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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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Betnacional
Brazil: Betting pressures household budgets and reshapes the competition for consumer spending
As the industry prepares for BiS SiGMA South America 2026, the largest and most influential iGaming event in Latin America, real market data begins to reveal a profound transformation in the behavior of the Brazilian consumer.
It is no longer just about “betting volume”, but about a reconfiguration of the Share of Wallet (participation in household spending).
The unprecedented study “Bets na Mesa, Consumo em Jogo”, carried out by NielsenIQ Brazil, sheds light on a reality that will be the center of technical debates at the Transamerica Expo Center: in 2025, 26.3% of Brazilian households participated in some form of betting.
This figure is not just a number; it is the reflection of a “new parallel shopper journey” that is capturing the attention and income of the population.
Radiography of Consumption: Who and what is being bet?
The Brazilian market in 2026 shows a clear fragmentation.
Despite the explosion of digital platforms, traditional modalities maintain notable resilience, creating a hybrid ecosystem between analog and digital.
Dominant Modalities
According to the NielsenIQ study, preferences are distributed as follows:
• Mega-Sena: 15.8% of households.
• Video Slots (such as the “Jogo do Tigrinho”): 7.7%.
• Jogo do Bicho: 3.9%.
• Sports Betting (Bets): 3.6%.
Socioeconomic and generational profiles in Brazil
The study reveals that bettors are not a homogeneous group. There is a marked division by Socioeconomic Level (SEL) and age:
• The Slots phenomenon: The “Jogo do Tigrinho” concentrates bettors from middle SEL (63.3%) and a notably young audience, with 42.4% of bettors up to 35 years old.
• The maturity of Mega-Sena: It predominates in high SEL (45.5%) and in a more mature profile, where 49.1% are over 51 years old.
As Gabriel Fagundes, Insights Leader for the Industry at NielsenIQ, points out: “We had already identified that betting became a popular and common practice in the routine of the Brazilian consumer.”
“Now, the numbers also point to the dimension that this practice is taking within household expenses and in the income of bettors.”
The Economic Motivation: Extra Income or Entertainment?
One of the most critical points for operators that will meet at BiS SiGMA is to understand the “why” behind betting.
The data from 2026 shows a diffuse frontier between gambling as leisure and gambling as economic hope.
For 49% of bettors, the main motivation is to obtain extra income, while 43.5% expect a “radical change of life”.
This second profile is more common in casual Mega-Sena players.
Classification by Intensity
The market is divided into three levels of commitment:
- Casual (73%): They play at least once a month.
- “Pro” (28%): They bet once a week. From this group, 65.8% seek extra income.
- “Elite” (9.3%): They bet weekly and spend more than R$ 100 per month.
This “gaming intensity” is, according to the study, the real driver of the economic impact on households, especially in the Northeast regions (29% penetration) and South (28.3%).
The Impact on Retail and the Consumption Basket
For the iGaming industry, understanding which expenses are being substituted is vital for sustainability and social responsibility.
The study reveals that only 10% of households admit substituting expenses directly for betting, but the affected categories are alarming.
Affected Categories
Among those who substitute expenses:
• Food: 47% of the cases.
• Fixed bills (water, electricity, internet): 45.3%.
• Beer: It is the category with the greatest retraction, registering a drop of 1.7 percentage points in the participation of spending.
• Cookies, perfumes and soft drinks: They also present negative impacts.
The main strategy of the consumer to accommodate spending on betting has been to reduce the quantity of items purchased; in fact, 60% of the consumption categories registered a decrease in the volume acquired in 2025.
Strategic Challenges for the Legal Market in 2026
The NielsenIQ data presents a direct challenge for brands and operators that seek to consolidate themselves in “Legal Brazil”.
The pressure on the domestic budget forces manufacturers of fast-moving consumer goods (FMCG) and betting operators to compete for the same currency.
“Betting is a new competitor in the consumer’s Share of Wallet.
This pressures manufacturers to act with more precision in communication, price and activation to recover relevance in front of this new competitor: the habit of betting itself.”
Towards BiS SiGMA 2026
As we approach the largest event in the region, this study serves as a warning and an opportunity. The Brazilian market of 2026 is mature, but it is under intense social scrutiny due to the impact on low-income families.
Operators that wish to have long-term success must:
- Differentiate the profiles: It is not possible to treat the young middle SEL slot player the same as the high SEL Mega-Sena bettor.
- Promote Responsible Gaming: The substitution of food and fixed bills for betting is a regulatory “red flag” that could tighten laws in the near future.
- Regional Innovation: The Northeast and the South are the markets with the highest intensity, requiring more aggressive localization strategies.
BiS SiGMA South America will be the perfect stage to discuss how the industry can grow without compromising the economic stability of Brazilian households, ensuring that iGaming is seen as entertainment and not as an unsustainable financial burden.

Superscore consolidates in Brazil and launches weekly analysis for the press.
