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LeoVegas AB Q3: Quarterly report 1 July– 30 September 2020

THIRD QUARTER 2020: 1 julY–30 september
- Revenue increased by 1% to EUR 88.9 m (88.2). Organic growth in local currencies was 2%.
- EBITDA was EUR 11.9 m (12.7), corresponding to an EBITDA margin of 13.4% (14.4%).
- The number of depositing customers was 438,691 (347,464), an increase of 26%.
- Earnings per share were EUR 0.04 (0.05) before and after dilution, while adjusted earnings per share were EUR 0.08 (0.09).
Events during the quarter
- GoGoCasino and Livecasino.com launched in Finland. An international launch of both brands is in progress.
- Operations in Sweden have been affected by the temporary restrictions that were introduced on 2 July as a result of Covid-19
- LeoVegas increased its ownership in the e-sports betting operator Pixel.bet to 85% from 51% previously.
- Operating profit for the quarter includes costs of EUR 0.5 m in organisational streamlining and optimisation measures. Yearly net savings from these measures is expected to total EUR 1.5 m starting next year.
Events after the end of the quarter
- Preliminary revenue in October amounted to EUR 33.0 m (26.0), representing growth of 27%.
- Royal Panda has relaunched in Finland on the Group’s proprietary technical platform.
- LeoVegas has launched Bingo as new product category.
- Ahead of the forthcoming regulation of the German market, effective 15 October a number of changes have been made that affect the customer offering. This had a slight negative impact on revenue in October. LeoVegas expects to receive nationwide licences for the German market once they are available.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
THIRD QUARTER 2020
Once again, we have shown our ability to quickly adapt to new, external circumstances, such as those related to the continuing pandemic and the constant regulatory changes in our various markets. During the third quarter we maintained a high pace of innovation and investment, which is strengthening our long-term position and growth prospects.
During the quarter our customer base again reached a new record level. The number of depositing customers grew 26% compared with the same period a year ago, which confirms the strong development of our business. This is partly attributable to the ongoing structural shift from land-based gaming to online, but above all to our focus on creating the best product and experience for our customers. We continue to optimise scalability and reduce complexity in the organisation. During the quarter, among other measures we realised synergies from previous acquisitions and instituted a clearer organisational and Group structure. This has led to a slight level of staff redundancy, and operating profit was charged with EUR 0.5 m for measures coupled to this. At the same time, we estimate that yearly net savings from these measures will amount to roughly EUR 1.5 m starting with next year. Our efficiency improvement work equips us for continued profitable growth and makes us – combined with greater diversification of the revenue base – more resilient to rapid fluctuations in individual markets.
MARKETS
We had a favourable development in most of our markets during the quarter, with our growing customer base as the main driver. Many markets had double-digit growth compared with the same period a year ago.
In Sweden we are seeing a troubling development in which the unlicensed market continues to grow unhindered. A growing number of operators without licences are actively targeting Swedish players, including those who have been barred by the self-exclusion tool Spelpaus. This has been confirmed by, among others, several organisations that provide help to people with a gambling problem. These organisations have noted that the majority of those seeking help are playing with the unlicensed operators. The problem is big and is shaking the foundation of the entire Swedish licence system. Quick and strong measures are now needed by Swedish politicians and authorities to ensure a well-functioning Swedish gaming market.
In Germany the federal states have agreed to introduce a licence system for gaming, which is expected to be implemented during the second half of 2021. We are looking forward with confidence to Europe’s largest market finally being regulated. Ahead of implementation of the licence system, it is expected that operators will carry out certain limitations in their respective customer offerings in advance. LeoVegas has already begun implementing such limitations, which will initially have a negative impact on revenue. Details on regulation of the German market are provided in the Legal update section in this report. LeoVegas today has a licence in the German state of Schleswig-Holstein and expects to receive nationwide licences once they are available. Germany generated approximately 17% of the Group’s total revenue during the third quarter.
technology and products
The quarter was intense for our technology and product organisation, with the completion of a number of major projects. For example, we implemented the German regulatory requirements on short notice and launched the GoGoCasino and Royal Panda brands in Finland on our proprietary platform. We also are seeing higher demand for broader entertainment games among our players and therefore recently launched our Bingo product.
comments on fourth quarter
Preliminary revenue for the month of October amounted to EUR 33.0 m (26.0), corresponding to annual growth of 27%. The changes introduced in the German market on 15 October have had a slightly negative impact on revenue.
