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LeoVegas AB Q2: Quarterly report 1 April – 30 June 2020

“The strong EBITDA growth clearly illustrates the scalability of our business model”
– Gustaf Hagman, Group CEO
second quarter 2020: 1 april–30 june
- Revenue increased by 17% to EUR 110.7 m (94.4). Organic growth in local currencies was 19%.
- EBITDA was EUR 23.0 million (15.1), corresponding to an EBITDA margin of 20.8% (16.0%) and a growth of 53 %.
- The number of depositing customers was 434,453 (350,298), an increase of 24%.
- Earnings per share were EUR 0.14 (0.08) before and after dilution, while adjusted earnings per share were EUR 0.19 (0.11).
Events during the quarter
- LeoVegas completed the migration of 12 brands in the UK to the Group’s proprietary technical platform.
- The LiveCasino.com brand was launched in a number of English-speaking countries.
- At LeoVegas’ Annual General Meeting on 8 May, Anna Frick and Fredrik Rüdén were re-elected as board members. Hélène Westholm, Mathias Hallberg, Carl Larsson, Per Norman and Torsten Söderberg were elected as new board members. Per Norman was elected as Chairman of the Board.
- The effects related to COVID-19 are judged overall to have had a positive impact on NGR during April and May, however, the effect on revenues in Sweden was negative during the quarter.
Events after the end of the quarter
- Preliminary revenue in July amounted to EUR 30.7 m (29.3), representing growth of 5%. The temporary restrictions introduced in Sweden starting on 2 July have had a negative impact on revenue.
- The number of depositing customers increased by 34% in July compared with the same period a year ago, to a new record level for a single month.
- GoGoCasino was launched in Finland. An international rollout of the brand is now continuing.
- LeoVegas has increased its ownership in the e-sports betting operator Pixel.bet to 85%, from 51% previously.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
SECOND QUARTER 2020
LeoVegas has delivered continued solid growth and profitability during a period of exceptional circumstances in the world around us. Supported by the record-large customer base that we entered the quarter with, together with our ability to quickly adapt to new conditions, the positive trend from the first quarter is continuing.
Revenue during the second quarter amounted to EUR 110.7 m (94.4), representing organic growth of 19%. Net Gaming Revenue (NGR) for casino grew 24% during the period, while for sports betting it decreased by 53% compared with the same period a year ago.
EBITDA amounted to EUR 23.0 m (15.1), corresponding to a margin of 20.8% (16.0%). We thus grew EBITDA by 53%, which shows the scalability in our business model from higher revenue. The sharply improved operating profit has been achieved despite a continued high pace of expansion and increased investments in technology and products.
covid-19
I am very satisfied with how we at LeoVegas are handling the COVID-19 situation so that we can conduct our business without noticeable disruptions, despite challenges such as not being able to meet in our daily work. Our industry, like many other sectors, is experiencing a structural shift from offline to online. Owing to LeoVegas’ online position, appreciated brands and proprietary technical platform, we stand strong in an increasingly digital world.
Markets
We had favourable development in most of our markets during the second quarter. Growth has been driven primarily by a record-large depositing customer base, which grew 24% compared with a year ago. The Rest of Europe region experienced exceptionally high growth, with Italy posting record-strong performance. The effects related to COVID-19 are judged overall to have had a positive impact on NGR during April and May, mainly in the markets that were entirely shut down during the period. In these markets, LeoVegas has taken market shares from the land-based gambling industry. However, the effect on revenue related to COVID-19 is judged to have been negative in Sweden during the quarter.
responsible gaming
During the quarter, several countries implemented measures to reduce the risk for problem gaming in connection with COVID-19. Spain, for example, introduced a temporary ban on gambling advertising. On top of these restrictions, LeoVegas has chosen to implement its own proactive measures to strengthen player protection. Most of the temporary restrictions throughout Europe ended in June, and Spain and the UK, among other countries, have reverted to normal regulations once their respective societies opened up again.
