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LeoVegas AB Q4: Year-end report 2020
“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.
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Baltics
HIPTHER Baltics: Vilnius 2026 Agenda Sets the Stage for the Region’s Next Era of iGaming Regulation & Fintech Integration
The agenda for HIPTHER Baltics: Vilnius 2026 has officially been revealed, marking a defining moment for the Baltic region’s iGaming, fintech, and regulatory landscape.
Taking place on 21 April 2026 at the Hilton Garden Inn Vilnius City Centre, the conference launches HIPTHER’s new Baltics-focused series, a bold evolution designed to bring deeper, jurisdiction-specific insight and high-level dialogue to one of Europe’s fastest-transforming digital markets.
At its core, the Vilnius edition is built around a powerful theme:
“iGaming Regulation & Fintech Integration” — a convergence shaping the future of compliance, payments, and digital innovation across the region.
A Defining Moment: Lithuania’s Regulatory Reset
Lithuania is entering a new phase — one where rapid fintech growth meets tightening regulatory expectations.
The agenda reflects this shift directly, capturing a market transitioning from accessibility to accountability, structure, and long-term sustainability. From post-MiCA realities and stricter AML frameworks to evolving iGaming controls, Vilnius becomes the place where these changes are not just discussed — but decoded.
The Agenda: One Day, Two Stages, Zero Filler
The newly released agenda delivers a high-density, decision-maker-focused experience, designed for professionals who need clarity.
Across two parallel tracks — Compliance & Operations Lab and TechXperience Stage — the program cuts straight to the pressure points shaping the industry:
On the Compliance & Operations side:
- Gambling Regulation in the Baltics: Enforcement, Gaps, and Political Pressure
- Post-MiCA Survival: Maintaining Your License Under the 2026 Strictures
- The Bank Pivot: SME Lending, EMI Stability & Financial Resilience
- AML 2.0 & MiCA in Practice: Building Compliance That Actually Works
- The iGaming Ad Ban: Survival Strategies in a “No Marketing” Era
On the TechXperience Stage:
- Next-gen Payments: A2A, Open Banking & Cross-border Infrastructure
- AI in Product & Workforce Transformation
- Blockchain Beyond the Hype: Infrastructure, Tokenization & Settlement
- Esports, Gaming & Digital Communities: Building Next-Gen Ecosystems
- AI in Product, Risk & Compliance: From Buzzwords to Deployment + Agentic AI & Data-Driven Organizations
Going beyond theoretical insight, this Agenda is a working blueprint for navigating what’s already unfolding.
Curated Networking & Meaningful Connections
The refreshing morning break and delicious complimentary lunch, will be followed by an evening social gathering at Jazz Cellar 11 –– offering rum, jazz, conversations, and the kind of networking that somehow becomes more productive after the formal agenda ends.
Spotlight on Speakers: The People Driving the Change
The Vilnius stage brings together a carefully selected lineup of regulators, compliance and fintech leaders, legal experts, and technology innovators — the very people operating at the frontlines of transformation.
These are just some of the speakers to take the stage:
- Rainer Osanik – Head of Fiscal Information and Intelligence Department in the Estonian Ministry of Finance
- Ineta Mačinskienė – CEO of Walletto
- Edgaras Abromavičius – President of the Lithuanian Esports Federation and Head of Esports and Gaming at the Lithuanian Football Federation
- Marija Nudga – Senior Lawyer at Tonybet and Legal Expert in iGaming & Fintech Compliance
- Kristina Vabinskaitė – Financial Markets Policy Department of the Ministry of Finance of Lithuania
- Saulius Racevicius – CEO of Pace App and Board Member of the Fintech Hub LT
From professionals securing MiCA licenses and building risk frameworks, to experts advising on international licensing, AML systems, and cross-border fintech operations, the speaker lineup reflects real, hands-on expertise.
These are the leaders and experts shaping how regulation and innovation coexist in real time.
Zoltan Tündik, Co-Founder and Head of Business at HIPTHER, stated about the Vilnius 2026 Agenda:
“Our dedicated Baltics series this year kickstarts in Vilnius and marks a strategic pivot in how we approach regional excellence. Having spent nearly two decades in the media and news sphere, we’ve learned that general insights are no longer enough; the market now demands jurisdiction-specific precision. Lithuania stands at a fascinating crossroads where fintech maturity meets a rigorous regulatory reset. Our 2026 agenda is designed to decode this convergence, helping leaders navigate the post-MiCA landscape and tighten iGaming frameworks. As we celebrate 10 years of HIPTHER impact, Vilnius represents our commitment to staying ahead of the curve, providing the high-level, boutique environment necessary for the industry’s most critical conversations.”
Boutique by Design — Powerful by Nature
HIPTHER Baltics: Vilnius 2026 is intentionally built as a boutique, high-value experience:
- A senior-level audience of decision-makers
- Focused, high-quality networking opportunities
- A premium central Vilnius setting designed for meaningful interaction
The format ensures that conversations don’t get lost in scale — they gain depth, relevance, and momentum.
