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LeoVegas AB Q1: Quarterly report 1 January – 31 March 2021

“A good start to the year and increased focus on sports”
Gustaf Hagman, Group CEO
first quarter 2021: 1 january–31 march
- Revenue increased by 8% to EUR 96.7 m (89.4). Organic growth in local currencies was 8%.
- Organic growth when excluding Germany was 19%.
- Adjusted EBITDA was EUR 10.9 m (9.0), corresponding to an adjusted EBITDA margin of 11.3% (10.0%). Reported EBITDA was EUR 10.4 m (9.0).
- The number of depositing customers was 462,386 (413,269), an increase of 12%.
- Adjusted earnings per share were EUR 0.07 (0.06).
events during the quarter
- LeoVegas acquired Expekt from Betclic Group for a total purchase price of EUR 5 m. Expekt is one of the most well-known sports betting brands in Sweden and the Nordic markets, and strengthens LeoVegas’ brand portfolio ahead of the intensive sport event years in 2021 and 2022. The acquisition of Expekt is expected to be completed in May 2021.
- LeoVegas’ shares were taken up for trading in USD on OTCQX Markets in the USA. This is a way for the company to meet a steadily growing interest from US investors.
- Via LeoVentures, LeoVegas invested EUR 1.1 m for 25% of the shares in SharedPlay, a company that makes it possible for players to share their gaming experiences with others through the industry’s first multiplayer solution.
Events after the end of the quarter
- Preliminary revenue in April amounted to EUR 32.7 m (37.5), representing negative growth of 13%. Excluding Germany, revenue grew 4%.
- The Royal Panda brand has been migrated to the Group’s proprietary technical platform, Rhino. All of the Group’s wholly owned brands are now run on the Rhino platform.
- LeoVegas has started its own game studio, Blue Guru Games, to develop new and innovative games. The studio will develop exclusive games for LeoVegas as well as for other operators. The first games will be released in late 2021.
- LeoVegas was issued a sanction fee of SEK 2 m by the Swedish Gambling Authority. The company intends to appeal the decision.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
FIRST QUARTER
We are pleased with the start of the year and increased our revenue by 8% during the first quarter. Excluding Germany, which has been affected by new restrictions related to the upcoming regulation, revenue increased by 19%. Our growth has been driven mainly by our loyal customer base, which reached a new record level during the period. We have maintained a high pace of investment, and despite this we achieved adjusted EBITDA growth of 22%, driven by our scalability and good cost control.
ACQUISITION OF EXPEKT – increased FOCUS ON SPORTS BETTING
During the first quarter we acquired the well-known sports betting brand Expekt. The acquisition gives us one more leg to grow on and complements the Group’s brand portfolio and product offering in a strategically good way. We are looking forward to Expekt once again becoming a leading sports betting brand in Sweden and thereafter also in other markets. The acquisition is expected to be completed in May in connection with our migration of the brand to our own technical platform. The timing of the acquisition is perfect as we are now facing two years filled with major sports events, and we plan to launch Expekt well in advance of the UEFA European Football Championship, which starts in June.
MarKETS
During the first quarter we saw the full effect of the changes taking place in the German market. Operators in the market are acting differently with respect to implementing the new restrictions, which unfortunately has led to a skewed competitive situation. The assessment is that up to 70%-80% of the German market for casino has temporarily been shifted over to operators that have chosen to not adapt to the coming market regulation. Our hope is that this will soon be sorted out by the German authorities, which is a prerequisite for the licence system’s success, with a high level of channelisation and consumer protection. Germany generated approximately 6% of the Group’s total revenue during the first quarter, compared with 15% a quarter earlier. Despite this development in Germany we delivered good growth at the Group level, which reflects our strong performance in many other key markets, including Italy, Canada and Spain. Our business is more diversified than ever before, and growth at the Group level is proof that our data-driven way of working and allocating marketing investments is effective.
I also want to highlight Sweden, where the strength of the LeoVegas brand and our product breadth is appreciated by our customers. Our Swedish customer base set a new record during the quarter, and in March we grew on a yearly basis for the first time since the temporary Covid-19 restrictions were implemented in July 2020.
leoventures
The first quarter was an intensive period for our investment vehicle LeoVentures. Among other things we invested in SharedPlay, a company that makes it possible for players to share their gaming experiences with others through the industry’s first multiplayer solution. For a long time we have created successful, exclusive games with the help of external providers. We are now taking the next step by starting our own game studio – Blue Guru Games. This venture will give us full control and greater flexibility in developing new games, a unique offering to our players, and also a new revenue stream for the Group.
