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LeoVegas AB Q4: Year-end report 2020

Published

5 years ago

February 11, 2021

George Miller

Reading Time: 4 minutes

“Yet another record year for LeoVegas with a strong close” – Gustaf Hagman, Group CEO

fourth quarter 2020: 1 october–31 december

Revenue increased by 13% to EUR 98.4 m (87.1). Organic growth in local currencies was 14%.
Adjusted EBITDA was EUR 11.5 m (9.2), corresponding to an adjusted EBITDA margin of 11.7% (10.6%). Reported EBITDA includes EUR -3.5 m (5.3) in items affecting comparability.
The number of depositing customers was 461,983 (372,032), an increase of 24%.
Adjusted earnings per share were EUR 0.08 (0.06).

Events during the quarter

LeoVegas was the first company in the gaming industry to offer payments via Open Banking.
During the quarter the Group’s unique and record-large jackpot was launched under the name LeoJackPot.
LeoVegas secured long-term and diversified financing through a combination of a bank credit facility (RCF of EUR 40 m) and a bond issue of SEK 500 m under a total framework of SEK 800 m.
During the quarter, LeoVegas repurchased its own shares for approximately EUR 5 million.
Ahead of the forthcoming regulation in Germany, a number of changes were implemented. This led to lower revenue during the quarter, with the greatest effect during the month of December.
LeoVegas has changed its interpretation of the calculation of gaming taxes in Denmark for earlier periods. This resulted in a self-correction, and a one-off cost of EUR 3.5 m has been charged against EBITDA.
Decision has been taken to migrate the Royal Panda brand to the Group’s proprietary technical platform.

Events after the end of the quarter

Preliminary revenue in January amounted to EUR 32.5 m (29.9), representing growth of 9%.
The Board of Directors proposes a raised dividend totalling SEK 1.60 per share (1.40), an increase of 14%, to be paid out on four occasions during the year.

COMMENT FROM GUSTAF HAGMAN – GROUP CEO

STRONG CLOSE TO 2020
LeoVegas concluded the record year 2020 with its strongest fourth quarter ever. And we did this despite frequent changes to the gaming requirements in our markets in addition to finding ourselves in the midst of a global pandemic. I am proud of our ability to quickly adapt to changed conditions through a high capacity for innovation at the same time as we are building an increasingly solid and diversified business. It is a demonstration of strength that LeoVegas delivered adjusted EBITDA growth of 25% for the full year while the operating cash flow increased almost 90 %. This was achieved despite maintaining a high investment pace with launches of new brands, new markets and product improvements.

During the fourth quarter we increased our revenue organically by 14%. Growth was mainly driven by a continued rise in depositing customers, which grew 24% to a new record level. Adjusted EBITDA increased by 25% during the quarter to EUR 11.5 m. Reported EBITDA was charged with a one-off provision of EUR 3.5 m related to a changed interpretation of the calculation of gaming taxes in Denmark for earlier periods.

MarkETS
With the exceptions of Sweden and the UK, our core markets showed high double-digit growth during the quarter. Above all I want to highlight Italy, which has now become one of our five biggest markets. During the quarter we launched the Pink Casino brand in Canada. The launch is part of our multibrand strategy, where we are utilising existing resources and our technical platform to expand through scale.

In the German market, LeoVegas has implemented a number of changes ahead of the forthcoming licence system in July 2021. As expected, this affected revenue during the period. Operators in the market are acting differently with respect to the new restrictions, and at present necessary clarity is lacking in the ongoing transitional period, which unfortunately has led to a skewed competitive situation until the licence system has been fully implemented.

TECHNOLOGY AND PRODUCTS
During the quarter we carried out and launched several major projects and innovations. In particular I want to highlight our new exclusive jackpot – LeoJackpot – where our customers can win over SEK 50 m directly from their smartphones. We were also first in the industry to offer payments via Open Banking. This will benefit LeoVegas and our customers in many ways, including through more secure and faster payments and lower transaction costs.