It is therefore remarkable that Sweden, despite massive criticism from most areas, has moved in the opposite direction and introduced new, temporary restrictions, effective 2 July, focused particularly on online casino. There is a large risk that these restrictions, implemented entirely without supporting factual data, are undermining the Swedish regulation system and driving players to companies without Swedish licences, where player protection is non-existent. These restrictions therefore risk being counter-productive and instead contribute to an increase in problem gaming in Sweden.
The independent research consultancy Copenhagen Economics has noted that one consequence of the new restrictions is that the unregulated market for online casino may increase to as much as 50%, which is far from the authorities’ stated goal to limit the unregulated market to 10% at most.
We advocate for balanced and clear regulations for achieving long-term sustainable licensing systems. LeoVegas wants to contribute to this through a broader dialogue and collaboration with the authorities in the countries we are active in.
MULTIBRAND STRATEGY
During the quarter we launched the new LiveCasino.com brand in a number of English-speaking countries. We see great potential for the brand. The start has been promising, and additional markets are to be expected.
Following the successful launch of GoGoCasino in Sweden last year, an international rollout of the brand is now under way. Finland was the second market to launch, at the start of July.
The successful launches of new brands are in line with the company’s multibrand strategy and show our ability to create new revenue streams while at the same time drawing benefit from the Group’s economies of scale.
comments on third quarter
Revenue for the month of July amounted to EUR 30.7 m (29.3), representing a growth rate of 5%.
Our assessment is that the gaming market has returned to a more normal environment in July, with a natural player shift from casino back to sports betting now that the major sports leagues have restarted. At the same time, the temporary restrictions introduced in Sweden starting on 2 July are having a negative impact on revenue.
The positive trend in our customer base is continuing into the third quarter, and the number of depositing customers increased by 34% in July compared with the same period a year ago, to a new record level for a single month. We will maintain a continued high rate of investment during the third quarter, partly linked to the launch of new brands and market establishments. Our current assessment is therefore that marketing costs will be in line with – or slightly higher than – the level during the second quarter.
We continue to focus on delivering sustainable and profitable growth for our shareholders and on offering an entertaining and safe gaming experience for our customers around the world. LeoVegas’ long-term vision is 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: 222 77 69 or join at the web https://edge.media-server.com/mmc/p/5fggroyh
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From Cost Center to Growth Driver: Rethinking Geolocation in a Regulated World

In a fragmented and fast-evolving regulatory landscape, geolocation has become a critical pillar of compliance, fraud prevention, and operational strategy. But as new formats like sweepstakes, prediction markets, and DFS+ gain traction, and new global markets opening up, operators face increasing pressure to adopt location solutions that are not just accurate, but adaptive.
Ron Braunfeld, Chief Revenue Officer at Xpoint, shares his perspective on how operators can navigate this complex ecosystem, what trends are shaping demand, and how early client feedback has helped define a smarter approach to geo-compliance.
In a market crowded with both low-cost entrants and premium vendors, how should operators navigate the geolocation landscape to ensure they get the best solution for them?
Operators should look beyond sticker price and evaluate geolocation providers on overall value and risk mitigation. It’s easy to be tempted by bare-bones, bargain offerings that perform only basic location checks, but those can leave compliance gaps or blind spots. In contrast, premium solutions tend to bundle critical features like fraud detection, high uptime, and real-time support as standard features, turning geolocation from a mere checkbox into a comprehensive compliance tool.
Operators should select a partner that scales with their business. For example, a startup might start with a usage-based plan and expand as it grows, while a large multi-state operator should see volume-based discounts. In short, the best approach is to weigh long-term reliability and capability over rock-bottom cost, ensuring the geolocation service can prevent costly missteps and even unlock useful insights, not just verify a location.
Which verticals or regions have shown the biggest, unexpected appetite for precise location verification?
One surprising vertical has been daily fantasy sports (DFS). Initially, DFS platforms weren’t under the same strict state-by-state regulations as sportsbooks or online casinos, so many assumed they’d take a minimal compliance approach. Instead, as DFS grew, operators became highly proactive. Mature DFS companies began demanding the same level of precision and fraud resistance as regulated betting operators, recognizing that even a small number of out-of-state users slipping through could pose serious legal and reputational risks.