COMMENTS ON the SECOND QUARTER
Revenue for the month of April amounted to EUR 32.7 m (37.5), corresponding to negative growth of 13%. Excluding Germany, growth in April was positive at 4%.
Finally I want to urge you to be on the lookout for the new launch of Expekt in Sweden towards the end of May – you won’t be disappointed!
Presentation of the report – today at 09:00 CET
- To participate in the conference call, and thereby be able to ask questions, please call one of the following numbers: SE: +46 (0) 8 50 69 21 80, UK: +44 (0) 20 71 92 80 00, US: +1 63 15 10 74 95, Confirmation code: 6888544 or join at the web https://edge.media-server.com/mmc/p/x6q2utt4
This information is information that LeoVegas AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 CET on 6th of May 2021.
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Gambling in the USA
Plaza Hotel & Casino Partners with Aristocrat Gaming™ to Debut Downtown’s First Buffalo & Mo’ Friends™ Slot Area

Ribbon cutting event and launch of player promotion: Thursday, Sept. 4, 11 a.m.
On Thursday, Sept. 4 at 11 a.m., the Plaza Hotel & Casino will hold a ribbon cutting to celebrate the debut of a new dedicated area for fans of the wildly popular Buffalo and Mo’ Mummy
slot game franchises and other player-favorite Aristocrat Gaming titles. With 63 games, the Buffalo & Mo’ Friends slot area at the Plaza is the only one in downtown Las Vegas.
Located between the casino cage and the Plaza Rewards Players Club, the Buffalo & Mo’ Friends area at the Plaza features numerous fan-favorite Aristocrat Gaming titles, including:
- Buffalo Ultimate Stampede
,
- Buffalo Ascension
,
- Buffalo Power Pays
,
- Buffalo Triple Power
,
- Coin Trio Buffalo
,
- Buffalo and Friends
,
- Buffalo Diamond Extreme
,
- Mo’ Mummy,
- Mo’ Mo’ Mo’ Mummy
,
- Spooky Link
,
- Ultimate Fast Cash
,
- House of the Dragon
,
- Phoenix Link
,
- Jackpot Carnival
,
- Firecracker Fortunes
,
- Dragon Link
,
- Lucky Looters
and more.
The eye-catching wraps, bright lights, and distinct game sounds, Buffalo & Mo’ Friends welcomes players to a dedicated space of entertainment and excitement with their favorite games and ones they have yet to experience.
“Our goal on the casino floor is to offer the newest and most popular games to our guests, and our players are big fans of the various Buffalo and Mo’ Mummy games. So, we are thrilled to partner with Aristocrat Gaming on this dedicated game area that sets the Plaza apart from the rest of downtown Las Vegas,” said Jonathan Jossel, CEO of the Plaza Hotel & Casino.
“We pride ourselves in creating entertaining games that invite players to step into a world of fun with favorite characters, themes and gameplay features,” said Kurt Gissane, Chief Revenue Officer for Aristocrat Gaming. “The creation of the Buffalo & Mo’ Friends gaming area has truly been a collaborative effort with the Plaza team, wanting to give their players Mo’ and the new Buffalo & Mo’ Friends area certainly delivers. We look forward to seeing player excitement when they see all their favorite Aristocrat games in one vibrant area.”
To celebrate the debut of Buffalo & Mo’ Friends on Thursday, Sept. 4, the Plaza will offer Plaza Rewards players a variety of Buffalo-branded swag items and the chance of larger prizes based on the number of points accumulated daily. The Buffalo-themed promotion will last until Oct. 4 or while supplies last. Full rules available at the Plaza Rewards Players Club.
Trademark HOUSE OF THE DRAGONTM owned by Home Box Office, Inc. Used with Permission. Copyright © Home Box Office, Inc. All Rights Reserved.
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Gambling in the USA
INTRALOT, Inc. signs contract with Montana Lottery to deliver next-generation lottery technology

INTRALOT S.A. is pleased to announce that its U.S. subsidiary, INTRALOT, Inc., has been awarded anew contract to provide the Montana Lottery with a next-generation lottery operating system and related services, including continued support for its Sports Bet Montana wagering product.
The new contract award follows a competitive Request For Proposal procurement process and marks the third contract between INTRALOT and the Montana Lottery, extending a nearly 20-year partnership built on innovation, reliability, and results.
The new agreement spans seven years with three one-year extension options and will ensure a fully modernized solution for nearly 1,300 retailers statewide. Under this new contract, INTRALOT will deploy its industry-leading LotosX Omni solution, which delivers a unified, future-ready lottery experience for players across the state using LotosX
, a best-in-class gaming platform engineered for upmost security, scalability, and innovation. INTRALOT will also design and provide an upgraded retail network infrastructure that will include the award-winning PhotonX retailer terminals and peripherals, plus new self-service terminals and multi-product vending machines, making the gaming experience more convenient and entertaining than ever for Montanans.
