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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.

Europe

European Online Gambling Industry Faces Tough Offshore Choice

Published

2 hours ago

May 22, 2026

Wladimir P.

european-online-gambling-industry-faces-tough-offshore-choice

The slow death of grey markets in Europe and the increasingly clear line between regulated spaces and the black market is set to divide the entire industry in two, including suppliers.

With almost all major European markets having adopted or being well on their way to enacting a full licensing regime for online gambling, the battle lines between what is on- and off-shore are clearer than ever.

For those nations that persist with restrictions on some sectors, like the continued monopoly in Norway or France’s ban on online casinos, it’s becoming nearly impossible to justify doing business in spite of these prohibitions – even for suppliers.

Regulators in the rest of Europe increasingly expect their licensees to follow not just their rules, but those of their fellow authorities across the continent.

Where once expectations of good behaviour were reserved exclusively for operators, B2B companies are now subject to the same scrutiny.

For the past few years, there has been a general building of pressure on suppliers, but this year B2B compliance has moved from a growing trend to become the status quo for the sector.

Where do you stand?

The industry is being asked to pick a side and even to play the role of regulator itself, in some cases.

“We understand that at least one piece of recent B2B regulatory enforcement [in the UK] may have come as a result of a B2C operator effectively reporting one of its suppliers,” said Andy Danson, the head of Bird & Bird’s international gambling practice.

It’s becoming clear that a meaningful percentage of operators have fully bought into the idea that those who continue to exist in European black or grey are threats to their bottom line.

Speaking on a recent webinar organised by his firm, Danson added: “There is an increasing use of commercial pressure and accountability alongside regulatory enforcement, and there is this growing expectation that licensed businesses consider who they support.”

Danson notes that, in his view, the burden on operators to self-police their industry is probably becoming too large.

“How much can a regulator really expect B2C licensees to regulate their suppliers? It is ultimately the regulator’s job to do that, and B2C really should be able to rely on their suppliers having a local license.”

This backwards pressure is also being exerted on suppliers in jurisdictions where they are required to obtain their own licenses.

Regulators expect suppliers not to sell their content to operators who service their local black market and look dimly on supplying companies active in illegal markets in any part of the world.

Gone are the days when these authorities would accept the excuse that aggregators are ultimately responsible for providing game content to these offshore operators. Instead, suppliers risk enforcement if they do not have oversight of the entire supply chain their products exist in.

Dealmakers

This pressure coming in from every angle leads to only one inevitable conclusion: M&A activity.

As suppliers are forced to choose either to abandon their high profit margin offshore clients or their reliable onshore customers, the possibility of dividing into two parts becomes more and more compelling.

“I think businesses will very likely look to separate and restructure, particularly where they currently have a real mix of regulated and unregulated market activities,” said Danson.

“We certainly saw similar trends five to ten years ago when the regulatory focus on this sort of issue was more on the B2B side,” he added.

This move would be driven partly by modern regulatory complexities, but also the impact of US investors entering the gambling market more prominently over the past five years.

US-based capital tends to be more skittish about any activity with uncertain regulatory backing and its law enforcement authorities are not shy about exerting their authority extraterritorially.

“International market exposure is becoming more and more relevant in an investment and M&A context,” Danson confirmed.

A dilemma

Those gambling businesses choosing the regulated environment are at least finding their authorities more willing than in previous years to take proactive action against the black market.

In the UK, the Gambling Commission has received a grant of £26m from the government to step up its work against illegal online gambling, for example.

Regulators are also understood to be sharing more information than ever before about the main bad actors afflicting their markets, through organizations like the Gambling Regulators Europe Forum (GREF).

Although it’s worth noting that officials also say they are swapping notes on the activities of their licence-holders as well, in yet a further example of international compliance becoming a local issue.

This, along with an atmosphere of zero compromise when it comes to tightening regulations, has created a situation where the choice between on- and off-shore is not a simple one.

Andy Danson summed up the problem: “By creating an environment which has become so burdensome and challenging for regulated markets to operate, and then challenging operators and suppliers to pick a side, regulators perhaps shouldn’t be all that surprised when some operators out there might not necessarily choose the side that they want them to.”

The post European Online Gambling Industry Faces Tough Offshore Choice appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Brazil

EGB Group launches institutional portal to strengthen corporate presence in iGaming in Brazil

Published

5 hours ago

May 22, 2026

GamingAmericas.com

egb-group-launches-institutional-portal-to-strengthen-corporate-presence-in-igaming-in-brazil

EGB Group (Esportes Gaming Brasil), owner of Esportes da Sorte, Onabet and Lottu, has launched its new institutional portal, bringing governance, strategy and corporate operations together in a single digital environment.

The initiative aims to structure the group’s institutional presence and increase transparency across its processes, operational pillars and expansion projects.

The portal features dedicated sections such as Compliance, ESG, Ecosystem and a fully structured Press Room, improving access for partners, media and regulatory authorities to compliance information and strategic initiatives.

According to Iury Tavares, Media Relations Manager at EGB Group, the launch reflects an already consolidated internal evolution.

