimized premises.
During the fourth quarter we recognised a capital gain on the sale of Authentic Gaming, which was sold in October. The capital gain was EUR 11.4 m. EBIT for the fourth quarter was also affected by an impairment loss of EUR 10.2 m related to goodwill in Royal Panda.
markets
We had favourable performance in most of our markets during the full year 2019. Three of our major markets, Sweden, the UK and Germany, underwent major changes during the past year. In Germany, the removal of a key payment services provider affected our revenue during the fourth quarter. Development improved gradually during the quarter in pace with customers finding alternative payment methods. We are now growing again sequentially month-on-month in Germany. We are confidently waiting for clarity regarding what future regulation will look like in Germany. Based on the most recent information, the German federal states are now in agreement to regulate the market at the national level at the end of 2021.
As previously communicated, we are addressing the challenges in the UK by migrating all of our brands in the UK to our proprietary technical platform. In parallel with this we are refining our brand portfolio and closing Royal Panda in the UK. Altogether these measures are leading to a more focused and efficient operation and opening up economies of scale within the Group. Revenue for the remaining operations in the UK, consisting of 13 brands, grew 15% over the third quarter and showed good profitability. Royal Panda will now focus entirely on fast-growing markets outside the UK.
In the Swedish market we are stronger than ever. It is clear that we are benefiting from our strong brand, focus on responsible gaming and experience from regulated markets. In addition, GoGoCasino has exceeded our expectations and was successful in the strategy of filling an empty space in the Swedish casino market. December was record-strong and we ended the year with revenue as well as the number of customers at record high levels. During 2020 we expect to see the authorities taking a harder line against unlicensed actors, which will improve channelisation and consumer protection in the Swedish market.
Comments on first quarter 2020
Revenue for the month of January amounted to EUR 30.1 m (28.7), representing growth of 5%.
Royal Panda in the UK, which was closed in January, is not expected to generate any significant revenue during the first quarter. During the fourth quarter Royal Panda generated revenue of EUR 1.1 m in the UK.
With good momentum in many of our markets and a number of growth initiatives, we are looking forward to the remainder of 2020. We continue to work hard to deliver profitable growth at the same time as we are working to live up to our vision, to be “King of Casino”.
Presentation of the report – today at 09:00 CET
To participate in the conference call, and thereby be able to ask questions, please call one of the following numbers: SE: +46 (0) 8 50 69 21 80, UK: +44 (0) 20 71 92 80 00, US: +1 63 15 10 74 95, Confirmation code: 9682129 or join at the web https://edge.media-server.com/mmc/p/g9y6w2q8
Affiliate Industry
Alberta’s Next Step into a Regulated Commercial Gambling Market: What it Means for Operators and Affiliates
Alberta is set to become Canada’s second commercial online gambling market, following in the footsteps of Ontario, which went live in 2022. With a summer launch expected, Alberta will soon shift from a single-operator market (PlayAlberta) to a competitive market in North America.
The change comes in the form of Bill 48, otherwise known as the iGaming Alberta Act. The measure was introduced in March 2025 to the Legislative Assembly of Alberta by Minister of Service Alberta and Red Tape Reduction, Dale Nally. The bill later received royal assent in May.
As seen with the emergence of new markets in the US, Alberta will be no different for operators and affiliates, offering more than just new gaming opportunities, but also the progression of a digital marketing ecosystem.
Understanding the Regulatory Shift
Alberta represents a big shift from one operator to many. With an evolving market comes more opportunities for operators, but also concerns regarding addiction and the cannibalization of retail venues.
Alberta’s new framework introduces a system that protects players, especially in the offshore gambling market, and also outlines ways in which iCasinos and land-based casinos can operate in relative harmony.
Looking more closely at Bill 48, it’s clear that the measure takes on similarities to Ontario’s established market but tweaks and expands on it to focus more on Alberta and how operators can thrive in the province, separate from Ontario.
To start with, the measure would create a new regulatory framework under the watchful eye of the Alberta iGaming Corporation, while the province’s current regulator, the Alberta Gaming, Liquor and Cannabis Commission (AGLC), would continue issuing licenses to prospective operators.