Bob Brown, Director of the Montana Lottery commented “We are very pleased to extend our business relationship with INTRALOT, a company that has been our partner for nearly two decades. This new contract ensures our lottery system remains modern and secure, allowing us to provide our retailers and players with the best possible experience. The LotosX Omni solution and new retail technology will be a game-changer, helping us to deliver an even more engaging experience for our players and continue to generate important revenue for the STEM scholarship program and for the State of Montana.”
Richard Bateson, CEO of INTRALOT, Inc. commented “We are honored to enter our third contract with the Montana Lottery and continue to partner with the Lottery as it embarks on its next phase of growth. With this new agreement, INTRALOT is bringing fresh resources, expanded expertise, andstate-of-the-art technology to reset and strengthen our local presence in Montana. At the heart of this transformation is our LotosXTM platform, a modular, microservices-based system that accelerates time to market, enables player-centric innovation, and delivers enhanced security and player protection through a proven and future-ready architecture.”
Since 2006, INTRALOT has played a pivotal role in Montana’s lottery success, helping to increase sales by an impressive 286% through technology upgrades and operational enhancements. Notably, INTRALOT introduced sports wagering to the state in 2020, uniquely tailored to Montana’s regulatory framework, and powers the Lottery’s wildly successful raffle game
The post INTRALOT, Inc. signs contract with Montana Lottery to deliver next-generation lottery technology appeared first on Gaming and Gambling Industry in the Americas.
Gambling in the USA
West Virginia University Announces New Gift to Support the Center for Gaming Research and Development

West Virginia University’s John Chambers College of Business and Economics is proud to announce the establishment of a new fund for the Center for Gaming Research and Development, generously seeded by gaming industry veterans Chen and Benjamin Truman.
Launched with the mission to promote research on responsible gaming practices and consumer protection in gambling markets, the Center leverages leading-edge expertise — including Chambers College like Professor Brad Humphreys, an internationally recognized researcher in the economics of gaming markets.
This new fund will enable the Center to:
- Expand its research initiatives into gaming markets, including analysis of transactions level data provided by gaming operators in West Virginia to identify and understand problematic gambling behavior and ensure fair pricing of wagers.
- Enhance integration of gaming-focused research and analytics into curricular offerings in the Chambers college, including cybersecurity, business data analytics, finance, management information systems, and economics.
- Develop courses, training, certificates, initiatives and other activities designed to foster innovation in gaming technology development, and prepare students for careers in racing, gaming, gaming operations, hospitality management, guest relations, entertainment, and other amenities typically offered in conjunction with gaming operations.
- Foster deeper collaboration with policymakers and industry stakeholders to translate research insights into impactful policy and practice.
The Center’s research, education, and outreach will have an important impact on the lives of state residents, college students throughout the state, gaming industry firms operating in the state, and state gaming regulators. This generous gift will allow the Center to fulfill the role envisioned by the state legislature when they passed The Responsible Gaming and Research and Industry Development Act. — Professor Brad Humphreys, Director, Center for Gaming Research and Development
This strategic investment by Chen and Benjamin Truman, a WVU alumni, underscores their commitment to evidence-based research and responsible industry practices. It will help propel the Center’s mission to safeguard consumer interests within evolving gaming markets.
We’re thrilled to see West Virginia University take a leadership role in shaping the future of iGaming and sports betting policy. As industry veterans, Chen and I are proud to support a mission that will not only advance responsible gaming but also help set the global standard for innovation and consumer protection in this space.” — Benjamin Truman, Co-Founder, Absolutebet.
About the Center for Gaming Research and Development
The Center was created by an Act of the West Virginia legislature, the Responsible Gaming and Research and Industry Development Act. The Center is dedicated to advancing academic research, analyzing gaming data including transactions level data, developing courses and initiatives to prepare WVU students for careers in the gaming industry, and shaping policy and industry standards through collaboration, education, and data-driven insight. It seeks to mitigate inherent risks in gaming—such as problem gambling and pricing opacity—by empowering informed decision-making among consumers, regulators, and industry players.
About the John Chambers College of Business and Economics
Located at West Virginia University, the Chambers College combines rigorous academic programs with an emphasis on cutting-edge research, equipping students to address real-world challenges across business disciplines.
The post West Virginia University Announces New Gift to Support the Center for Gaming Research and Development appeared first on Gaming and Gambling Industry in the Americas.
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