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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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Akne Fruits: Redefining the Future of iGaming
Tom Horn Gaming and AKNEYE, the innovative art initiative by AKN, have joined forces to launch a unique project, Akne Fruits. More than just a slot game, Akne Fruits fuses online casino gaming, traditional sculpture, and NFT technology to redefine the iGaming ecosystem and the future of iGaming.
A Visionary Blend of Art, Technology, and iGaming
Akne Fruits is groundbreaking in its exploration of the intersection between the physical and digital worlds in an entirely new way. Inspired by AKN’s signature AKN EYE motif, the game is accompanied by nine exclusive artefacts meticulously hand-painted by Rafayel Nersesyan, a famous Armenian artist, who also played a role in shaping the game’s visuality. Each object mirrors the fruit symbols from the game and serves as a tangible representation of AKN EYE’s iconic aesthetic.
Own and Share in the Success of Akne Fruits
Available globally, Akne Fruits invites players to connect with the game on multiple levels – enjoy it in their favourite casino, invest in its digital assets, or own their own piece of its physical representation.
Through NFTs offered via the Ortak marketplace, players can acquire game-inspired NFTs and become stakeholders in the game’s ongoing success. This experience is further expanded by the introduction of nine exclusive sculptures and their NFTs. These one-of-a-kind pieces allow players and art collectors to own a physical piece of the game and gain a significant share in its financial achievements.
Official Launch and Sell-Out at Harmony VI
The exclusive physical NFT collection of Akne Fruits made its debut at BetConstruct’s prestigious Harmony VI Meetup in Ras Al Khaimah, UAE. In addition to the game’s digital collection available on ortak.me, art lovers and gaming enthusiasts had the chance to purchase one of nine exclusive physical representations of the Akne Fruits game on the spot. The response was overwhelming, with all physical NFTs selling out within just one hour of the official announcement – a historic milestone for Tom Horn Gaming and Ortak.
Pushing the Boundaries of iGaming
The partnership between Tom Horn Gaming and Ortak is redefining how the supplier perceives the future of iGaming. Akne Fruits goes beyond being just a slot game. It delivers an immersive experience that connects players and art enthusiasts with the game and its artistic assets on different levels.
“This collaboration is a perfect synergy of two innovative companies, combining our strengths to introduce new products, redefine iGaming, and multiply the success of our innovative approach to entertainment. With Akne Fruits, we’re not just delivering a game. We’re shaping the future of how players experience iGaming,” said Ondrej Lapides, CEO of Tom Horn Gaming.
Explore the Future with Akne Fruits
Players and art lovers are invited to discover the Akne Fruits experience by visiting the Ortak NFT marketplace and becoming part of this exciting journey. Whether through owning a digital NFT or acquiring a stunning physical sculpture, the possibilities are as limitless as the creativity behind the project.
By transcending the concept of a traditional slot game and embracing new technologies, Tom Horn Gaming continues to lead the iGaming industry into new frontiers, offering unique opportunities for players to engage with games and their creators.
The post Akne Fruits: Redefining the Future of iGaming appeared first on European Gaming Industry News.
Latest News
SOFTSWISS Game Aggregator Certified for Peru Market
SOFTSWISS has successfully obtained compliance certification for the Peruvian market for its Game Aggregator, the largest content hub in the iGaming sector. This milestone solidifies the company’s position as one of the first technology providers ready to work under the country’s new regulatory framework.
As part of Peru’s revised Regulatory Framework, initiated in February 2024, all operators, platforms, game providers, and technical suppliers are required to obtain certification by 1 January 2025 to legally operate in the market. SOFTSWISS achieved this certification through GLI, an accredited testing laboratory, ensuring that its product meets all technical and legal requirements set by Peruvian authorities.
The Peruvian gambling market is among the fastest-growing and most promising in Latin America, with projections estimating a CAGR of 5.97% and a market volume of USD 420.60 million by 2029. Furthermore, smartphone penetration is expected to hit 77.78% by the same year, providing significant opportunities for the iGaming industry.
“The newly regulated framework is set to attract international gaming companies and investors, paving the way for further expansion in the iGaming sector,” said Max Trafimovich, CCO at SOFTSWISS. “We’re proud to be among the first companies to complete the necessary procedures and be fully prepared for this promising market.”
This achievement comes shortly after the SOFTSWISS Game Aggregator’s certification in Brazil, showcasing the company’s ambitious plans to expand and strengthen its leadership across the Latin American region.
