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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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FairPlay Sports Media
FairPlay Sports Media Launches ‘Customer Insights’, Delivering Objective Truth on Bettor Sentiment
FairPlay Sports Media (FPSM), a leading sports media and BetTech network, has unveiled FairPlay Customer Insights, a continuously updated commercial decision-making engine built exclusively for UK betting operators.
Powered by a verified panel of over 1,000 active UK bettors, the self-serve dashboard gives operators instant, objective visibility into brand perception, product feature popularity, and competitive performance.
“A major challenge operators face today is understanding exactly why bettors switch apps,” said Jerome Underhill, Chief Operating Officer at FairPlay Sports Media. “Traditional market research is often too slow, expensive, and disconnected from day-to-day commercial decisions. FairPlay Customer Insights was built as a real-time decision-making engine, providing product teams with clarity on how core features—like their Bet Builder—compare to the competition, while helping media teams pinpoint the triggers that convert transient bonus users into loyal, long-term players.”
The platform updates quarterly to track trends over time and includes ‘flash research’ capabilities, enabling operators to submit custom queries to the panel ahead of major events such as the upcoming World Cup. This feature helps operators de-risk campaign planning with actionable insights.
FairPlay is currently onboarding a select group of operators for a 30-day Phase 1 Proof of Concept, offering company-wide access to validate the platform’s intelligence against operational challenges.
The post FairPlay Sports Media Launches ‘Customer Insights’, Delivering Objective Truth on Bettor Sentiment appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Gamzix
iGP Integrates Gamzix into iGaming Aggregator
iGP, the full-service B2B iGaming solutions provider, has integrated Gamzix into its casino aggregator, iGaming Aggregator, further strengthening the content available to operators through the platform.
Gamzix is a Maltese game provider with over five years of iGaming experience and an MGA licence. Known for its mobile-first, engagement-driven titles, the studio develops games designed to perform across diverse markets and player segments.
Through the integration, Gamzix titles are now available to operators via iGaming Aggregator, which offers more than 12,000 games from leading providers through a single API. Designed to move beyond traditional aggregation models, the solution enables operators to launch quickly while maintaining control through multi-brand management, embedded promotional tools, a built-in reporting suite and real-time data visibility.
Jovana Popovic Canaki, CEO at iGP, said: “Operators face constant pressure to scale faster while maintaining control across brands, content, and player engagement. iGaming Aggregator addresses this by combining high speed distribution with built in tools and real time visibility. Integrating Gamzix further strengthens the range of titles available to our partners.”
James Davies, Head of Commercial at Gamzix, added: “iGP’s focus on speed, control, and scalability aligns perfectly with how we approach distribution and long-term performance. We’re excited to bring our mobile-first, engagement-driven titles to more partners through this collaboration.”
The post iGP Integrates Gamzix into iGaming Aggregator appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Australia
NSW: More Than 650 Gaming Machine Exemptions Revoked to Address Gambling Harm
The Minns Labor Government continues to reduce gambling harm by delivering on its commitment to remove outdated exemptions that enabled more than 650 pubs and clubs to operate gaming machines during standard shutdown hours.
Following an announcement in December by the Minister for Gaming and Racing David Harris that exemptions would cease from 31 March 2026, more than 650 venues will be required from 1 April to shut down all gaming machines between 4am to 10am each day, in line with NSW standard shutdown hours.
The six-hour shutdown is a harm minimisation measure intended to provide players with an important break in play.
Of the 672 venues with a varied shutdown period, usually for three hours instead of six, many have been in place for more than 20 years. These were given for reasons including being in high traffic ‘tourist’ locations, a history of earlier opening hours or financial hardship.
Venues that believed they had a strong case to keep their exemptions under the legislation and the revised Ministerial Guidelines, had the opportunity to put their case to Liquor & Gaming NSW.
As of 24 March 2026, 649 have been revoked by Liquor & Gaming NSW under delegation from the Independent Liquor & Gaming Authority and 10 by the Authority itself. Thirteen venues remain under assessment. All venues will be considered and an outcome communicated by 31 March 2026.
Sixty-two venues applied to keep their exemptions. Of the 49 applications assessed so far, all have been revoked.
Liquor & Gaming NSW will undertake a compliance campaign after 1 April when the new requirements come into effect, to ensure all venues are abiding by the changes.
A Review of Gaming Machine Shutdown Hours Framework conducted by Liquor & Gaming NSW in 2024 found that a minimum six-hour shutdown period, commencing no later than 4am, is effective at minimising gambling harm.
The move continues a suite of gaming reforms which the Minns Government has implemented since coming into office, including:
• Reducing the cash input limit from $5000 to $500 for all new gaming machines
• Reducing the state-wide cap on gaming machine entitlements, so that every year the number of gaming machines reduces based on forfeiture rates
• Banning political donations from clubs with electronic gaming machines
• Banning external gaming-related signage and internal gaming-related signage that can be seen from outside the venue
• Introducing Responsible Gambling Officers in venues with more than 20 gaming machine entitlements and mandating that extra Responsible Gambling Officers be on duty in venues after midnight
• Mandating that all venues with gaming machines must keep a Gaming Plan of Management and a Gambling Incident Register
• Banning gambling advertising on public transport and the ferries and terminals people catch it from
• Consulting with the community on a third-party exclusion scheme and use of mandatory facial recognition technology to support a statewide exclusion register for NSW hotels and clubs with gaming machines
Launching a NSW-first code of practice for the use of facial recognition in pubs and clubs that use the technology, following full consultation with a wide range of stakeholders including harm minimisation advocates, the NSW Privacy Commissioner and industry.
Minister for Gaming and Racing David Harris said: “The Minns Labor Government takes gambling harm minimisation seriously and that’s why I called for a review of the gaming machine variations back in December that has removed outdated exemptions that enabled more than 650 pubs and clubs to operate gaming machines during standard shutdown hours.
“Following months of review, it was clear these variations enabling about 20 per cent of clubs and pubs with gaming machines to operate outside of the mandated hours, some of which were more than 20 years old, were no longer fit for purpose.
“To enable variations to be revoked, I updated the Ministerial Guidelines and set up a streamlined process for venues to make their case if they wished to keep their variation, and to allow for a transition period.
“These changes are expected to prevent and reduce gambling harm.
“The NSW Government will continue to deliver evidence-based reforms to ensure we are striking the balance of addressing gambling harm while supporting sustainable development of an industry that employs more than 150,000 people in NSW and injects billions into the economy.”
The post NSW: More Than 650 Gaming Machine Exemptions Revoked to Address Gambling Harm appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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