During the quarter we began the migration of Royal Panda to our joint technical platform. As a result, in 2021 all brands will be operated on the same platform. The migration will lead to cost synergies such as lower platform and product costs and a more efficient organisation. The decision has also resulted in impairment of intangible assets attributable to Royal Panda’s platform, which was charged against EBIT in the amount of EUR 1.9 m.

FINANCING AND INVESTMENTS
At the end of the year we secured the Group’s long-term financing needs through the combination of a renewed bank credit facility of EUR 40 m and a newly issued corporate bond of SEK 500 m.

Stable financing combined with a strong balance sheet gives us a solid base for continued expansion, both through organic initiatives and potential acquisitions. During the fourth quarter we carried out share repurchases for approximately EUR 5 m. In addition, the Board of Directors proposes an increase in the dividend to SEK 1.60 per share.

COMMENTS ON FOURTH QUARTER
Revenue for the month of January amounted to EUR 32.5 m (29.9), corresponding to annual growth of 9%. In January revenue was fully impacted by the changes carried out in Germany ahead of the forthcoming regulation.

On the tailwinds of a strong 2020 we are now looking forward to a year with many exciting growth initiatives and an even stronger customer offering.

Financial

Playtech Raises its Full-year 2026 Adjusted EBITDA Forecast to €270 Million

Published

1 hour ago

July 13, 2026

Wladimir P.

playtech-raises-its-full-year-2026-adjusted-ebitda-forecast-to-e270-million

Playtech PLC on Thursday said it expects 2026 results to beat market expectations, with its first half supported by an “excellent performance in the US”.

Playtech shares jumped 18% to 378.60 pence each in London on Thursday morning. It is up around 3% over the past 12 months but had been around 10% lower prior to Thursday’s surge.

The Douglas, Isle of Man-based gambling software firm now expects adjusted earnings before interest, tax, depreciation and amortisation of EUR270 million, “significantly above the current analyst consensus”. It puts the current consensus range at EUR205 million to EUR225 million.

Playtech’s current forecast represents a 37% rise from the EUR197.0 million achieved in 2025.

“Playtech’s trading has delivered results significantly ahead of market expectations, driven by excellent performance in the US and continued strength in Mexico, Colombia and certain European markets. The performance in the Americas, as consistently flagged since the start of the year, continued to accelerate through May and June,” the firm said.

It expects a first half adjusted Ebitda of over EUR155 million, rising at least 69% from EUR91.6 million a year prior.

Chief Executive Officer Mor Weizer said: “We achieved an excellent performance in the first half of 2026, reflecting continued momentum in regulated markets, notably the Americas and certain European markets. Performance in the US, driven by our partnership with Hard Rock Digital, has been exceptionally strong, and we are delighted to see returns on our investments over recent years accelerate and contribute significantly to profitability and cash flow.

“Playtech continues to further establish itself in regulated and regulating markets going into the second half of the year, and we are pleased with the progress towards our medium-term targets.”

Playtech releases half-year results on September 10.

Looking ahead, it expects second half earnings to decline from the first, with UK regulatory measures partly to blame.

“Hard Rock Digital has become one of Playtech’s largest customers and is expected to remain so going forward, albeit Playtech’s revenue with the operator is likely to continue at a lower but more sustainable level in H2 2026 and into 2027. Elsewhere, the company has been investing into a significant partnership in Brazil, ahead of expected signing and launch, which is likely to begin contributing to growth in 2027. In addition, in H2 2026 Playtech will also absorb the full impact of increased remote gaming duty in the UK, which became effective in April 2026,” the firm explained.

From April 2026 there was an increase in UK remote gaming duty 40% from 21%. Remote gaming duty is a levy applied on online casino offerings, poker and slots.