With a positive start to the fourth quarter, a record-large customer base and many exciting initiatives I am looking forward to a strong end to the full year.
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: 2874453 or join at the web https://edge.media-server.com/mmc/p/budae7ar
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Latest News
Firesand launches Firesand Shield to combat rise in iGaming account fraud attacks

Firesand, a leader in iGaming security services and software, has developed a cutting-edge Anti-Account Fraud solution to safeguard iGaming operators and platform providers from escalating credential-based cyber threats.
Firesand Shield is a best-in-class product that has been designed to address the growing complexity of account fraud that has impacted the global iGaming industry in recent times, which in some cases has resulted in loss of business, damaged reputation and regulatory fines. Common examples of account fraud include credential stuffing, dictionary attacks, and common password exploitation.
The new solution provides proactive, intelligent detection and prevention against the full spectrum of account compromise techniques, without relying on user-disruptive CAPTCHAs or blunt blocking mechanisms, to ensure the end user experience remains uninterrupted.
Unlike legacy or bot-only detection tools, Firesand Shield leans on the company’s specialism as a penetration testing service provider to focus on attack patterns, regardless of whether the source is human, bot, or hybrid, offering unmatched insight and agility in protecting operator user accounts and platform integrity. It includes in-depth attack analysis and reporting to provide greater transparency and clarity over the source of each security vulnerability.
With a product upgrade roadmap that includes geolocation anomaly detection, VPN usage analysis, and AI-powered behavioural profiling, Firesand Shield is set to offer operators and platforms significant peace of mind to stay ahead of security threats as they evolve.
Chris Blake, Director at Firesand, said: “Account fraud is a growing threat to the global iGaming industry. There have been multiple cases in the previous year alone where user data has been breached, leading to a detrimental impact for businesses targeted.
“Firesand Shield has been designed to support operators and platform providers of all sizes to sharpen their security capabilities as these attacks become more common and sophisticated. Underpinned by our superior iGaming security excellence, we are well positioned to further strengthen online systems on a global scale.”
With a proven track record of developing bespoke security platforms for a range of industries, Firesand brings unmatched credibility and expertise to the iGaming space, combining technical solutions with practical, actionable defence capabilities for high-risk digital environments.
The post Firesand launches Firesand Shield to combat rise in iGaming account fraud attacks appeared first on European Gaming Industry News.
Industry Awards
Soft2Bet Named Acquisition & Retention Partner and Industry Innovator of the Year by SBC Europe Awards 2025

Soft2Bet has secured two major wins at the SBC Awards Europe 2025, being recognised by excellence for Acquisition & Retention Partner of the Year and Industry Innovation of the Year. Its flagship brand Betinia also earned a Silver Award in the Casino Operator of the Year category, highlighting a company’s ability to create performing brands in saturated and highly competitive key markets.
The awards recognise the continued success of Soft2Bet’s powerful turnkey solutions and Motivational Engineering Gaming Application (MEGA), which has played a central role in driving player engagement and retention across key markets. During the last 12 months, the impact of Soft2Bet’s cutting-edge gamification solutions for casino and sportsbook has played a major role in enhancing customer experience, loyalty, and engagement, delivering ROI-driven performance that goes beyond retention. MEGA was key in achieving a 128% retention uplift for Campobet in Denmark and 106% for Betinia in Sweden, further proving the solution’s impact.
“SBC Europe Awards recognition is a testament to the vision of our technology and its impact on building strong brands, long-term player relationships, and product excellence that goes beyond retention. MEGA continues to lead the European, Nordic and North America market in creating unique experiences that combine innovation, a strong regulatory framework, high performance results from the start,” – stated Oksana Tsyhankova, CMO at Soft2Bet.