“The launch of our institutional website materializes EGB Group as an ecosystem.

We are no longer seen only as isolated consumer brands, but as an integrated structure with different business fronts connected by a common purpose of innovation and market leadership.”

Camyla Lima, Branding and Creative Manager, added that the new platform also improves how this structure is communicated.

“The new corporate identity balances the energy of entertainment with the rigor of a structured operation.

We developed an interface that prioritizes institutional storytelling and ecosystem navigation, making it easier to understand how the brands are integrated.”

The more sober visual identity reinforces the group’s institutional positioning in a regulated market and reflects its organizational culture, recognized by its Great Place to Work certification and a workforce of around 1,000 direct and indirect jobs.

With employees placed at the center of the communication strategy, the launch was also supported by internal activations across offices in São Paulo and Recife and corporate channels.

Beyond governance, the portal highlights the group’s broader social impact initiatives.

It showcases support for street carnival blocks and official sponsorships of major Carnival celebrations across Brazil, including traditional hubs such as Recife and Olinda.

Social responsibility projects such as Costura Cidadã, support for waste pickers during major events, and partnerships with NGOs focused on river cleaning are also featured.

In sports, the group maintains sponsorships with clubs including Corinthians, Náutico, Ferroviária and Ceará, as well as support for inclusive sports initiatives.

A key highlight of the portal is the company’s investment in Brazilian technology development that underpins its operations.

The group details its use of proprietary platforms to ensure technical autonomy and compliance with requirements set by the Secretariat of Prizes and Betting (SPA/MF).

This structure also includes the use of artificial intelligence for personalization and security, contributing to formal job creation and revenue generation across digital advertising and sports-related sectors.

Esportes Gaming Brasil

Esportes Gaming Brasil is one of the leading betting groups in the country, operating under a fully Brazilian structure with an official licence granted by the Ministry of Finance through SPA/MF. The authorisation covers its three brands: Esportes da Sorte, Onabet and Lottu, with nationwide operations across Brazil.

A benchmark in innovation and a strong advocate of market regulation, the group is committed to responsible gaming and continuous investment in user protection technologies, while generating hundreds of jobs.

Beyond sports betting, Esportes Gaming Brasil invests consistently in sports, culture and social projects. It is a master sponsor of clubs such as Corinthians, Ceará, Ferroviária and Náutico, and supports major cultural initiatives.

This include Galo da Madrugada and Carnival celebrations across Recife, Olinda, Salvador, Maceió, Natal, Caicó, Belo Horizonte, Rio de Janeiro and São Paulo, as well as the Parintins Festival. The brand also expands its digital presence through creative campaigns and influencer partnerships, strengthening its connection with audiences across online platforms.

The post EGB Group launches institutional portal to strengthen corporate presence in iGaming in Brazil appeared first on Americas iGaming & Sports Betting News.

2026 FIFA World Cup

Media Troopers brings its sports betting expertise to Peru ahead of the 2026 FIFA World Cup

Published

7 hours ago

May 22, 2026

GamingAmericas.com

media-troopers-brings-its-sports-betting-expertise-to-peru-ahead-of-the-2026-fifa-world-cup

Media Troopers, the leading digital and customer acquisition group, has announced it will enter Peru’s regulated market to offer its sports betting and prediction market services ahead of the 2026 FIFA World Cup.

The 2026 FIFA World Cup, which will be played from 11 June to 19 July across the US, Canada, and Mexico, is a defining moment for the global online wagering industry, and one that Media Troopers aims to help operators capitalize on.

Peru is one of LatAm’s newest regulated markets, launching in 2024.

It’s home to more than 60 online operators, with its gaming regulator having granted 120 licenses since the launch.

In 2024, Peru’s regulated market was valued at $2.7 billion, with analysts expecting projected growth to reach $7.6 billion by 2033.

Media Troopers CEO Shmulik Segal says that Peru’s current regulated market represents the early stages of regulated sports betting in the US, noting that it currently boasts strong consumer demand and rapid operator expansion.

“Media Troopers is bringing mature-market expertise into Peru at precisely the moment the market is ready to scale,” Segal said.

By entering Peru, Media Troopers can offer its wide range of marketing and acquisition tools to operators in the region.

That includes providing operators with soccer-focused marketing channels, access to a variety of existing publishers and affiliates, and localized features that help operators scale their platforms to reach a more tailored audience, increase engagement, and build a trusting brand presence in the area.

Media Troopers has positioned itself as the gateway between exporting North American betting infrastructure into new, emerging markets, as it prepares for the next evolution of online wagering.

MediaTroopers was founded in 2019 with the vision of providing legal, safe, and responsible gambling alternatives to sports bettors and casino players.

Since then, the company has grown to operate in over 40 jurisdictions across North America.

MediaTroopers leverages decades of digital marketing experience, extensive in-house media buying knowledge, mobile advertising expertise, a robust technical infrastructure, and an extensive network of in-house and affiliated publishers to acquire paying customers for the world’s top gambling operators, including BetMGM, Caesars, DraftKings, FanDuel, BetRivers and more.

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