The platform offers statistical analysis of the Brazilian Championship and of the main national and international championships, such as the Copa Libertadores, the World Cup and the Champions League, among others, with metrics that go beyond goals and assists for fans and sports experts.
Superscore Insights is the new newsletter for the press, with a weekly publication and another analysis of the latest news.
Superscore, a sports intelligence application associated with Superbet, advances and consolidates itself in Brazil as a strategic platform to transform data into reliable information for football fans in real time and without advertising.
With its own methodology, the solution establishes itself as a reference among sports fans, bringing together advanced statistics, rankings and in-depth analysis of the main tournaments, players and coaches in the country.
Now, the platform takes a new step with the launch of Superscore Insights, expanding its collaboration with the press by offering even more solid analysis, contextualized data and specialized support for sports coverage.
On Mondays, journalists will receive an exclusive bulletin with deep and original analysis of the weekend matches, a specialized analysis of the most important events of the day, as well as predictions and statistics of upcoming events.
With global coverage, Superscore already gathers more than 1,900 competitions, 63,000 teams and more than 480,000 monitored players, offering a solid base for historical and real-time analysis.
The data from Superscore comes from leading partners worldwide in the collection and distribution of sports data, the same ones used by Superbet and the main companies in the sector.
These providers offer high precision, low latency and comprehensive coverage of competitions worldwide.
“Superscore was born as a free sports intelligence application, without advertising, that goes beyond the basics by offering a wide database and statistics for those who want to understand the game in depth.
In just one year, it has already achieved thousands of users and grows approximately 30% monthly, climbing positions in the Google Play ranking.”
“The platform offers a solid experience for both fans and professionals, in addition to facilitating more informed decisions in sports betting, thus reinforcing the commitment to responsible gaming,” states Patrícia Prates, Marketing Director of Superbet and of the alliance with Superscore.
Superscore: Exclusive data and decades of history
In a context where sports coverage increasingly requires qualified data and contextualization, Superscore distinguishes itself by going beyond traditional indicators, incorporating metrics such as accurate shots, passes in the offensive third, tackles, recoveries, participation in decisive plays and time on the field, among other indicators.
These data are translated into the Superscore Score, a proprietary index that allows building Top 5 or Top 10 rankings of the best players of each round, with graphical visualizations and quick analysis.
Another differentiating factor is the expanded historical database, which gathers information from the Brazilian Championship since 1937, the Copa Libertadores since 1960 and the Champions League since 1992, which allows comparative analysis and identifying patterns over decades.
“We are talking about a platform built on a solid technological base, which combines a large volume of unique data, history and a team prepared to transform this information into relevant content for football fans.
Superscore organizes and translates these data so that they can also be used in sports coverage,” states Guilherme Simantob, director of Superscore in Brazil.
Superscore offers free and integrable widgets for the press and content creators, facilitating the incorporation of statistics, graphics and comparisons directly into articles, enriching journalistic narrative with reliable and visually accessible data.
The app is available in the App Store and Google Play.

Reevo arrives in Brazil with Betsson
Reevo has expanded its presence in Latin America after launching its aggregation platform and its own games catalog in Brazil in collaboration with Betsson.
The integration, carried out through a single connection, allows the operator to expand its content offering with Reevo’s own titles and third-party titles.
The movement reinforces the alliance between both companies and is part of a growth strategy in regulated markets, especially Brazil, considered one of the most promising in the region after regulatory advances.
From Betsson, Andrea Rossi highlighted the impact of the agreement by stating that the incorporation of Reevo’s content “expands the entertainment offer available for our players in one of the fastest-growing markets in the region.”
Additionally, both companies anticipated new joint expansions in other markets, after a recent launch also in Mexico.
Reevo continues to bet on its aggregation model as a way to facilitate access to multiple studios through a single integration, while expanding its global distribution network.
BTG launches prediction platform and increases the dispute between banks, stock exchange and betting
The launch of BTG Trends by BTG Pactual marks a new chapter in the growth of prediction markets in Brazil, intensifying competition between banks, the stock exchange and the betting sector.
This new platform allows investors to operate binary contracts (“yes” or “no”) based on probabilities about financial events, such as the dollar, the Ibovespa or interest rate decisions, using already regulated derivative instruments.
The movement is not isolated. The Brazilian stock exchange (B3) also advances in this direction, with the development of financial event contracts and digital derivatives, although restricted to professional investors.
At the same time, the platform XP established a partnership with Kalshi, facilitating access for Brazilian investors to international predictive markets, while new startups such as VoxFi explore broader applications, including geopolitics and culture.
At a global level, these markets have gained relevance and volume, driven by platforms such as Polymarket and Kalshi.
However, their regulation continues to be a subject under debate. In the United States, the CFTC considers these contracts as financial derivatives, although discussions still exist about limits and risks, especially in sensitive events.