The Alberta Government also released its Standards & Requirements for Internet Gaming in January, an 85-page document that laid out the new regulatory framework. As part of this framework, it detailed mandatory licensing fees for operators and an 80/20 revenue split, with operators keeping 80% of the revenue they generate.
Why Alberta Matters Strategically
Alberta represents an ever-evolving and expanding iGaming-regulated market in North America. Focusing on Canada, it also provides insurance for other provinces to follow suit and expand their own markets to include commercial operators.
Alberta is home to five million residents, and according to a report from Canadian law firm BLG, it has one of the highest per-capita gambling spend in the country. While that is sure to entice operators to join the newly regulated market, reports also suggest the market is poised to generate $400 million in annual revenue.
Another reason Alberta has legalized commercial iGaming is to combat offshore operators. According to Nally, the province’s offshore market was estimated to have taken up 70% of Alberta’s online gambling market.
Another report commissioned by Ontario gambling regulator, the Alcohol and Gaming Commission of Ontario (AGCO), revealed that prior to the province’s regulated market, the offshore market was also expected to account for 70% of all iGaming. A year after the regulation, AGCO found that 86% of respondents preferred using regulated sites.
The growth of iGaming in Ontario can serve as a model for how Alberta will progress over the coming years.
Marketing and Affiliate Opportunities
Media Troopers is set to play a crucial role in Alberta’s new regulatory framework, especially in player acquisition. With Media Troopers’ assistance, operators can trust they are in reliable hands.
As a leading digital marketing and customer acquisition group, its presence in Alberta’s market can provide operators with up-to-date tools to capture players, including localized marketing channels, access to affiliate partnerships, and acquisition strategies structured around Alberta’s regulatory environment.
Media Troopers is dedicated to providing operators with the resources to grow in new regulated markets, with affiliates positioned as the key to building brand recognition in those markets.
Alberta’s Regulatory Standards
As Alberta shifts from a closed to an open market, it brings new regulations. Operators need to adhere to the province’s licensing, auditing, and advertising standards.
The Alberta government has also reiterated its commitment to responsible gaming, introducing a range of measures to protect players.
As part of these protections, the government partnered with Responsible Gambling Canada, and, through them, operators must achieve and maintain the organization’s RG Check accreditation to ensure platforms are up to date with responsible gambling measures, including gambling help and responsible messaging, among other things.
Those operators who take the new regulations in stride are sure to have the most success in the region.
Alberta’s Position as a Catalyst for iGaming in Canada
Alberta’s transition into a regulated commercial market is sure to be the cornerstone of iGaming in Canada. Following Ontario’s lead and curating its own gaming ecosystem, only time will tell whether other provinces follow suit.
That said, securing Alberta early should be important to operators, as it is already showing signs of becoming a major market in North America.
By: Shmulik Segal Founder and CEO of Media Troopers
The post Alberta’s Next Step into a Regulated Commercial Gambling Market: What it Means for Operators and Affiliates appeared first on Americas iGaming & Sports Betting News.
Affiliate Industry
Catena Media Launches MRKTPLAYS+ to Expand Strategic Partnerships in North American iGaming
Catena Media announced a strategic evolution of its successful MRKTPLAYS subaffiliation platform, designed to meet market demand and deepen long-term partnerships across the regulated North American online casino and sports betting markets.
The launch of MRKTPLAYS+ enhances Catena Media’s existing subaffiliation model, introduced in 2025, by adding a modular partnership framework built to accelerate partner growth for publishers and adjacent digital businesses that have demonstrated product-market fit.
Alongside standard campaign access, MRKTPLAYS+ will offer tailored marketing and operational support including content and marketing advisory services, as well as working capital solutions and minority equity participation – all in accordance with partner needs and maturity.
The expanded offering will help high-potential partners scale more efficiently while strengthening long-term collaboration within Catena Media’s partnership network.
