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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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ad formats 2026
PropellerAds Unveils Multi-Format Advertising Suite for Scalable User Acquisition (January 2026)
PropellerAds, a leading multi-source performance advertising platform, today launched a deeply integrated multi-format traffic strategy designed to deliver predictable conversions and scalable growth as acquisition costs climb and user attention fragments across devices and platforms.
Since 2011 PropellerAds has expanded beyond its Popunder roots into a full-service adtech platform that now includes Push, In-Page Push (IPP), Native/Display, Survey Traffic, and Telegram Mini Apps (TMA). This move positions the company as one of the few global providers offering integrated reach across traditional web placements and growing social/in-app ecosystems.
Why this matters for advertisers
Rising acquisition costs and cross-device fragmentation make single-format campaigns unreliable. PropellerAds’ multi-format suite lets brands, agencies and affiliates:
- Mix high-volume formats for rapid testing (Popunder) with high-intent formats (Survey Traffic).
- Reach audiences across Android, iOS and desktop with native-style creatives (IPP and Push).
- Tap emerging social channels via in-app experiences (Telegram Mini Apps) for engaged, low-disruption traffic.
The result: more stable scaling, flexible reach, and higher conversion predictability.
Key formats powering the platform
- Popunder Ads — volume and scale
Popunder remains a workhorse for large-scale acquisition, offering massive coverage, direct-click placements and cost control. It’s ideal for fast market tests and high-volume conversion funnels. - Telegram Mini Apps (TMA) — social traffic growth
TMA brings in-app interstitials, banners and task-based units inside Telegram’s Mini Apps. Advertisers gain access to highly engaged social users with performance optimization that preserves user experience. - In-Page Push (IPP) — native, cross-device reach
IPP delivers notification-style creatives embedded within webpages without opt-in, covering Android, iOS and macOS. Its native look and wide device support increase engagement and CTR while filling gaps left by traditional push. - Push Format — persistent outreach
PropellerAds’ Push ads reach users outside browsing sessions via browser notifications. As an early mover in push ads, PropellerAds now delivers billions of daily impressions to support remarketing and time-sensitive campaigns. - Survey Traffic — high-intent audiences
Survey Traffic funnels users who actively participate in surveys to advertiser landing pages, producing audiences with elevated intent—especially effective for finance, subscriptions, rewards, and lead generation verticals.
PropellerAds’ strategic edge
By combining multiple traffic types and automated optimization, PropellerAds aims to protect campaigns from volatility in any single channel. The platform’s cross-format approach helps advertisers adapt to shifting traffic patterns while maintaining ROI targets.
“With user behavior shifting across screens and contexts, PropellerAds’ multi-format synergy is now essential for scalable growth,” says Julia Larionova, Head of Marketing at PropellerAds. “Platforms with integrated formats and automated optimization will gain a competitive advantage as traffic continues to diversify.”
Bottom line
PropellerAds’ multi-format expansion reflects the adtech industry’s shift toward integrated, cross-device acquisition. For marketers facing rising traffic costs and fragmented attention, the platform offers diversified ad formats and performance tools to scale more reliably in 2026 and beyond.
The post PropellerAds Unveils Multi-Format Advertising Suite for Scalable User Acquisition (January 2026) appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Age of Empires competitive
Team Vitality Enters Age of Empires II Esports with Star-Studded Roster
Team Vitality, one of the most influential names in modern esports, has officially announced its entry into the Age of Empires II competitive scene. This marks a major milestone: the merging of a contemporary esports powerhouse with one of the most iconic real-time strategy franchises in history.
Aiming for the Throne: Star-Studded Roster
Team Vitality isn’t just entering for exposure — they are targeting dominance. The team has assembled a roster featuring three of the most decorated players in Age of Empires II history:
- Hamzah “Hera” El-Baher – The Golden Boy
Known for his unmatched consistency and strategic mastery, Hera defines the modern AoE era. In 2023, he achieved a historic 14-tournament winning streak in S-Tier events. Fresh off his Red Bull Wololo: El Reinado 2024 victory, the current Player of the Year is set to continue his reign under the Vitality banner. - Kai “Liereyy” Kallinger – The Archer God
Renowned for exceptional micro-management and aggressive play, Liereyy brings mechanical perfection and explosive strategies to the squad. A multi-time Red Bull Wololo Champion (II & IV), the Austrian star is widely regarded as one of the most spectacular talents in the game’s history. - Hernán “Hearttt” Pizarro – The Veteran Strategist
With a professional career dating back to 2012 and 80+ tournament appearances, Hearttt is the rock of the team. Named Comeback Player of the Year 2023, the Peruvian strategist provides depth, resilience, and unparalleled tactical insight.