The post Playtech Raises its Full-year 2026 Adjusted EBITDA Forecast to €270 Million appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Balkans

Imagine Live Goes Live with MaxBet Bringing Live Casino to the Balkans

Published

1 hour ago

July 13, 2026

Wladimir P.

imagine-live-goes-live-with-maxbet-bringing-live-casino-to-the-balkans

Imagine Live, the live casino provider, has partnered with MaxBet, one of the leading sports betting and gaming operators in the Balkans.

The partnership extends Imagine Live’s presence across regulated markets, bringing its live dealer games and game show content to MaxBet’s player base.

Now agreed and rolling out, the collaboration will go live first in Montenegro, followed by Serbia and then Bosnia & Herzegovina.

MaxBet serves around 95,000 online players each month, holding a leading position in its core Serbian market. The business has been majority-owned by Flutter Entertainment – the global operator behind brands including Paddy Power and Betfair – since 2023.

Its players will gain access to Imagine Live’s portfolio of live dealer tables and game shows, streamed from the provider’s studios in Armenia, Romania and Spain.

Launched in 2022, Imagine Live operates more than 200 tables and holds licences with the UKGC, MGA, ONJN, HGC and other regulators, extending its footprint in a region where regulated online play continues to grow.

Nadiya Attard, Chief Commercial Officer at Imagine Live, said: “Going live with MaxBet reflects the strength of our content and our focus on partnering with established operators across regulated markets.

“MaxBet is one of the most respected names in the Balkans, and starting in Montenegro before expanding into Serbia and Bosnia & Herzegovina gives us a strong platform in a region we know well.”

Tornike Tordia, Head of Gaming at MaxBet, said: “Bringing Imagine Live’s live casino content to our players reflects our commitment to offering a varied, high-quality gaming experience.

“Their live dealer games and game shows add real depth to our offering, and we look forward to rolling them out across our markets as the partnership grows.”

The post Imagine Live Goes Live with MaxBet Bringing Live Casino to the Balkans appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Conferences

Responsible Gaming Strategy Contributes to TaDa’s Success at iGB L!VE 2026

Published

1 hour ago

July 13, 2026

Wladimir P.

responsible-gaming-strategy-contributes-to-tada’s-success-at-igb-l!ve-2026

TaDa’s commitment to responsible gaming and sustainable growth was rewarded with a successful appearance at this year’s iGB L!VE in London, where quality conversations with Tier One operators, strong interest in its latest releases and demand for trusted, UKGC-licenced content validated the company’s strategic direction.

In light of the evolving UK regulation, this year’s exhibition saw a shift in operator priorities. As revised acquisition strategies place greater emphasis on compliance, player retention and long-term value, operators are increasingly seeking certified and established suppliers like TaDa that are capable of delivering engaging content within robust responsible gaming frameworks.

With impressive foot traffic to the stand, TaDa’s account management and business development teams also received highly positive feedback from meetings with regulated market clients, gaining valuable insights for future strategic direction.

Focusing on UK market leading releases, TaDa highlighted Gold Mine Express which continues to generate considerable interest following its strong retention metrics.

Visitors were equally enthusiastic about the Hit the Cash slot Leprechaun Gold Streak which is engineered for stability and Fortune Hook Antarctic which is aimed at diversifying TaDa’s player base while maintaining accessibility across all levels.

In addition to core European markets, the teams engaged with numerous clients from the African market, securing more resources and strategic alignments to further accelerate TaDa’s expansion into Africa.

For TaDa, whose portfolio is certified across multiple regulated markets and supported by a strong reputation for safe gaming practices, the evolving landscapes represent an opportunity to contribute more to both operators and the industry.

Ray Lee, Director of Business Development, TaDa Gaming, said: “iGB L!VE showed how operators are looking beyond acquisition and placing greater value on sustainable growth through responsible gaming, player retention and trusted partnerships. Those priorities have always been central to our business, so it was encouraging to see our approach resonate strongly with both existing partners and prospective new customers.”

The post Responsible Gaming Strategy Contributes to TaDa’s Success at iGB L!VE 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.