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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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One month until the N1 Puzzle Promo finale — Barcelona will host the iGaming party everyone is going to talk about
There’s less than a month left until the official end of N1 Puzzle Promo. And while the battle for the top spot on the leaderboard becomes fiercer every day – and the promo leaders eagerly wait for new updates – N1 Partners is preparing an event that will leave no one indifferent, neither N1 Partners affiliates nor the wider iGaming community.
Event: N1 Puzzle Promo award ceremony 🎉
Where: Barcelona, Spain
When: January, 2026
N1 Partners is bringing together top affiliates and industry leaders to announce – live from the stage – the winner of N1 Puzzle Promo and award the grand prize of the promo: the Robinson R22 Beta II helicopter 🚁
What else is the N1 Partners team preparing?
We’re not revealing all the details just yet, but some things are simply impossible to hide:
- exclusive luxury prizes awarding that you’ll definitely want to add to your collection
- performances by top artists and a surprise headliner — who will it be? You’ll find out very soon… 🤫
- special activities available only to guests of the event
N1 Puzzle Promo rules reminder
The promo runs until December 31, 2025. The more puzzles collected, the higher the chance to win the helicopter — we’re almost out of time.
- SEO traffic – 1 puzzle per 10 FTDs
- PPC & ASO – 1 puzzle per 40 FTDs
- FB & other* – 1 puzzle per 100 FTDs
* Social media traffic, SMS, Email, UAC, In-app
Only Tier-1 GEO traffic counts.
Who will take off in the helicopter from sunny Barcelona? Maybe it will be your team!
Stay tuned for updates on the N1 Partners website and social channels — you won’t want to miss the biggest news. See you soon!
AOGGAB
EGT with two accolades from Golden Spade’s Awards 2025
Reading Time: 2 minutes
EGT received well-deserved recognition at the Golden Spade’s Awards 2025 ceremony. At the event, held on November 25, the company took the Slot Machine of the Year prize, and its CEO, Vladimir Dokov, was honored with a Certificate for Outstanding Contribution to the Development of the Gaming Industry.
EGT has been distinguished for the excellent performance of its latest series of slot cabinets Supreme, including 4 models – S 32-32 UP, S 32-32 ST, S 55 S ST, and S 55 V ST. For only several months this year, they had numerous installations and have established themselves as players’ favorites in a number of markets around the world, thanks to the perfect combination of eye-catching design, unmatched comfort, and their compatibility with some of the most popular games from the company’s portfolio.
Mr. Dokov was granted the Certificate for Outstanding Contribution to the Development of the Gaming Industry in recognition of his exceptional impact on the sector in Europe and beyond and his role in positioning Bulgaria among the top gaming solutions providers on a global level.
When accepting the awards, he said: “I am honored to be here tonight among so many industry leaders and to receive these two accolades. They are irrefutable proof that even the most ambitious plans can be accomplished when you work with a team of talented and motivated professionals for whom innovation and technological progress are not just high values, but achievable goals. This success belongs to them.”
The Golden Spade’s Awards ceremony was part of the prestigious Gaming Industry Gala Dinner 2025, organized by the Association of Organizers of Gambling Games and Activities in Bulgaria (AOGGAB) with the support of EUROMAT. This year’s edition of the event, which was the third in a row, gathered leading companies and figures from Bulgaria and abroad under the motto “Together in Europe“ and gave them the opportunity to focus on topics like European integration, professional collaboration, and the shared vision for a sustainable future of the industry.
The post EGT with two accolades from Golden Spade’s Awards 2025 appeared first on European Gaming Industry News.
Gauselmann
Michael Gauselmann at 70: Entrepreneur, Innovator and Chairman of Merkur Group’s Supervisory Board
Reading Time: 3 minutes
“Everything I do, I do with great passion.” A glance at the life of Michael Gauselmann quickly reveals why the Chairman of the Supervisory Board of the Merkur Group and Chairman of the Board of Directors of the Gauselmann Family Foundation chose these words. He can look back on 70 years dedicated to businesses, products and people – shaped by his passion for gaming, entrepreneurial courage and clear, forward-looking decisions.
Born on 28 November 1955 as the second son of company founder Paul Gauselmann, Michael Gauselmann became familiar with the world of vending machines early on. From the age of 13, he spent every school holiday working in his father’s company – always in different departments. This early mix of hands-on experience and an understanding of processes and figures laid the foundation for his later career.
After completing his A-levels, he studied Business Administration at the University of Hamburg, specialising in IT, statistics and marketing. As a graduate, he combined numerical expertise, technical affinity and market awareness – a combination that would later fuel numerous innovations within the Group. In 1982, he joined Nova-Apparate in Hamburg as Executive Assistant, before becoming Commercial Manager of Franken-Automaten Südvertrieb a year later. With the company’s integration into what was then the Gauselmann Group, his true journey within the family business began.
The years that followed were characterised by rapid advancement and significant responsibility. From 1984 to 1986, Michael Gauselmann served as Commercial Manager of today’s adp Merkur as well as CFO of the Group. He then took over management of the former Merkur Spielothek, now Merkur Operations, until 1992 – during a period of strong expansion with around 250 arcades in Germany.
A year later, his focus increasingly shifted to international markets. The “game designer at heart”, as he describes himself, played a pivotal role in developing the Group’s global activities. He acquired Atronic and turned it into a key business unit for the development, production and distribution of casino machines, drove the acquisition of Bell-Fruit Games in the UK and established Stella Electronic for the European market. His passion for games and keen sense for innovation significantly accelerated the Group’s internationalisation.
From 1994 to 2004, Michael Gauselmann was Deputy Chairman of the Management Board of Gauselmann AG. From 2004 until the establishment of the Gauselmann Family Foundation, he and his father Paul acted as co-spokespersons of the Management Board. While he was mainly responsible for the international business and his father concentrated on domestic operations, their shared responsibility for the Group continued to grow.
At the same time, Michael Gauselmann consciously sought new perspectives. He earned a pilot’s licence and enjoyed the vastness of the skies. He became a hunter and now takes care of wildlife conservation in his adopted home of Austria. Today, he lives in Graz in the province of Styria.
Since 2016, he has been a member of the Advisory Board of the Gauselmann Family Foundation. And when his father stepped down from the top of the Group last year, it was clear who would take the helm: since October 2024, Michael Gauselmann has been Chairman of the Supervisory Board of the Group and Chairman of the Board of Directors of the Gauselmann Family Foundation. He sees his role as that of motivator, overseer and adviser. He knows the industry “inside out” – it is in his blood. At the same time, he does not want to “bring back the Gauselmann face” to the company. The focus today, he says, should be on the Merkur brand, the Management Board and the teams.
Above all, he wants a Management Board made up of strong personalities “who don’t just say ‘Yes, Mr Gauselmann’”. “We are a fantastic corporate group with countless opportunities,” he says. “We create entertainment – and that is something to be proud of.” Restoring this sense of pride among employees is one of his key aspirations. Looking ahead, Michael Gauselmann has set himself a clear personal goal: he plans to step back from his roles no later than the age of 75. Until then, he intends to actively support the continued development of the Merkur Group as a modern, internationally positioned entertainment provider.
The post Michael Gauselmann at 70: Entrepreneur, Innovator and Chairman of Merkur Group’s Supervisory Board appeared first on European Gaming Industry News.
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