Join the Conversation in Vilnius
The agenda is now live — and with it, the opportunity to be part of a room where regulation, technology, and strategy converge.
Explore the full agenda & secure your spot: https://hipther.com/events/vilnius/
Because in a year defined by regulatory change, the real advantage belongs to those in the room.
The post HIPTHER Baltics: Vilnius 2026 Agenda Sets the Stage for the Region’s Next Era of iGaming Regulation & Fintech Integration appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Affiliate Succes
ReferOn Secures “Best Affiliate Software 2026” Title at SiGMA South America Awards
ReferOn, a top-tier affiliate management platform, has been awarded “Best Affiliate Software 2026” at the prestigious SiGMA South America Awards.
This accolade signifies significant market momentum and product creativity central to ReferOn. Designed as a data-centric platform, it minimizes operational friction and enhances efficiency. This acknowledgment strengthens our path to becoming the top affiliate ecosystem in the industry, as we persist in developing high-performance infrastructure that grows with our partners.
Enhancing Productivity on a Large Scale
ReferOn’s expansion demonstrates that the sector is prepared for a more intelligent method of affiliate management. Successfully managing millions of data points from numerous partners demands a highly agile, data-oriented framework. We consistently enhance our platform to eliminate operational clutter, transforming intricate daily activities into smooth, automated processes that promote genuine efficiency on a large scale.
Alex Bukin, General Manager at ReferOn, commented on the win: “This award is a massive milestone for us, and it belongs entirely to our team. Their genuine passion for building an exceptional platform is what drives our rapid growth every single day. We don’t just want to be another tool in the stack; we want to change how affiliate marketing works for the better; making it simpler, more transparent, and much more powerful. We have ambitious plans on the horizon to further expand our capabilities.”
This acknowledgment at SiGMA South America 2026 further confirms our path as we enter our next growth phase. Our plan for 2026 and the future focuses on growth and innovation. We are proactively broadening our international reach, establishing strategic partnerships, and implementing platform enhancements that cater to the intricate requirements of contemporary affiliate networks.
The post ReferOn Secures “Best Affiliate Software 2026” Title at SiGMA South America Awards appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Crypto
Paysafe launches Pay with Crypto solution to meet US iGaming market demand
Paysafe (NYSE: PSFE), a global payments platform, today announced the launch of Pay with Crypto, a new crypto payment method for iGaming operators and daily fantasy sports brands in the U.S. market. Powered by MoonPay, the leader in global crypto payments and stablecoin infrastructure, Pay with Crypto allows iGaming brands’ customers to use their preferred stablecoin or cryptocurrency to effortlessly fund their player accounts, where permitted.
With a reported ~70.4m American adults owning cryptocurrency and with Paysafe’s own research indicating that 83% of U.S. players have appetite for crypto payments, the company has responded to meet this demand with Pay with Crypto. Whether a player wants to fund their iGaming account using USD Coin (USDC), another stablecoin, or any major cryptocurrency, Paysafe’s new payment option for operators’ cashiers enables their crypto deposit to be rapidly converted to U.S. dollars to allow play.
After selecting Pay with Crypto and their preferred stablecoin or cryptocurrency, players simply connect their crypto or custodial wallet to fund the deposit, with the MoonPay Commerce Checkouts technology also supporting transactions via QR code using users’ phones. Once transactions have been verified, Pay with Crypto instantly converts crypto deposits into U.S. dollars to fund the player account.
The flexibility embedded in the Pay with Crypto solution also extends to operators, which can choose to settle payments almost instantly in stablecoins in their business’s crypto wallet, or settle in U.S. dollars or any major fiat currency through MoonPay’s Virtual Accounts powered by Iron.
Operators can upgrade their cashiers with Pay with Crypto through a single, streamlined integration of the Paysafe Gateway, which has been developed specifically for iGaming and leverages the company’s 30 years’ global experience. With the Gateway already boasting frictionless card payments, the Skrill digital wallet, the PaysafeCash eCash solution, a Pay by Bank product, and 30+ local payment methods, the addition of Pay with Crypto sees Paysafe continue to diversify its offering to meet evolving transactional preferences.
Zak Cutler, President of Global Gaming at Paysafe, said: “Galvanized by the growing popularity of stablecoins, cryptocurrency is evolving in the U.S. from an investment asset into a unit of value for payments, and we’re seeing this shift gather pace in the country’s iGaming market. Against this backdrop, we’re delighted to unveil Pay with Crypto, a forward-thinking solution that strongly positions U.S. operators for their customers’ changing transactional preferences – the future of how they pay when they play.”
Ivan Soto-Wright, Founder and CEO of MoonPay, commented: “Crypto rails are making payments faster and more efficient, and our job is to close the gap between this technology and real-world utility. People shouldn’t have to convert their digital assets just to make a purchase – they want to use what they already have. Paysafe brings that experience to more people through trusted, regulated platforms.”
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