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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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Here are this weeks latest slots releases compiled by European Gaming
From golden reels to big money pots and pearls, Swintt’s Big Max games have always pushed the boundaries in terms of what’s possible from a Premium slot – and this month the popular series is back with a major bang in the brand-new release, Big Max Door. Featuring an extra-large 5×4 reel set and 20 fixed paylines, the slot uses the same mix of fruit symbols, BAR logos and lucky red sevens that have become such a hallmark of Big Max games, only this time around a new mystery reveal feature adds an exciting element to base game play.
Relax Gaming, the iGaming aggregator and supplier of unique content, has transported its portfolio of tumbling titles to the Ice Age in The Tumbles. This immersive 6×6 prehistoric-themed slot sees players in with a chance of winning up to 5,000x their stake via lucrative multipliers and a free spins feature. The base game sees snow and ice cover the surfaces, but sunnier surroundings soon appear for the free spins round, with the ice giving way to grasslands, hills, and rivers.
The new release from MGA Games, a leading provider of casino games for over 20 years, will take players on a journey to the beach of their dreams, immersing them in the beauty of Cancun from the comfort of their own home. Tropical Beach themed reels are filled with fresh fruit and toucans and transport players to a corner of paradise filled with prizes and fun in the sun.
The new release from MGA Games immerses players in a world of riches and excitement under the sea. Brightly coloured fish and coral backdrops provide the scenery for this exciting journey that offers plenty of opportunities to win as the reels spin with themed symbols such as sharks, octopus and chests full of coins. The game features the Wild figure, the best ally in this treasure hunt, and the Scatter figure, which will lead the player to a Free Spins screen full of surprises. In addition, Golden Ocean Megaways offers the possibility to buy Free Spins to increase the chances of winning.
Play’n GO invites players into their hall of mirrors to seek the fabled Mirror Joker and their reflective powers. Players will step foot into this reflective realm alongside the mischievous Mirror Joker with the aim of securing some big wins. Fans of other Joker titles, including games like Fire Joker (2016), Chronos Joker (2019), and Joker Flip (2024) are sure to love this new addition to the iconic series. Mirror Joker ventures into the dazzling world of mirrors where not all is as it seems while some rewards are even more than they first appear.
Spinomenal has added Majestic Spirit to its stable of stunning slots. Majestic Spirit is part of Spinomenal’s Wildlife Series that features a 5×3 design set against a backdrop of sweeping valleys and rugged mountains. Players embark on a ride across this wilderness hunting for special symbols to unlock big returns. A Black Stallion symbol represents the Wild and substitutes for any symbol except double symbols, free spins, and bonus symbols. Five Wild symbols on a winning line will pay x200.
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The post Week 36/2024 slot games releases appeared first on European Gaming Industry News.
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Atlaslive Celebrates Multiple Nominations for EIGE 2024, Including Best Marketing Campaign
Atlaslive, a B2B software provider delivering high-quality solutions for the iGaming industry, has been shortlisted in all four of its nominated categories for the upcoming European iGaming Excellence (EIGE) Awards 2024. This recognition underscores Atlaslive’s commitment to innovation, excellence, and leadership in the iGaming industry.
The nominations include:
- Best Marketing Campaign: Our rebranding campaign has been recognized for its strategic approach and impact, reflecting Atlaslive’s dynamic evolution and our continuous efforts to connect more deeply with our partners.
- Best eSports Betting Provider: This nomination highlights our cutting-edge eSports offerings, which are designed to meet the growing demand for immersive and reliable eSports betting experiences.
- Innovation in iGaming Technology: At Atlaslive, we thrive on challenges and excel in high-pressure, high-traffic moments. Our peak performance technology, which ensures seamless operations even during the most demanding periods, has earned us a spot in this category.
- Best iGaming Supplier: Being recognized as one of the leading suppliers in the iGaming industry is a testament to our comprehensive and scalable solutions, which continue to set new standards for reliability and excellence.
The final vote for the EIGE 2024 Awards will take place during the European Gaming Congress, held on October 15-16, 2024, in Warsaw. Atlaslive is proud to attend as an industry leader, contributing its expertise in two key panel discussions:
- The Future of Esports: Opportunities and Challenges – October 15
- Optimizing Sportsbook Operations for Enhanced Performance – October 16
Atlaslive’s CEO, Maxim Slobodyanyuk, commented, “Our success is built on a foundation of relentless innovation and a deep understanding of the iGaming landscape. Every solution we develop is designed with our partners’ growth and success in mind, ensuring they have the tools they need to thrive in a competitive market. These nominations validate our strategic direction and the trust our partners place in us. We’re not just reacting to industry trends; we’re actively shaping the future of iGaming. By staying ahead of technological advancements and continuously refining our offerings, we aim to lead the industry in delivering exceptional value. Our vision is clear: to be the go-to partner for businesses seeking not only cutting-edge technology but also a collaborative and forward-thinking approach to long-term success.”
Join Atlaslive as the company shares insights and shapes the future of iGaming.
The post Atlaslive Celebrates Multiple Nominations for EIGE 2024, Including Best Marketing Campaign appeared first on European Gaming Industry News.
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