Another unexpectedly hungry segment is sweepstakes and skill-gaming platforms. These businesses occupy a gray area in terms of gambling law – sweepstakes-based casinos or prize games aren’t clearly ‘gambling’ in the traditional sense. With legal scrutiny mounting, states are already debating whether sweepstakes constitute gambling, proactive operators have implemented precise geolocation controls. Some have even asked providers for state-by-state geofencing to ensure they don’t inadvertently allow play from jurisdictions that might challenge their model. It’s essentially anticipating regulation. By acting as if they are regulated and rigorously geofencing where users can participate, they demonstrate a commitment to operating above board. It shows that across the board, from fantasy sports to sweepstakes games, the industry increasingly views precise location tech not just as a legal hurdle, but as a foundation for a trustworthy, scalable operation.
Which upcoming innovations or market trends do you expect will have the biggest impact on geo-compliance demand over the next two years?
Several forces are converging to reshape the future of geo-compliance. Geolocation is becoming deeply integrated into the broader security and personalization stack. The most forward-thinking operators are starting to link location intelligence with fraud prevention, responsible gaming, and even targeted marketing. In the next two years, the biggest differentiators won’t just be accuracy or uptime, they will be the ability to power multiple use cases from a single, trusted location platform.
Meanwhile, global market expansion is driving both scale and complexity. Jurisdictions such as Brazil and the UAE are rolling out or tightening their regulatory frameworks, often requiring location validation as a condition of licensure. This will push operators to adopt flexible, modular compliance infrastructure that can be customized market by market, as more areas continue to regulate.
How does early adopter feedback shape your commercial and product roadmap, and what’s a key lesson you’ve learned from client insights?
Client feedback is often the earliest signal of where the market is heading. Operators on the front lines, especially those pioneering new betting formats or entering emerging jurisdictions, tend to uncover challenges that aren’t yet on most providers’ radar. Listening to those early adopters can reveal opportunities to build products that solve real pain points, not just theoretical ones.
Another recurring theme is the need for transparency and flexibility in partnerships. Leading operators now expect their compliance agreements to function as living, breathing documents, regularly updated to mirror regulatory shifts, market developments, and evolving risk profiles. Providers that explain their data sources clearly, pivot swiftly when rules change, and scale support in lockstep with client growth earn lasting trust. This feedback loop, where operators push boundaries and providers refine solutions, has emerged as a core driver of innovation in geolocation. Partnerships are no longer static contracts, they’re collaborative roadmaps for confident, sustainable expansion.
The post From Cost Center to Growth Driver: Rethinking Geolocation in a Regulated World appeared first on European Gaming Industry News.
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QTech Games shines a light on Shady Lady for more innovative content

Emerging-markets leader expands its content portfolio with standout games from a bold, impactful supplier
QTech Games, the leading game aggregator for emerging markets, has continued to build the strong momentum in its premium pipeline, thanks to its latest deal with Shady Lady, a bold disruptive force in the slots sector. The launch extends Shady Lady’s international footprint, unlocking untapped emerging markets for diversified growth.
This timely integration adds yet more creative muscle to QTech’s aggregation platform, which is taking the widest array of online games to emerging territories with established names sitting alongside the industry’s most exciting and innovative providers.
Accordingly, Shady Lady is already one of the most mercurial and exciting game studios in the industry. And this integration with a genuine emerging force pens another thrilling addition to QTech Games’ sprawling and well-curated library of immersive gaming experiences.
Think: enigma, wrapped in a riddle, parcelled into a variety of eye-catching packages – as evidenced by a string of recent hits like Brain Washed, Devil’s Finger and Office Party. In short, it’s all about daring to be different and norm-busting in an increasingly homogenised slots space. All of which makes Shady Lady a compelling new character in any portfolio – one that wins its audiences over by preferring nuance to clanging bells and whistles, upending outdated themes and copycat narratives with clever plot-twists and engaging story-rich features.