Pierre Cadena, Catena Media Chief Operating Officer, said: “MRKTPLAYS+ is a natural evolution of our subaffiliation model. It enables us to work more closely with selected partners by combining access to campaigns with operational support and, where appropriate, strategic capital. This approach is designed to support sustainable partner growth while reinforcing the quality, resilience and diversification of our revenue streams.”
The MRKTPLAYS+ launch aligns with Catena Media’s broader strategy of diversifying revenue streams, deepening strategic partnerships and building scalable platforms that support long-term value creation. The platform will be open to partners globally, with a core focus on North America.
The post Catena Media Launches MRKTPLAYS+ to Expand Strategic Partnerships in North American iGaming appeared first on Americas iGaming & Sports Betting News.
Affiliate Industry
Beyond Bonuses: Shaun Decesare’s Mission to Redefine Affiliate Integrity in iGaming
Reading Time: 5 minutes
Vision & Motivation
You mentioned this was a “pipedream 10 years in the making.” What finally gave you the push to take the leap into owning and rebuilding an affiliate site?
It was always a dream of mine to have my own business and ‘be my own boss’ so to speak. I’ve taken an interest in the iGaming sector from a very young age and I knew this was instantly a passion of mine. What gave me the impetus to take the leap was twofold. The first being that I had been delaying this for too long, I decided that this is it, I will take the leap of fate and live and die by my decisions. The Second being I wanted to get out of the monotonous 9-5 routine. Having a young family, I want to prioritise spending as much time with them as possible. Doing this has allowed me to do that.
What does success look like for you with CasinoBonus360—not just in terms of traffic or revenue, but in how the brand is perceived by users?
Taking the site back to its glory days of the late 2010s, having witnessed first hand the success of this whilst at my former role within Catena Media, I know its potential is through the roof. I want CB360 to be a trusted, well reviewed site that users can check out all brands with confidence that this is not just a money grab. The users are being put first.
Why is trust such a central pillar in your vision for the site? What do you think has eroded trust in this space, and how do you plan to rebuild it?
Trust is at an all time low in this industry, scams are everywhere you look. As a consumer, this is evident in all forms of the gambling industry. I want to right the wrongs of others and attempt to restore the faith back to what it once was. We plan to rebuild it through various means, such as delivering a top quality service to all our new and existing users. One that is meaningful and long lasting. This will triumph over any quick financial gain.
Editorial Direction & Content Strategy
Editorial Direction & Content StrategyYou’ve emphasized tougher editorial standards and evergreen content. What does your editorial process look like now compared to the previous version of the site?
We are not comparing ourselves to anyone else because we do not know how other teams operated. The shift has to happen inside the own workflow. In the past, things were faster, more intuitive and less documented. Today the process is far more deliberate with clear research steps, structured fact checking, internal reviews, consistent criteria and a final quality pass. It is a more mature and more disciplined version of how we used to work, still personal but with higher standards and better control.
How are you ensuring your reviews and guides are genuinely useful to users rather than just SEO-driven?
We start with real user questions and not with keyword lists. Every claim needs a source or a test reference. If a keyword does not fit naturally, we leave it out. The content must read smoothly and help the reader get clarity and make a decision. Useful content performs better in the long run than keyword tactics.
Can you walk us through how your team scores or tests casinos? What makes your approach different from competitors’?
We play for real. We register, verify, deposit, withdraw and talk to support. We score what happens, not what is promised. No gut ratings and no hidden deals. Every score follows the same criteria and the same pressure test. If a casino fails on trust or transparency, it gets called out.
What are some examples of content you’ve either removed or completely rewritten during the rebuild—and why?
Anything that wasted space or repeated nonsense is gone. Old fluff bonus pages, outdated lists, weak guides and duplicated topics were cut. Only the content that delivers real answers survived. Everything else was removed because it did not deserve attention.
SEO & Technical Evolution
You’ve worked with an SEO/site manager to shift toward a more data-driven SEO approach. What’s been the biggest mindset shift in how you approach SEO now?
