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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.

Alex Baliukonis Game Producer at BGaming

BGaming releases Frenzy Clusters slot with expanding grid feature

Published

41 minutes ago

June 23, 2026

Wladimir P.

bgaming-releases-frenzy-clusters-slot-with-expanding-grid-feature

New cluster-pay title includes five character companions, Free Spins with progressive multipliers, and a ×10,000 max win at 97.11% RTP.

BGaming has released a new slot, Frenzy Clusters, adding another #Entertainment title to its portfolio. The game uses a cluster-pay mechanic and an expanding grid, with BGaming stating a maximum win of ×10,000 and an RTP of 97.11%.

Frenzy Clusters is built around five selectable character companions—Golub, Hugo, Bloke, Aussie, and Olaf—each positioned as culturally inspired. BGaming says the character choice does not affect outcomes, but characters react to wins with animations and interact with events on the reels.

Gameplay runs on a grid with blocked edge cells that can be unlocked by landing winning clusters next to them, expanding the play area. After wins, the game can trigger one of three random symbol effects: Rockets (clear a horizontal line), Books (clear a 3×3 area), and Spheres (remove all instances of the same symbol). BGaming says grid expansions last one spin in the base game and persist for the duration of the bonus round.

The Free Spins feature is triggered by three or more Scatters. BGaming says the bonus includes a progressive multiplier based on the number of Scatters, with no limit, and that players can access the bonus via Buy Bonus options or use a Chance feature to increase trigger probability.

Alex Baliukonis, Game Producer at BGaming, said, “At BGaming, we encourage our design team to get as creative as possible, and titles like Frenzy Clusters are the kind of magic they deliver.

This is one of our most imaginative titles to date, with each of the game’s five characters being designed to appeal to different players. Fantasy roleplay fans will definitely spot plenty of references in the game, with the team pulling inspiration from some of their favorite campaigns, and we have also been inspired by other popular culture stories.

The game goes beyond its aesthetic appeal, offering some big wins and a creative twist on the popular cluster-play dynamic, with the expanding grid providing the kind of engagement and progressive action that is tailor-made for streamers.”

The post BGaming releases Frenzy Clusters slot with expanding grid feature appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Climb Time Mummy Cash Uncovered

Games Global and High Limit Studio launch Climb Time Mummy Cash Uncovered

Published

41 minutes ago

June 23, 2026

Wladimir P.

games-global-and-high-limit-studio-launch-climb-time-mummy-cash-uncovered

Egyptian-themed slot adds Climb Time progression, Guaranteed Wild Meter and a Bonus Booster Wheel with rewards up to 6,250x.

Games Global has launched Climb Time Mummy Cash Uncovered in partnership with exclusive studio partner High Limit Studio. The new Egyptian-themed 5×3 slot adds feature progression, hidden prize reveals and a bonus wheel, with the company stating maximum rewards of up to 6,250x.

At the core is the Cash Uncovered mechanic, triggered by landing a Mummy or Wild symbol on every reel. When activated, the feature reveals hidden prizes on Wild symbols and awards all displayed values simultaneously.

The title uses the Climb Time progression system to unlock upgrades through play, including Random Wilds, the Bonus Booster Wheel and enhanced Mummy symbols. As players progress, four mummy modifiers are added to reel one: Hot Spin Mummy (prizes up to 1,250x), Boost Mummy (increases prizes up to 15x), Collect Mummy (gathers values up to three times) and Multiply Mummy (multipliers up to 10x).

A Guaranteed Wild Meter tracks Random Wilds landing on reels two to five during the base game. If a spin results in no win, the symbols are collected to build the meter. Landing three bell scatters awards 10 Free Spins, played with the number of Guaranteed Wilds accumulated. Coin symbols also feed a Treasure Pot that can randomly activate a Wheel Bonus.

High Limit Studio Creative Director Adrian Wotton said: “The Egyptian theme was a natural fit for the Cash Uncovered mechanic and gave us the opportunity to approach the concept from a different angle. Combined with the Guaranteed Wild Meter and enhanced mummy features, we’ve introduced new layers to the experience while staying true to what made the original title so popular.”

