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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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Casino Content
SkillOnNet adds ODDSworks casino content across Ontario sites
SkillOnNet has gone live with ODDSworks casino content across Ontario, rolling out titles on a number of its iGaming sites including PlayOJO, SlotsMagic and SpinGenie.
The companies said the Ontario deployment is the first phase of a wider rollout expected to extend to Mexico and selected Latin American markets in the coming months. SkillOnNet’s LatAm-facing brands include PlayUZU and BacanaPlay.
ODDSworks, based in Chicago, supplies casino content and remote gaming technology across regulated markets in North America and Latin America. Its portfolio includes third-party titles from North American land-based slot and table game manufacturers, as well as content from independent studios.
Jani Kontturi Head of Games at SkillOnNet said: “ODDSworks has built games with a clear understanding of North American player preferences, and that’s exactly the kind of localized expertise we look for when expanding our portfolio. We’re excited to introduce their titles to our players.”
Larry DeMar at ODDSworks said: “We are pleased to partner with SkillOnNet and make our games available through its powerful platform. SkillOnNet has an excellent reputation for delivering exceptional player experiences, and this launch provides an exciting opportunity to extend the reach of our content across regulated markets.”
The post SkillOnNet adds ODDSworks casino content across Ontario sites appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Canada
What Canadian Slot Players Are Really Comparing in 2026: Payout Speed, Interac and RTP Transparency
Canadian online slot players are becoming more practical.
The old conversion model was simple: show a big welcome bonus, list a few popular games, and hope the player clicked through. That still has a place, but it no longer reflects how better-informed casino players compare sites in 2026.
The conversation has shifted.
Players are now asking sharper questions before they deposit. How fast can I cash out? Does the casino support Interac? Are the best games actually available in Canada? What happens after I win? Are the slot terms clear? Can I see RTP information without digging through a help centre?
For operators, affiliates and suppliers watching the Canadian market, this change matters. The slot player is not just bonus-led anymore. The player is becoming banking-led, payout-led and value-led.
Payout speed has become a decision factor
Withdrawal speed is one of the biggest practical differences between online casinos.
Many casinos still market themselves around welcome packages, but the post-win experience is where trust is won or lost. Players notice pending periods. They notice extra verification steps. They notice whether withdrawals are processed quickly or whether the process feels deliberately slow.
That is why comparison behaviour around fastest payout casinos in Canada has become more commercially important. A casino can have a large slot library and a generous bonus, but if the payout process is slow, many experienced players will look elsewhere.
This is especially true for slot players. Slots create quick sessions, frequent bonus rounds and unpredictable payout moments. A player who wins on a Friday night does not want to discover that the casino only starts reviewing cashouts on Monday.
Fast payout positioning is not just a payment feature. It is a trust signal.
Interac remains central to the Canadian player journey
Interac is still one of the most important payment expectations in Canada.
For many players, it feels familiar, local and practical. It connects online casino banking with everyday Canadian banking behaviour. That matters because casino payments are a high-friction moment. Players may be comfortable browsing games, comparing bonuses and reading reviews, but depositing money is where hesitation appears.
Clear information about Interac casino payments helps reduce that hesitation.
The most useful casino pages now explain more than whether Interac is accepted. They answer questions such as:
- Is Interac available for deposits only, or withdrawals too?
- Are there minimum and maximum limits?
- Does account verification affect payout speed?
- Are e-Transfer withdrawals supported?
- Are there fees? Is Interac treated differently by province or operator?
This level of detail is valuable because Canadian players are not just asking “Can I pay?” They are asking “Can I deposit, play, withdraw and trust the process?”
That is a much more commercial question.
RTP transparency is becoming part of player value
RTP has always existed as a technical concept, but it is becoming more visible in player decision-making.
A casual player may not calculate long-term return percentages before every spin. But more players now understand that slot choice matters. They know that some games are more volatile, some bonuses are harder to clear, and some titles publish better long-term return figures than others.
This is why content around high-RTP slots is becoming more useful when it is presented properly.
The weak version of RTP content is an educational glossary: “RTP means return to player.” That is not enough anymore.
The stronger version connects RTP to actual player behaviour:
- Which high-RTP games are worth knowing?