QTech Games’ CEO, Philip Doftvik, said: “At QTech, we’re about so much more than pure aggregation – just take our sought-after campaign tools, or AI-powered QT Play game lobby, which means that operators don’t have to build their own casino lobby. Naturally, we’re committed to rolling out high-quality content that drives revenue for our partners and creates unique experiences that users remember and return to play.
“Shady Lady understands this need and is already delivering in spades with some bold and beautiful games that reinvigorate tired themes and play with conventional expectations. Alongside immersive soundscapes, stunning visuals and inventive mechanics, Shady Lady excels at fusing creativity with maths to craft visually thrilling, high-performing games that push the envelope on player experience and online hang-time.”
Marla Singer, spokesperson for Shady Lady, added: “Shady Lady isn’t here to throw shade on traditional slots – we are here to disturb the peace a little. It’s a call to arms for fresh mechanics, striking design, and soundscapes that linger. We believe in games that surprise you, characters that don’t behave, and stories that veer off script. Others chase noise. We tune into the frequency beneath. It’s a quieter kind of rebellion – but it leaves a mark. We don’t follow the rules. We rewrite them. Sometimes in lipstick.”
The post QTech Games shines a light on Shady Lady for more innovative content appeared first on European Gaming Industry News.
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Reflex Gaming hooks another hit with Big Game Fishing Golden Catch™

Reflex Gaming, the UK’s largest independently owned omni-channel game supplier, is making waves once again with the launch of Big Game Fishing Golden Catch™, the latest online release in its hugely popular Big Game Fishing franchise, and proudly powered by Yggdrasil.
This thrilling new slot reels players into a bright and breezy lake, where Reflex’s iconic fisherman, Fred, returns for another unforgettable adventure. With a 5-reel, 3-row layout, high volatility, and a max win potential of 5,000x the stake, Golden Catch is bursting with fun, flair, and fishy fortune.
A standout feature in the game is Max Play Mode, an alternate version of the base game that can be played at the same bet value. In this mode, only Fish, Fisherman and Bonus symbols appear on the reels – turning every spin into a high-stakes hunt for cash prizes. All other symbols are removed, replaced by weight icons that keep the focus firmly on big catch potential.
Golden Bet offers a clever twist for players eager to reach Free Spins. By increasing their stake by just 1.5x, players unlock the Bonus Respin feature. When two Bonus symbols land, the remaining reels respin, offering a second chance to land the Bonus.
Another feature which is sure to be a fan favourite is Hook a Bonus. At the end of a base game spin, fishing rods can randomly appear above the reels. A line will be thrown containing a hook, hooks can pull Bonus symbols onto the reels, creating Free Spins triggers that keep engagement levels high.
During the Free Spins feature, players begin at a level determined by how many Bonus symbols triggered the round—starting with 10 spins at Level 1 and up to 20 spins at Level 4. Every Fisherman collected not only grabs all visible Cash Fish values but also pushes the player along a nine-stage collection trail. Reaching new milestones upgrades fish values and awards additional spins, creating a satisfying sense of progression and reward.
To add to the excitement, Dual Gamble gives players the option to risk any win for either a bigger cash prize or the chance to enter the Free Spins bonus. It’s a high-risk, high-reward decision point that brings tension and strategy into the mix. For those who prefer to jump straight into the action, a Bonus Buy is available, allowing instant access to Free Spins for 125x the stake.
With bold visuals, Big Game Fishing: Golden Catch™ delivers all the hallmarks of a Reflex favourite. The franchise has already seen huge success across both online and land-based sectors, and this latest evolution is set to cast its net even wider.
Mat Ingram, CPO at Reflex Gaming, said: “Big Game Fishing: Golden Catch™ builds on one of our most beloved brands and injects it with new layers of excitement. Players will love the sense of momentum and the thrill of the chase – especially with the Max Play and Hook a Bonus features keeping things lively.
“It’s a fun, focused slot that still delivers serious potential. We expect this one to become a flagship performer in operator lobbies.”
The post Reflex Gaming hooks another hit with Big Game Fishing Golden Catch™ appeared first on European Gaming Industry News.
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