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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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Here are this weeks latest slots releases compiled by European Gaming
Spinomenal has released its latest title, Queen of Oasis. Set against the rolling ancient Egyptian dunes and lush, palm-lined oases, Queen of Oasis immerses players in an elegant world of riches. Camels, vultures, antelopes, snakes, and the powerful Queen herself bring this 5-reel slot to life. The reels sit within two ornate marble pillars where the bejewelled Queen represents the Wild symbol.
TaDa Gaming has released Golden Bank 2, a sequel to the popular Golden Bank slot. With a 10,000x max win and exciting features, Golden Bank 2 engage players with its immersive gameplay and the potential for substantial payouts. Set in a golden vault, Golden Bank 2 combines the simplicity of classic slots with the thrill of modern mechanics. With vibrant graphics and a dynamic soundtrack, the game immerses players in an exciting, high-stakes atmosphere.
Evoplay has launched Belfry Bliss Hold and Win, a fiery 5×3 slot that blends retro-inspired visuals with a darker twist on the fan-favourite Hold and Win mechanic. Set against a backdrop of flames and ringing bells, the game reintroduces Evoplay’s mischievous Devil character, not as a foe, but as a Wild symbol, lighting the way to potential wins. Classic slot icons like sevens, bars and cherries return, but the real action begins when the bells drop.
Brute Force: Alien Onslaught reunites the original Brute Force members… with a surprise addition. Joshua and Jason have recruited the help of Jade, a fearless mercenary, who doesn’t know defeat. This game joins the ranks of signature Nolimit City slots like Fire In The Hole 3, Highway To Hell and most recently Flight Mode. It’s time to lock and load, once again! Unlike the prequel, Brute Force: Alien Onslaught features a 6 reel setup, wilds and a new baddie, Xylox, who can steal multipliers from Joshua, Jason and Jade.
Push Gaming has returned to the deep blue with Fish ‘n’ Nudge Big Catch, a reimagined follow-up to one of its most beloved recent titles. Building on the charm and success of the originalFish ‘n’ Nudge, Big Catch brings fresh energy to the series with a new take on free spins and added layers of excitement designed to engage both loyal fans and new players.
Play’n GO unveils Rise of Orpheus, a mythical slot that takes players deep into the Underworld in pursuit of love, light, and powerful gameplay features. Following in the footsteps of mythology-inspired favourites like Gates of Troy and Rise of Olympus, Rise of Orpheus brings the tragic tale of Orpheus and Eurydice to life through emotionally charged mechanics and immersive storytelling.
Playson welcomes the return of its mischievous trickster in Super Pink Joker: Hold and Win, who features as a Wild during base play before shapeshifting into a lavish Multiplier for the renowned Hold and Win Bonus. Set in a dazzling pink world full of energy, the release cranks up the heat with dynamic animations and upbeat audio, with the jester taking his place on the enlarged 5×3 grid alongside electrified coins and cartoon-style fruits.
Blueprint Gaming™ reignites the prehistoric fun in its latest major branded IP release, The Flintstones™ Bedrock Riches, led by two lavish bonus games and an intriguing base play trail. The series’ original, The Flintstones™, enjoyed a strong initial uptake in users following its launch in May 2024, with players gravitating towards the familiarity of the brand and series. The renowned slot studio now feels confident the latest offering has built on key features and aims to retain players long term.
ELA Games, a dynamic game development studio, announces the release of John’s Book, its modern take on timeless themes and mechanics. The game invites players to join John the Explorer to hunt for ancient treasures buried in a Pharaoh’s tomb. Rich with iconic symbols and familiar mechanics, John’s Book is a tribute to the well-loved “Book Of…” format that’s prevalent in the industry while adding its twists. With high replayability, easy-to-understand features, and an immersive design, this title appeals to both veteran and casual players.
Players get to dig deeper with every spin as they search for gems and big wins in Wild Gold Mine, the latest slot release for iGaming content provider, ICONIC21. Wild Gold Mine promises a glistening player experience thanks to a cart-load of features, including a unique bonus that makes an appearance for the very first time in an ICONIC21 slot.
“Hellish 7 Hold & Win”, (Höllische 7 Hold & Win in German) is now live, a spicy Classic Series slot from the Berlin-based developer Hölle Games. This is a new summer edition in the Hellish Seven franchise, known for its high volatility, hellishly good payouts, and hard rock riffs. The new entry features Hold & Win, where, if players can fill the reels with (any) cash symbol, they will win the impressive 7777x main prize!