Earlier in 2024, Soft2Bet was also recognised at the SBC Awards, winning in Innovation in Mobile and Innovation in Casino Entertainment categories. Soft2Bet now holds 19 licences across 12 jurisdictions and continues to expand both its B2B and B2C footprint in Europe and beyond. With brands like Betinia, CampoBet, Don.ro, Tooniebet, and Quickcasino, the company remains focused on delivering innovative, localised, high-performance iGaming experiences.
The post Soft2Bet Named Acquisition & Retention Partner and Industry Innovator of the Year by SBC Europe Awards 2025 appeared first on European Gaming Industry News.
Affiliate Industry
Meet MegaList: The Rising Force in iGaming Affiliation

There are affiliate networks, and then there’s MegaList – a performance-first, hype-last kind of operation built for casino and sportsbook brands that prefer results over buzzwords.
In an industry that sometimes feels like it’s powered by vague metrics and recycled content, MegaList steps in as the “Mega Map” – a practical, data-driven network guiding both players and operators to higher ground. Less “look at our reach,” more “here’s your conversion rate.”
So no, this isn’t just another logo-stamped brand promising traffic and delivering bounce rates. This is a carefully engineered affiliate engine built on smart SEO, qualified leads, and just enough caffeine-fueled obsession with results to make even the most skeptical operators pay attention.
The iGaming Affiliate World: Why It (Still) Matters
Let’s be honest – the affiliate space in iGaming has had its fair share of bad actors and empty promises. But when done right, affiliate marketing is still one of the most effective and efficient ways to connect licensed operators with the right players.
Players want fewer popups, more clarity. Operators want actual ROI, not vague impressions.
Enter: the data-driven affiliate network.
It’s simple:
- Informed players make better choices.
- Strategic affiliates deliver better traffic.
- Everyone wins. Except, of course, the shady operators who preferred it the other way.
Meet the MegaList Brands
These aren’t vanity microsites. Each MegaList brand has a specific mission, actual humans behind the content, and a reputation for, well… telling it like it is.
MegaCasinoList
Let’s face it – players don’t need another affiliate promising “top 10 casinos” based on whatever ad paid the most. They need honest, transparent, expert-backed reviews.
That’s where MegaCasinoList comes in – a platform that filters out the noise and delivers legit info on licensed casinos, security, fairness, and gameplay. Slots? Live dealer games? Payout speed? Yep, it’s all in there, and it’s all vetted.
They work with reliable operators only, because – and here’s a crazy idea – not every shiny site deserves your deposit.
MegaTipsList
If you like sports predictions that read like a 20-page legal document, you’re in the wrong place.
MegaTipsList is built for bettors who want real insights, fast reads, accurate tips, and actual value. It delivers predictions, sports news, and timely promotions – minus the fluff and with none of that “win guaranteed” nonsense.
Designed for bettors who like to stay informed without needing a PhD to understand the odds.
MegaBetList
For the practical bettor who just wants the facts: which sites are legit, which ones pay fast, and what to expect before placing your first wager.
MegaBetList reviews betting platforms with a clear, no-nonsense voice. It’s not trying to dazzle; it’s trying to help people bet smarter – and it’s doing a pretty solid job of it.
From licensing to promotions to usability, everything is covered – and everything is filtered through what actually matters to sports fans.
Why This All Matters (And Why It’s Working)
The iGaming world doesn’t need more noise. It needs better filters, smarter partners, and affiliates that actually care whether the traffic leads somewhere useful.
That’s where MegaList comes in – not to impress with buzzwords, but to perform, to scale, and to make sure both operators and players are on the same page for once.
And if we may drop in a little vision while we’re at it:
“At MegaList, we believe informed players and strategic operators shape a stronger, smarter iGaming industry.”
For once, a statement that isn’t just inspirational filler.
So the next time someone pitches you an affiliate network, ask one thing: “Do they have a plan, or just a landing page?”
MegaList has both, and a track record to prove it.
Explore MegaList’s network:
🔗 MegaAffiliatesList.com
The post Meet MegaList: The Rising Force in iGaming Affiliation appeared first on European Gaming Industry News.
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