- Which casinos offer strong slot libraries?
- How does volatility affect the player experience?
- Does the bonus structure make a high-RTP game less valuable?
- Are high-RTP slots available on mobile?
- Can Canadian players access the games easily?
RTP transparency does not mean players expect to beat the casino. It means they want clearer information before choosing where and what to play.
Mobile play is raising expectations
Canadian slot players are heavily mobile-led.
That changes the comparison process. A player may research on desktop, but the actual deposit and session often happen on a phone. If the casino lobby is slow, payment forms are clunky, or game filters do not work well on mobile, the player experience suffers.
Mobile also puts more pressure on clarity. Players do not want to scroll through huge blocks of bonus terms. They want fast answers:
- Best casino for quick withdrawals
- Best Interac option
- Best slot lobby
- Best high-RTP games
- Best mobile experience
For affiliates and operators, this means page structure matters. Tables, verdict boxes, payment summaries and direct recommendations often outperform long, generic content.
The market is moving away from generic casino comparisons
The Canadian slots market is not short of casino lists.
The issue is that many lists look the same. Same bonus-first ranking. Same generic claims. Same vague “safe and secure” language. Same lack of useful payout or banking detail.
The better opportunity is to compare casinos around real player decisions.
For Canadian slot players, that often means:
- How fast can I withdraw?
- Can I use Interac?
- What games are actually worth playing?
- Is the casino reliable after I win?
- Does the site work properly on mobile?
- Are the terms clear enough to trust?
These questions are more practical than promotional. They also create stronger commercial intent.
A player searching for payout speed, Interac support or slot value is usually further along the decision journey than someone casually browsing a bonus list.
What this means for the industry
The Canadian slot player in 2026 is not necessarily less bonus-driven. But the bonus is no longer the whole story.
The market is becoming more mature, and mature players compare the full experience. They want payment confidence, game quality, mobile usability, transparent terms and fewer surprises after depositing.
For operators, this means the product experience has to support the marketing promise.
For affiliates, it means generic casino pages are losing their edge. The stronger play is to build content around the actual comparison points players care about.
Payout speed, Interac and RTP transparency are not side details anymore.
They are becoming part of the main decision.
The post What Canadian Slot Players Are Really Comparing in 2026: Payout Speed, Interac and RTP Transparency appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
content distribution
Gaming Corps signs content deal with Jupiter Gaming for UK-facing brands
Gaming Corps has signed a content agreement with Jupiter Gaming to distribute its games across Jupiter’s UK-facing casino network, as the operator expands under its own UK Gambling Commission licence.
Under the deal, Gaming Corps’ content will be made available on Kingcasino.com, 666casino.com, Mrluck.com, Redcasino.com and Dreamjackpot.com. The companies also said a further new casino brand is due to launch soon.
Gaming Corps said Jupiter Gaming will gain access to a range of its titles, including its Low RTP Blackjack collection, the 3 Pigs series, football-themed content across slot, arcade and instant win formats, and Instant Blitz.
Graham Greensmith, Chief Commercial Officer at Gaming Corps, said: “Jupiter Gaming is entering an important new phase as it brings established brands onto its own UK licence. This provides Gaming Corps a fantastic opportunity to give an ambitious operator the right mix of content as it builds its proposition in a competitive and highly regulated market.
“Our portfolio has become much broader and more purposeful over the last year, from new table game variants such as Low RTP Blackjack, to the continued growth of the 3 Pigs franchise, our football-themed content and the launch of Instant Blitz as a new vertical. Jupiter Gaming has a clear product vision, and we are very pleased to be part of that journey as the business continues to scale.”
James Lowrey, Chief Product Officer representing Jupiter Gaming, added: “As Kingcasino.com, 666casino.com and Mrluck.com transition onto Jupiter’s UKGC licence, it is important that we work with suppliers that bring variety, are reliable, and have a strong understanding of the UK market.
“Gaming Corps gives a diverse mix of content across many formats, which fits well with the experience we want to deliver across Jupiter brands. Together with further casino brand launches, this makes it an exciting period for Jupiter Gaming, and partnerships like this will play an important role in supporting our next stage of growth.”
The post Gaming Corps signs content deal with Jupiter Gaming for UK-facing brands appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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