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
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
You’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 Industry
MelBet Partners to Bring UFC Champion Kamaru Usman to SiGMA Central Europe
Reading Time: < 1 minute
SiGMA Europe is one of the most significant events in the iGaming industry. This year, the event is taking place in Rome and will bring together over 30,000 attendees, 1200 sponsors and feature four stages with 550+ top speakers.
On November 05, in partnership with MelBet Partners & Affiliates, former MMA legend and World Champion Kamaru Usman will join the event as a special guest. At booth 5067G attendees of SiGMA Central Europe have the chance to take photos, hear insights and what it takes to rise to the top on a global stage.
During the conference, there will be two activities available for guests at MelBet’s booth:
Punch Challenge. Anyone can come to the booth on November 4 and test their punching power. The person with the strongest punch will have the honour of competing against Kamaru Usman himself.
Want to get exclusive merchandise and take a photo with the MelBet Partners & Affiliates championship belt? Visit the booth. Follow MelBet’s official Instagram account and take a picture with the belt. Those who post a story with the championship belt and tag MelBet will automatically be entered into a drawing for exclusive UFC-themed merchandise.
There will also be a private party, Triumph of the Gladiators, exclusively for the partners and representatives of MelBet Partners & Affiliates, which Kamaru himself will attend. This evening will be an epic event, where history and modernity merge into one.
The post MelBet Partners to Bring UFC Champion Kamaru Usman to SiGMA Central Europe appeared first on European Gaming Industry News.
Affiliate Industry
When Logic Finds a Face: Meet Refie, ReferOn’s New Living Interface
Reading Time: 2 minutes
Refie, the new living interface inside ReferOn, it’s here.
ReferOn, the next-generation affiliate management platform, has launched Refie — a built-in interface layer that gives the platform its own awareness, making interaction faster, clearer, and more human.
Refie represents a new level of interaction within ReferOn, designed to make complex affiliate data easier to perceive and act on through visual feedback that turns system logic into something instantly understandable. He now lives inside the platform’s interface, appearing on onboarding screens and system state pages, where he reflects how the system feels and responds in real time.
Refie isn’t a chatbot or a mascot — he’s an integrated UX layer that connects technical precision with human intuition. By reducing noise and guiding attention naturally, he helps affiliate managers work faster while avoiding mistakes and staying aligned with live performance data.
We like to call this approach “lazy intelligence” — systems that think before you do so you can focus on what actually matters. Refie is the first visible step toward that.

Roadmap: From Awareness to Assistance
Refie’s introduction marks the beginning of ReferOn’s next development stage.
He’s the foundation for what comes next: gamification, engagement, and, ultimately, intelligent assistance. Through him, we’ll introduce a more interactive, rewarding experience where every action feels meaningful. Over time, Refie will evolve from a visual signal into a personal AI agent — the intelligent core of the ReferOn platform.
Vlad Bondarenko, ReferOn’s Head of Product, commented, “Refie isn’t just an add-on or feature — it’s a reflection of how our platform and team think. For years, affiliate platforms have been built for reporting, not for people. We wanted to change that. Refie was born to simplify. He embodies how we think about technology: clarity, control, and connection should feel natural, not forced.
With Refie, ReferOn has learned how to say hi — not with words, but quietly, through awareness. It’s how the system shows it understands what’s happening. He represents the moment ReferOn moved beyond functionality and toward awareness, emotion, and intelligence. The launch goal is to show that the era of faceless B2B tools is ending.”
The ReferOn team will showcase the platform’s latest innovations at SiGMA Central Europe in Rome (Booth 5044). There, attendees can explore the system in action, connect with the team, and experience Refie — the living interface making its first public debut.
The post When Logic Finds a Face: Meet Refie, ReferOn’s New Living Interface appeared first on European Gaming Industry News.
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Editorial Direction & Content Strategy