Currently, the SOFTSWISS Game Aggregator boasts the largest game portfolio in the market, offering over 27,000 titles, alongside consistent 99.999% uptime and top-tier services. According to a recent Kantar survey conducted in November 2024, the product received an overall satisfaction score of 8.1 out of 10 from its clients, underscoring its reputation as a reliable and industry-leading solution.
By obtaining certification in Peru, SOFTSWISS continues to demonstrate its commitment to compliance, innovation, and delivering premium services in rapidly evolving markets.
The SOFTSWISS team will be available to discuss partnerships in Brazil and other markets at the first major iGaming event of 2025 – ICE Barcelona, taking place on 20–22 January, at stand 2G42.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
The post SOFTSWISS Game Aggregator Certified for Peru Market appeared first on European Gaming Industry News.
1/ST
New Zealand Thoroughbred Racing and 1/ST Unveil Partnership to Elevate Global Thoroughbred Racing
New Zealand Thoroughbred Racing (NZTR) is excited to announce a transformative partnership with 1/ST, the premier North American Thoroughbred racing, gaming and entertainment company. Known for its iconic venues, including Santa Anita Park (California) and Gulfstream Park (Florida), 1/ST is a leader in modernizing horse racing by blending live racing with innovative gaming, hospitality and lifestyle experiences.
As leaders of world-class racing, hospitality and entertainment events, 1/ST is also committed to advancing racing’s global profile through cutting-edge technology and international collaboration. This partnership brings a unique opportunity to connect three prestigious racedays: Auckland Thoroughbred Racing’s Champions Day (March 8 – featuring The G1 Bonecrusher New Zealand Stakes, named after legendary 1987 Australian Horse of The Year Champion and NZ Hall of Famer, Bonecrusher) alongside 1/ST’s Pegasus World Cup (January 25) and California Crown (September 27).
This collaboration will introduce “Golden Ticket” pathways, offering the winning horses direct entry into marquee races including:
From the Pegasus World Cup (25 January 2025) to Champions Day (8 March 2025):
- The US$500,000 Group 2 Pegasus World Cup Filly & Mare Turf (1600m) winner earns entry to the NZ$600,000 Group 1 World Pool New Zealand Thoroughbred Breeders’ Stakes (1600m).
- The US$1,000,000 Group 1 Pegasus World Cup Turf (1800m) winner gains entry to the NZ$1,000,000 Group 1 Bonecrusher New Zealand Stakes (2000m).
From Champions Day (8 March 2025) to California Crown (27 September 2025):
- The NZ$500,000 Rich Hill Stud Champion Middle Distance Series winner secures a Golden Ticket to the US$750,000 Group 1 California Crown John Henry Turf (2000m).
- The NZ$500,000 Sport Nation Champion Sprint Series winner earns entry to the US$750,000 Group 2 California Crown US$750,000 Eddie D Turf Sprint (1300m).
To further enhance the partnership, NZTR and 1/ST will cover travel and freight costs for Golden Ticket-winning horses travelling internationally to compete in the respective countries.
“This partnership marks an exciting milestone in showcasing New Zealand racing on the world stage,” commented Chief Operating Officer of NZTR, Darin Balcombe. “The Golden Ticket concept creates a unique pathway for international competition, enriching the experience for racing participants and fans alike.”
Aidan Butler, President of 1/ST, added: “This partnership with NZTR exemplifies our commitment to elevating Thoroughbred racing globally. By linking these iconic racedays and supporting international competition, we’re looking to drive innovation, collaboration and global excitement in the sport.”
Lachlan Fitt, Deputy CEO of Entain Australia and New Zealand, operators of the NZ TAB, also welcomed the announcement:
“Congratulations to NZTR and 1/ST on reaching this exciting outcome. The partnership will continue the opportunity for NZ racing to be showcased to racing fans globally and is another new pathway for NZ racing participants to consider. And through our Trackside and Sport Nation media brands, we look forward to bringing the best of US racing to our wagering customers in NZ.”
This partnership paves the way for significant growth in Thoroughbred racing across both regions, with both NZTR and 1/ST excited to build on this promising foundation moving forward.
For more information about the partnership and Golden Ticket races, contact NZTR’s Head Handicapper Bruce Sherwin by emailing Bruce.Sherwin@nztr.co.nz.
The post New Zealand Thoroughbred Racing and 1/ST Unveil Partnership to Elevate Global Thoroughbred Racing appeared first on Gaming and Gambling Industry in the Americas.
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