Latest News

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.

BC.GAME

BC.Game Names Kar Kheng Giam as CEO

Published

4 hours ago

March 26, 2026

Wladimir P.

BC.Game, a leading global crypto-focused online gaming platform, has announced the appointment of Kar Kheng Giam (“KK”) as its new Chief Executive Officer. Giam brings over 30 years of international leadership experience across gaming, technology, and consumer industries.

Before joining BC.Game, KK served as Vice President International at Coyote Bioscience, leading global expansion initiatives. He also co-founded Topgame and Tinymobi, developing successful mobile social and casino-style games. Earlier in his career, KK held executive positions including CEO roles at multiple organizations and regional leadership at Nabisco Asia.

In his role as CEO, KK will oversee BC.Game’s strategic direction, operational leadership, and financial performance, with a focus on scaling globally, expanding into regulated markets, and driving innovation in crypto gaming.

“BC.Game has built a strong global community by combining cutting-edge technology with engaging entertainment experiences,” KK stated. “With the rising adoption of crypto in online gaming, our focus will be on enhancing the platform, building trust, and strengthening our presence in licensed markets.”

BC.Game currently holds licenses in multiple jurisdictions, including Anjouan, Nigeria, Kenya, Mexico, and Tanzania, as part of its long-term strategy to expand into fully regulated markets worldwide. This appointment aligns with the company’s ambitions to grow its global footprint and strengthen compliance while delivering innovative gaming experiences.

The post BC.Game Names Kar Kheng Giam as CEO appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

2025 financial results

ZEAL Reports Strong Double-Digit Growth

Published

5 hours ago

March 26, 2026

Wladimir P.

ZEAL Network SE, Germany’s leading online lottery provider, closed 2025 with another year of robust double-digit growth.

Despite a weaker jackpot environment, the company significantly strengthened its core lottery business, accelerated diversification, and expanded its customer base—setting a solid foundation for long-term scalability.

The group delivered 16% revenue growth, reaching €218.5 million, while EBITDA rose 11% to €68.8 million. EBIT also climbed 12% to €60.1 million year over year. These results reinforce ZEAL’s strategic focus on building a multi-pillar digital entertainment ecosystem.

“At every level, our results confirm that our strategy works,” said Dr. Stefan Tweraser, CEO of ZEAL Network SE. “Expanding scalable products alongside our strong core lottery business increases resilience and positions us for ambitious future growth.”

CFO Andrea Behrendt highlighted continued investment in reducing jackpot dependence: “Our efforts create a sustainable and profitable growth structure.”

Core Lottery Business Continues to Lead Growth

ZEAL’s primary lottery brokerage remains its strongest revenue driver. Even with softer jackpot cycles:

Monthly active users climbed 8% to a record 1.558 million.
Lottery billings reached €1.1 billion, up 2%.
Gross margin increased to 17.7%.
Lottery-specific revenue surged 16% to €195.3 million.

These gains underline the brand’s ability to attract and retain large numbers of customers independent of jackpot volatility.

Dream House Raffle Becomes a Major Growth Pillar

The Traumhausverlosung (Dream House Raffle)—launched in 2024—has rapidly evolved into a strong secondary revenue stream. With guaranteed winners and high-appeal prize structures, the charity lottery generated:

€38.9 million in billings across four draws in 2025.

This success demonstrates the value of proprietary lottery products that complement ZEAL’s core business and enhance market differentiation.

Games Segment Accelerates With Expanded Portfolio

ZEAL also posted substantial growth in its digital Games division. The company extended its catalog to 650+ games, adding 400 new titles and strengthening collaborations with leading game developers.

As a result:

Games revenue increased 46%, reaching €14.4 million.
Active user numbers rose sharply.
Player protection remained a top priority, supported by AI-driven safeguards.

Customer Base Expansion Remains a Strategic Priority

ZEAL made targeted investments to grow its user base, acquiring 1.171 million new customers in 2025. As expected with aggressive acquisition:

Customer acquisition cost (CPL) increased to €46.47.
Marketing spending rose 20% to €68.6 million.

This investment is key to sustaining ZEAL’s long-term market position and unlocking additional cross-sell opportunities in games and charity lotteries.

2026 Outlook: Continued Growth and Diversification

Looking ahead to 2026, ZEAL aims to expand its German market leadership and scale its charitable lotteries freiheit+ and Traumhausverlosung, while continuing to strengthen its Games offering.

Forecasts for 2026 include:

Revenue between €250–260 million
EBITDA between €70–75 million

These projections already factor in increased investment to accelerate diversification and future-proof the business.

The post ZEAL Reports Strong Double-Digit Growth appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

GamingTECH CEE Awards 2026

WinSpirit wins Best Online Casino in CEE at the GamingTECH CEE Awards 2026

Published

10 hours ago

March 26, 2026

Wladimir P.

winspirit-wins-best-online-casino-in-cee-at-the-gamingtech-cee-awards-2026

Online casino brand WinSpirit has been announced as the winner in the Best Online Casino in CEE category at the GamingTECH CEE Awards 2026 — a respected industry event celebrating excellence across the iGaming sector.

Since launching in mid-2022, WinSpirit has rapidly gained recognition for its dynamic approach to product development, creative marketing, and a genuine player-first philosophy. The brand stands out by successfully combining innovative features, high-quality entertainment, and strong focus on player experience.

Over the past year, WinSpirit has demonstrated impressive growth across key metrics, significantly expanding its loyal player base, VIP segment, and overall betting activity. The brand has also introduced unique interactive formats, enhanced its loyalty system with the real-time Gift Shop, and continued to invest in smart personalisation across the platform.

This award adds to WinSpirit’s growing list of international recognitions. The brand also maintains excellent player ratings across major review platforms, consistently receiving high marks for service quality and user experience.

With this latest victory, WinSpirit continues to solidify its reputation as one of the most dynamic and player-oriented online casinos in the industry — combining rapid growth with innovation and a clear focus on player satisfaction.

The post WinSpirit wins Best Online Casino in CEE at the GamingTECH CEE Awards 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.