In Brazil, authorities, including the CVM and the Secretariat of Prizes and Betting, are already analyzing how to frame these activities from a regulatory point of view, especially when they overlap with sports events.
The advance of these products has also generated reaction from the betting sector.
The Brazilian Institute of Responsible Gaming (IBJR) maintains that, when there is money involved in uncertain events, it is essentially betting, regardless of the format, and warns about risks such as unfair competition and lower consumer protection if they operate outside the regulated framework.
The main difference between betting and prediction markets lies in their structure: in betting, the user plays against the house, while in prediction markets prices are formed among participants and reflect collective probabilities.
Even so, the boundary between both models remains diffuse.
With banks, stock exchange and new platforms advancing simultaneously, prediction markets stop being an emerging trend and become a new field of dispute within the financial system.
The regulatory framework is still under construction, and the evolution of the sector will depend on how the limits between investment and betting are defined as these products scale.
The post Brazil: Betting pressures household budgets and reshapes the competition for consumer spending appeared first on Americas iGaming & Sports Betting News.
Casino Guru
Casino Guru Awards partner with Ethical Gambling Forum to champion transparency and player protection
Casino Guru is excited to announce a strategic collaboration with the Ethical Gambling Forum (EGF), a leading industry event focused on responsible gambling, sustainability, and ethical business practices. This partnership represents a major step forward in promoting ethics, transparency, and player protection across the iGaming sector.
As part of the initiative, the Casino Guru Awards will take a prominent role during the upcoming EGF conference, bringing the awards process directly into a space where industry stakeholders are united in their commitment to raising standards and safeguarding players.
From April 30 to May 1, Casino Guru will host an exclusive judges’ session during the conference week. This hands-on gathering will allow the Awards jury to actively review shortlisted nominees, conducting direct calls with candidates to gain deeper insight into their operations, values, and dedication to responsible gambling. This approach ensures that the Awards remain rigorous, transparent, and merit-based.
Additionally, Casino Guru will lead a panel discussion at the conference, featuring Awards judges and industry experts. The session will explore the significance of independent evaluation, ethical standards in iGaming, and how initiatives like the Casino Guru Awards contribute to a safer, more transparent gambling environment.
Daniela Sliva, PR & Creative Projects Director at Casino Guru, said:
“This partnership with the Ethical Gambling Forum is a natural fit. We share core values around ethics, transparency, responsible gambling, and player protection. By enabling judges to engage directly with shortlisted candidates, we add an extra layer of integrity and depth to the evaluation process, which truly sets the Casino Guru Awards apart.”
Jo Abergel, Co-Founder of the Ethical Gambling Forum, added:
“Partnering with Casino Guru for the Leeds event reinforces the message that accountability must be at the heart of our industry’s future. Together, we are creating a space for honest dialogue and meaningful progress, celebrating those who lead by example in player protection and industry integrity.”
This collaboration underscores the shared mission of Casino Guru and EGF: to elevate industry standards, support responsible operators, and recognize organizations that prioritize player well-being. By embedding the Awards judging process within the Ethical Gambling Forum, both organizations aim to foster transparency, encourage accountability, and celebrate ethical leadership in iGaming.
The post Casino Guru Awards partner with Ethical Gambling Forum to champion transparency and player protection appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Endorphina
NAZAR WISHES AWAIT YOUR COMMAND
Let your wishes guide you to fortune in Nazar Wishes, the latest visually stunning and immersive online slot from Endorphina.
Players are invited on a mystical journey through an Arabian fantasy world, traveling by camel along a desert path toward a radiant temple brimming with treasures. This enchanting adventure features a 5-reel, 3-row layout with 20 fixed paylines, an RTP of 96.07%, and high volatility, promising thrilling gameplay with every spin.
Along the way, players are guarded by the Nazar Wishes amulet, a symbol of good luck bestowed by friendly genies. This mystical talisman protects against Nazar, the ‘evil eye’, who seeks to claim the prizes for himself.
Why Nazar Wishes Stands Out
Endorphina’s latest release adds a touch of magic to its growing slot portfolio. Players can summon colorful enchantments through Lucky Time Features and Hold & Win Bonus Games, triggered with the help of sacred lamp spirits.
The game also includes a Pick Me Bonus Game with Min, Mid, Max, and Ultra jackpots, offering rewards of up to 1,000x the total bet.
Built for seamless play across desktop, tablet, and mobile, Nazar Wishes delivers fast-loading, flawless performance, allowing players to enjoy their mystical adventure anytime, anywhere.
Double Your Wins with 10 Risk Attempts
Endorphina’s classic Risk Game returns, giving players up to 10 chances to double their winnings, adding extra excitement to each session.
With its enchanting Arabian theme, magical bonus mechanics, and smooth gameplay, Nazar Wishes promises a captivating journey for players seeking high-quality, immersive entertainment.
The post NAZAR WISHES AWAIT YOUR COMMAND appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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