We stopped chasing keywords and started aiming for accuracy. SEO is now a data tool, not a shortcut. We choose topics where we can deliver real value and real testing. No more trying to win fast. The goal is long term authority, not temporary spikes.
You’ve spoken about moving away from “keyword stuffing.” How do you balance SEO goals with writing content that feels natural and user-focused?
We write like humans and fix anything that sounds robotic. SEO helps with structure, but it never dictates the voice. If the text feels fake or over optimized, it gets rewritten. Users come first. Algorithms follow later.
What are the key technical improvements you’ve made (or plan to make) to the site’s infrastructure to support long-term stability and performance?
We stripped the site down and rebuilt it in a way that does not break every time the internet sneezes. The code is cleaner, the plugins are trimmed down, caching is actually doing its job and every asset is optimized instead of thrown in raw. The structure is modular so we can grow without creating a monster we cannot maintain.
We also stopped pretending that Google is the only gatekeeper. Search is shifting toward AI driven answers, so the site needs to be fast, clear and machine readable. That means better schema, tighter linking, cleaner layouts, consistent data structures and content that is easy for AI systems to interpret. The goal is not just ranking but becoming the source that AI tools pick because the information is solid and well structured.
Industry Insights & User Perspective
With your background in the gaming industry, what are the biggest misconceptions affiliate sites have about what players want?
Number 1 is surely welcome bonuses, these are a thing of the past. The average consumer is now smart enough to know that welcome bonuses are traps. They actually have the opposite intended effect of what they were originally designed to do. In fact, we are targeting brands that have as low of a wagering requirement as possible. We do not enlist brands that have over 20x wagering requirements. This is completely unrealistic to anyone to ever obtain any chance of a withdrawal. Gambling should be fun, it should not increase the anxiety of the user.
What red flags do you think users should be aware of when reading affiliate content on other sites?
Always check out the authors on site and see if they are real people, most sites put down fake characters for one reason or another which just erodes the authenticity of the brand. This is by far away my number 1 red flag.
How are you collecting feedback from users, and how does that inform your content and design decisions?
We are conducting surveys with our users on a monthly basis and asking for what they like and what they don’t like. This will allow us to adjust our articles and content accordingly. We firmly believe in consumer first at CB360 and this is the motto will stand by for the lifespan of our site.
Looking Forward
What challenges are you expecting in the next 6–12 months, and how are you planning to tackle them?
The number one challenge is to increase the traffic on site. Whilst we have overhauled all the outdated content with brand new, relevant, beautiful pieces of work, we are still struggling to see a big increase in traffic. This may be due to google updates that have hampered SEO of late. We are looking at all avenues into new avenues to increase traffic.
Do you see CasinoBonus360 expanding into new verticals, formats, or markets in the future?
For now, we shall take things one step at a time, we have a 12 month plan which we are executing, and should it come to fruition, we will examine our options further down the line.
If you could give one piece of advice to someone considering launching or rebuilding an affiliate site today, what would it be?
Get ready for a lot of work, it is easier said than done, but the rewards will be worth it.
The post Beyond Bonuses: Shaun Decesare’s Mission to Redefine Affiliate Integrity in iGaming appeared first on European Gaming Industry News.
-
Affiliate Industry7 days agoAlberta’s Next Step into a Regulated Commercial Gambling Market: What it Means for Operators and Affiliates
-
Africa7 days ago
Playson goes live with Betika in Kenya and Uganda
-
Central Europe7 days ago
ZEAL launches Dream Car Raffle charity lottery in Germany
-
Akshat Rathee6 days ago
Manish Agarwal Joins NODWIN Gaming Board as Non-Executive Director
-
AGCO6 days ago
Platipus Gaming secures Ontario supplier licence
-
Bally’s Intralot6 days ago
Bally’s Intralot Signs New Contract with British Columbia Lottery Corporation
-
Caesars Digital5 days ago
RubyPlay partners with Caesars Entertainment in Ontario to advance North American expansion
-
Africa5 days ago
TaDa Gaming joins inaugural iGaming AFRIKA Summit in Nairobi