Tom Horn Gaming is kicking off July with Panda Rica, a fast-paced 3×3 video slot that delivers simple yet captivating mechanics and vibrant visuals. From expanding wilds and multiplier wins to Star Gamble Ladder, the game is a standout addition to the supplier’s growing portfolio of slot titles. Designed for quick sessions and high engagement, Panda Rica combines classic slot appeal with clever gameplay that elevates the player experience.
Prepare for an unforgettable summer as Endorphina announces the highly anticipated release of Sticky Lips, its latest captivating slot. This visually striking title invites players into a vibrant world where Endorphina’s Joker makes a remarkable return, blowing irresistible kisses to make their winnings truly stick. She’s wild, she’s wicked – and her lips are ready to stick you with luck! Dare to stare into her eyes in this 5-reel 4-row slot with 50 fixed paylines and prove your worth to get a lucky, juicy kiss. With every spin, her lips glow and tempt, hungry to lock in golden wins.
The post Week 28/2025 slot games releases appeared first on European Gaming Industry News.
All-Cash Transaction Unlocks Significant, Unrealized Value for Boyd Shareholders
Boyd, FanDuel Extend Market-Access Agreements through 2038
Boyd Gaming Corporation announced it has entered into a definitive agreement to sell the Company’s 5% equity interest in FanDuel Group to Flutter Entertainment plc for cash consideration of $1.755 billion.
The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals. The Company intends to use net proceeds to reduce debt.
Keith Smith, President and Chief Executive Officer of Boyd, said: “This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company. As a result, we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders, and maintaining a strong balance sheet.”
In addition to purchasing Boyd’s equity interest in FanDuel, Boyd and FanDuel will terminate certain existing market-access agreements between the parties and enter into new agreements to provide, among other things, for an extended term through 2038. The agreements will also provide Boyd with a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania, as well as FanDuel’s online casino operations in Pennsylvania, upon the close of this transaction. FanDuel will also continue to operate Boyd’s retail sportsbooks outside of Nevada through mid-2026, after which time Boyd will assume responsibility for these operations.
Under terms of the revised market-access agreements with FanDuel, the Company now expects its Online segment will generate $50 million to $55 million in operating income and Adjusted EBITDAR for the full year 2025, and approximately $30 million in 2026.
Smith added: “The partnership between Boyd and FanDuel has been a remarkable success for both companies. FanDuel has emerged as the nation’s clear leader in online sports-betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country. It has been a privilege to work with the Flutter and FanDuel teams, and we look forward to supporting FanDuel’s continued growth and success through our market-access agreements across the country.”
Moelis & Company LLC served as exclusive financial advisor to Boyd Gaming on the transaction. Morrison & Foerster LLP served as legal advisor to Boyd Gaming on the transaction, with Brownstein Hyatt Farber Schreck, LLP advising on the commercial agreements.
The post BOYD GAMING TO SELL FANDUEL INTEREST FOR $1.755 BILLION appeared first on Gaming and Gambling Industry in the Americas.
Pioneering the next chapter of regulated iGaming in Germany, Spielbanken Bayern and leading live-casino specialist Stakelogic have gone live with brand-new online live casino solutions.
On 28 May 2025, spielbanken-bayern-online.de rolled out a set of Automatic Roulettes. The launch marks the inaugural step in a phased roadmap that will soon see more Roulette and Blackjack.
Bavaria became Germany’s first state to introduce online live-casino games in April 2024. Since beginning 2025, Spielbanken Bayern has worked hand-in-hand with the Bavarian regulator and Stakelogic to craft a best-in-class solution that combines strict compliance with an engaging, secure, and reputable gaming offering.
Stephan van den Oetelaar, CEO at Stakelogic, added: “It is both an honour and a privilege to develop further with Spielbanken Bayern on Germany’s first legal online casino. The timeline was ambitious, but our combined teams delivered. In the coming months, we will continue to optimise and enrich the portfolio with additional premium content.”
This landmark collaboration cements Spielbanken Bayern’s position as Germany’s online live-casino trail-blazer while underscoring Stakelogic’s reputation for marrying regulatory rigour with next-generation player experiences.
The post Spielbanken Bayern and Stakelogic Launch brand new Live-Casino Offering appeared first on European Gaming Industry News.
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