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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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Chicken X & Friends
Million Games unveils multiplayer crash game Chicken X & Friends at ICE
Million Games is heading to ICE 2026 with its most ambitious release yet. Chicken X & Friends is a real-time, unlimited multiplayer crash game and the official sequel to their award-nominated hit Chicken X.
Set across a chaotic multi-lane highway, Chicken X & Friends brings the beloved Jack Chicken back into action. This time, he is not crossing the road alone. Players jump into a shared, always-on playground where gameplay never pauses and no sessions need to fill. There is no waiting. Players can join at any moment and start their run instantly.
The game introduces a genre-first for crash gameplay. Unlimited, real-time multiplayer gameplay. Players see each other live on screen as they navigate traffic, build multipliers, and decide when to cash out before the crash hits.
“This is a big moment for us,” said Thomas Nimstad, CEO at Million Games. “Crash games are built on tension and timing. With Chicken X & Friends, we’ve made that tension social. You’re not just watching a multiplier climb. You’re watching other players make decisions in real time. We’re pushing the format further by making it social, visible, and strategically deeper.”
Player choice at the core
Gameplay takes place across multiple traffic lanes, each offering a different risk-and-reward profile. Slower lanes feature lighter traffic and steadier multiplier growth. Faster lanes increase volatility with denser traffic, but multipliers rise much quicker.
Players actively decide where to play. Stay in safer lanes. Push into danger lanes. Or move between them as traffic patterns change. Every jump is a choice, and every choice affects potential payout.
Safe zones offer a brief pause from traffic, but they are not an escape. Stay too long and the game will automatically cash you out, keeping the pace fast and the pressure on.
Movement is intuitive and fast, controlled via taps or directional buttons, allowing players to react instantly as traffic closes in.
Always social, always competitive
Up to eight players appear live on screen in each public playground. Jack Chicken represents you, while other players appear as pigeons, creating instant visual awareness of who is still in the race. The current top performer is crowned “the king”, highlighted with a unique skin and a visible live multiplier.
Leaderboards track the best runs over the past hour and the past 24 hours, allowing players to compare performance, chase rankings, and return repeatedly to improve their position.
Players can choose how they want to play. Join a public playground by default and compete with others. Create a private room and invite friends. Or play solo without other players visible. The experience adapts to different play styles while keeping the same high-pressure core.
Play it first at ICE
Chicken X & Friends will be showcased at ICE 2026 ahead of its official launch on 28 January. Visitors can experience the game live at the Million Games stand 2C72, where a daily tournament will run throughout the show, giving attendees a hands-on look at real player behaviour, competition, and pacing.
The original Chicken X was shortlisted for Crash Game of the Year and quickly became one of Million Games’ most played titles. With Chicken X & Friends, the studio expands the format with unlimited gameplay, deeper strategy, and visible multiplayer tension.
Fast to enter. Hard to master. Impossible to ignore.
Operators and partners interested in early access or distribution opportunities are encouraged to visit the Million Games team at ICE 2026.
The post Million Games unveils multiplayer crash game Chicken X & Friends at ICE appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Latest News
QTech Games shepherds more creative content through Wild Sheep Games
QTech Games, the leading game aggregator for emerging markets, has continued to build the strong momentum in its pipeline, thanks to its exclusive deal with the rising star supplier, Wild Sheep Games.
Integrating content from such a forward-thinking studio, ably abetted by its founders’ combined decades of experience and expertise in the slots sector, adds yet more creative muscle to QTech Games’ offering, which is taking the broadest spectrum of online games to emerging territories with established names sitting alongside the industry’s most exciting up-and-coming providers – of which Wild Sheep Games is another timely example.
Wild Sheep Games is known for its high quality slots and engaging gameplay, which has manifested itself in a range of ten popular initial releases, with two more new titles scheduled to follow each week until the end of 2026. These titles will comprise a wider library of constantly upgraded content, all of which is now exclusively available via the QTech Games.
The announcement organically broadens Wild Sheep’s international footprint, unlocking untapped jurisdictions for global growth, where Wild Sheep is looking to make a big impression over the coming 12 months. Philip Doftvik, QTech Games’ CEO, said: “We’re thrilled to unveil this partnership with Wild Sheep, making the point that our diverse portfolio draws from a deep well of established stars and emerging forces in slots provision. Their unique focus on emerging markets perfectly matches our own ethos, while the power of their production line is relentless.”
A Wild Sheep Games spokesperson added: “Wild Sheep Games is growing at a great pace, thanks to our “players-first” mentality to game development and only build high-quality games. This collaboration with QTech will only accelerate that growth. Moreover, every title benefits from Wild Sheep’s RG mantra of great returns, transparent mechanics, and certified integrity. We don’t copy — we craft. Every slot runs on fresh, in-house maths that’s built to keep our partners’ players coming back for more.
“We can’t wait to see how these games perform across a spread of new territories via QTech Games’ preeminent platform for emerging markets.”
To find out more, or book a demo, email: [email protected] or visit: https://wildsheepgames.com/
The post QTech Games shepherds more creative content through Wild Sheep Games appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
2026 Tech Partnerships
eyeDP Partners with idvcheck to Provide Anti-Money Laundering Solutions
eyeDP, the innovative provider of AI-powered document verification technology, has announced a strategic partnership with idvcheck, an international identity verification and customer acquisition specialist.
Per the partnership, eyeDP’s Anti-Money Laundering (AML) services will be integrated into the idvcheck platform, enhancing existing systems to help clients maintain their AML obligations across iGaming, fintech, financial services, and other regulated sectors.
Additionally, idvcheck will integrate eyeDP’s core document verification services including data extraction from unstructured documents; AI-powered data summarisation; content validation; and document tamper and fraud detection. to boost efficiency across its service offering.
This two-way partnership will see idvcheck’s manual review and forensic investigation workflows being fully integrated into eyeDP’s platform, providing built-in failsafe for cases that cannot be automatically verified or more sophisticated requests that require further intervention. This combination of AI-powered verification and human expertise will provide the highest quality document verification and AML protection in the market.
idvcheck currently verifies documents from around 200 countries worldwide, specialising in white-labelled customer acquisition services. By integrating eyeDP’s AML technology, idvcheck will be able to process a higher volume of straightforward cases, more efficiently, whilst enabling its team to focus their expertise on more complex tasks.
Jess Whitehouse, Director of Customer Operations, at eyeDP, said: “This partnership gets 2026 off to a strong start for eyeDP as we continue to grow and establish ourselves as one of the leading document processing companies on the market.
idvcheck has a strong, international presence that will allow our platform to showcase its ability on a larger scale. Together, we can continue to develop identity and document verification solutions that provide efficient, reliable safety checks for our partners.”
Andy Pinks, Chief Operating Officer at Idvcheck, said: “During extensive testing, the benefits of integrating eyeDP’s technology into our existing infrastructure became quickly apparent. Although (at least in its current form) AI cannot replace human experience, the symbiosis of human and artificial intelligence has created immediate operational improvements. This enables us to deliver a more cost-effective and time-efficient service, to all markets, without compromising on quality.
We are excited to be working in partnership with eyeDP to deliver new and innovative products that satisfy the ever-evolving needs of our clients.
The post eyeDP Partners with idvcheck to Provide Anti-Money Laundering Solutions appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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