Games Global Director of Games Strategy and Partner Management Dave Reynolds added: “Climb Time Joker Cash Uncovered proved how well this mechanic resonates with players, and this release gives operators a follow-up that builds on that success. High Limit Studio has layered in feature progression and the Guaranteed Wild Meter to deepen the experience – evolving a concept players already know into something with even broader appeal.”

The post Games Global and High Limit Studio launch Climb Time Mummy Cash Uncovered appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

2RBO Affiliates

ToonieBet Named Exclusive iGaming Partner of the Hamilton Tiger-Cats

Published

41 minutes ago

June 23, 2026

Wladimir P.

tooniebet-named-exclusive-igaming-partner-of-the-hamilton-tiger-cats

2RBO Affiliates is proud to announce that ToonieBet, an iGaming brand featured within its portfolio, has been named the Exclusive and Official iGaming Partner of the Hamilton Tiger-Cats. This partnership brings the Tigers’ spirit to the digital world, uniting a leading gaming platform with one of the most iconic and battle-tested teams in the Canadian Football League.

The collaboration marks a massive leap in ToonieBet’s expansion across the Canadian market, strengthening its position among a highly engaged sports audience. For affiliates, this is a call to sharpen the claws and prepare for a massive hunt for high-intent traffic and record-breaking conversions. By aligning with a club that defines grit and history, ToonieBet provides partners with direct access to a loyal fanbase where the passion for the play is unmatched and engagement extends far beyond the final whistle.

Through this alliance, affiliates gain access to premium traffic fueled by a dedicated sports community. By tapping into localized campaigns and sports-led activations, partners can expect optimized conversion funnels and stronger retention. This synergy ensures superior player LTV from a fanbase that lives and breathes the black-and-gold.

Aviv, Head of 2RBO Affiliates, highlighted the strategic value of this collaboration for affiliates:

“Partnering with the Hamilton Tiger-Cats allows us to engage with a football culture driven by loyalty, tradition, and a deeply engaged сommunity. For affiliates, this unlocks strong opportunities to connect with high-intent audiences, build campaigns around key fixtures in the season, and drive more consistent, long-term performance within the Canadian Football League ecosystem.”

“We are thrilled to welcome ToonieBet to the family as the Exclusive and Official iGaming Partner,” stated the Hamilton Tiger-Cats Press Office. “This partnership strengthens the connection between our club, our fans, and the wider digital world that surrounds the game. Together, we’re bringing new energy to the fan experience—creating exciting ways to engage, celebrate every moment of the season, and stay closer to the action. It’s time to ‘eat ’em raw’ together!

Ready to make every game count? Drive traffic to ToonieBet and turn player engagement into consistent revenue!

About ToonieBet

ToonieBet is a sports-oriented brand with casino and sportsbook features powered by exciting gamification. Players can play a thousand games and bet on sports events hunting for trophies and collecting cups for incredible prizes and generous bonuses.

About 2RBO Affiliates

2RBO Affiliates is a high-performance affiliate programme representing numerous iGaming brands. Built on an advanced platform, the programme combines modern gamification features, flexible commission models, and a no negative carryover policy to help maximise partner profitability. With transparent reporting, innovative tracking tools, and a strong focus on partner support and compliance, 2RBO Affiliates delivers scalable growth and long-term collaboration across competitive markets.

About Hamilton Tiger-Cats

The Hamilton Tiger‑Cats are a Canadian Football League (CFL) team based in Hamilton, Ontario. The club traces its roots to 1869, accumulating 15 Grey Cup titles, making it one of the most successful and storied football teams in Canada. A pillar of the local sports scene and owned by Hamilton Sports Group, the Tiger‑Cats are known for their longstanding tradition of excellence, both on the field and in the community through local initiatives.

The post ToonieBet Named Exclusive iGaming Partner of the Hamilton Tiger-Cats appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.