First Major Appearance: Red Bull Wololo 2026
Team Vitality’s AoE II roster will make its competitive debut at Red Bull Wololo 2026: Londinium, one of the most prestigious events on the global RTS calendar. Fans can expect high-level strategic gameplay and the start of Vitality’s quest for world championship titles in the genre.
“At Team Vitality, our expansion is always driven by a certain ambition: to compete for and win World Championships in the world’s most iconic games. Age of Empires and our new superstar lineup align perfectly with that vision… We are honored to be part of this history and can’t wait to welcome AoE fans into the Vitality Hive.” — Danny Engels, Corporate Director, Global Operations, Team Vitality
Why This Matters
Team Vitality’s entry into Age of Empires II is a significant moment for the RTS esports ecosystem:
- It bridges legacy RTS titles and modern esports organizations.
- Brings global visibility to Age of Empires II tournaments.
- Sets the stage for strategic showdowns at major international events.
With Hera, Liereyy, and Hearttt, Team Vitality is positioned to challenge for the top spots in competitive AoE II and potentially reshape the RTS landscape for years to come.
The post Team Vitality Enters Age of Empires II Esports with Star-Studded Roster appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
AFCON 2025
AFCON’s month of football did not lift iGaming demand — Blask data analysis
AFCON 2025 ran from 21 December to 18 January, packing 52 matches across 19 matchdays. Given that schedule and the heavy interest in favourites such as Senegal, Morocco, Nigeria and Egypt, many expected a measurable boost in online gambling activity. However, Blask data shows the tournament produced only occasional deviations from normal patterns — even in the nations with teams that reached the final stages.
Key findings from Blask data
- No broad uplift: Overall iGaming demand did not climb consistently across markets during AFCON.
- Weekly rhythm dominated: The Blask Index largely followed pre-existing weekly patterns; matchday timings rarely overrode those cycles.
- Host-country anomaly: Morocco — with more viewer-friendly kick-offs (five of seven on Sundays or Friday evenings) — recorded the largest single day-to-day Blask Index move (26 December, Morocco vs Mali at 21:00 local).
- Vertical competition mattered: Live-match excitement often drew attention away from casino play rather than increasing it. Hourly Blask Index figures frequently fell or stayed flat during national-team matches.
- Market-share stability: Dominant brands (usually 1–4 operators) retained their daily shares; AFCON did not reshuffle leaders in most markets.
Why AFCON didn’t create a sustained iGaming spike
- Calendar beats event noise. Daily and weekly user habits — workweek rhythms, prime-time viewing slots and local schedules — remained the strongest determinants of iGaming demand.
- Attention is finite. While live betting benefits from matchday attention, casino verticals compete for the same user time. In practice, watching matches often reduced casino activity.
- Operator strategy limits volatility. In markets controlled by a few large operators, firms manage audience attention by shifting promotions across verticals rather than expanding overall demand. That keeps market shares relatively steady.
Notable exception: Nigeria’s operator flip-flop
Nigeria bucked the broader trend: two brands controlling 70%+ of audience attention exchanged top positions frequently. Bet9ja was the 2025 leader overall, but SportyBet overtook it on most AFCON days, including all Nigeria team matchdays — showing how high-profile tournaments can temporarily reorder leaderboards where competition is extremely concentrated.
What this means for operators and marketers
- Promotions should be tactical, not assuming scale. Expect matchday windows to deliver spikes in live-bet engagement but not necessarily a net rise across iGaming.
- Vertical-specific offers perform better. Tailor live-betting promos during matches and protect casino revenues with off-peak incentives.
- Local kick-off times matter. Host nations or markets with viewer-friendly schedules can see stronger short-term lifts — use that to time campaigns.
Conclusion
AFCON 2025 drew continent-wide interest, but Blask’s daily and hourly data indicate no broad, sustained iGaming uplift. Instead, the tournament rearranged attention — boosting live-bet engagement at times while leaving overall demand on its usual calendar-driven trajectory. For operators, the insight is clear: the calendar is king, and major sporting events tend to redistribute, not expand, iGaming activity.
The post AFCON’s month of football did not lift iGaming demand — Blask data analysis appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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