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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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Canada
CasinoCanada announces partnership with Slota Casino
CasinoCanada.com has entered into a partnership with Slota Casino aimed at increasing the platform’s visibility and directing traffic from non-regulated Canadian markets.
As part of the collaboration, CasinoCanada will prepare and publish informational materials describing Slota Casino’s features and game offerings.
The partnership includes ongoing content development, efforts to increase platform visibility and user acquisition activities across CasinoCanada’s media channels.
CasinoCanada is an online casino guide focused on the Canadian market, operated by SEOBROTHERS.
Eugene Ravdin, Head of PR at SEOBROTHERS, commented:
“We focus on delivering accurate information about the Slota Casino platform while maintaining consistent content updates and supporting steady traffic growth across our channels.”
Slota Casino was launched in 2024 by GBL Solutions N.V. under a Curacao licence.
Slota Casino is operated by the Slota Partners affiliate program.
The platform provides access to more than 12,000 online casino games from 130 providers, including Play’n GO, Endorphina and Games Global.
A representative of Slota Casino said:
“We’re genuinely excited about teaming up with CasinoCanada. This is a major step forward for us.
The Canadian market has enormous potential, and partnering with a portal as respected as CasinoCanada gives our brand the visibility and credibility it deserves in this region.”
The post CasinoCanada announces partnership with Slota Casino appeared first on Americas iGaming & Sports Betting News.
Brazil
Esportes da Sorte has renewed its official sponsorship of the Parintins Folklore Festival for the 2026 edition
Esportes da Sorte has renewed its official sponsorship of the Parintins Folklore Festival for the 2026 edition.
The brand reinforces its strategy of promoting Brazilian culture after fostering an exchange between the North and Northeast regions during the Pernambuco Carnival.
Esportes da Sorte announced the renewal of its official sponsorship of the Parintins Folklore Festival for the 2026 edition.
Scheduled to take place from June 26 to 28, the event is part of the brand’s strategy to strengthen Brazilian cultural expressions and support the regional creative economy.
The continuation of the partnership follows a cycle of cultural integration promoted by the company over the past year.
In 2026, the group brought artistic references from the Parintins Festival to Recife Carnival by inviting Amazonian visual artist Iran Martins to design the brand’s parade float at Galo da Madrugada.
The project incorporated movement mechanisms and aesthetic elements inspired by the “bumbás” universe into the visual language of frevo.
Beyond brand exposure, the investment in Parintins is part of a positioning strategy focused on valuing Brazilian cultural identity and strengthening initiatives with strong regional ties.
“Our presence in Parintins goes beyond a branding action. It is a commitment to valuing Brazilian culture and the professionals who drive this creative ecosystem.
By bringing together references from the Parintins Festival and Recife Carnival, we show how different cultural expressions in the country can dialogue and create new connections.
We want to continue expanding this impact and contribute to keeping the bumbá tradition strong,” said Marcela Campos, Vice President of Grupo Esportes Gaming Brasil, owner of Esportes da Sorte.
Economic growth and new Bumbódromo
The Parintins Festival 2026 is expected to generate around R$193.2 million, a projected 5% increase compared to the previous edition. The forecast also includes approximately 30,000 direct and indirect jobs, as well as the arrival of around 126,000 tourists.
The audience will be welcomed in the new Bumbódromo, a structure with capacity for up to 25,000 people per day, which will become part of the festival’s expansion in the coming years.
Esportes da Sorte
Esportes da Sorte is one of Brazil’s leading sports betting platforms, with 100% national operations and a license granted by the Ministry of Finance (SPA/MF) to Esportes Gaming Brasil — the group that also owns the Onabet and Lottu brands.
The company is part of a Great Place to Work certified group and generates around 1,000 direct and indirect jobs. Its pillars include innovation, commitment to responsible gaming, and support for sector regulation.
It maintains strategic partnerships with institutions such as ANJL, IBIA, Sportradar, EBAC, and IAA, strengthening control practices, problem gambling prevention, and user protection.
In addition to sports betting, Esportes da Sorte invests consistently in sports, culture, and social projects. It is a master sponsor of clubs such as Corinthians, Ceará, Ferroviária, and Náutico, as well as supporting major cultural events like Galo da Madrugada, Carnival celebrations in cities such as Recife, Olinda, Salvador, Maceió, Natal, Caicó, Belo Horizonte, Rio de Janeiro, and São Paulo, and the Parintins Festival. The brand also expands its digital presence through creative campaigns and influencer partnerships, strengthening its connection with audiences across online platforms.
The post Esportes da Sorte has renewed its official sponsorship of the Parintins Folklore Festival for the 2026 edition appeared first on Americas iGaming & Sports Betting News.
Canada
Digicode to showcase Diger Suite at SBC Summit Canada 2026
Digicode will showcase its Diger Suite at SBC Summit Canada, taking place in Toronto from May 19–21, 2026.
At the event, the company will highlight how its product suite addresses evolving technical and partnership demands in Canada’s regulated iGaming market.
As the market moves beyond initial entry and into a phase defined by performance, scalability, and compliance, operators are re-evaluating their technology foundations.
Digicode’s Diger Suite is built to support this shift, offering a modular architecture that enables faster adaptation to regulatory changes, improved system reliability, and more efficient operations.
Aligned with the summit’s 2026 theme, “Partnerships, Performance, and Market Reality,” Digicode will demonstrate how its technology supports sustainable growth.
The Diger Suite equips operators with tools to manage complex integrations, streamline localized payment processing, and ensure compliance with responsible gaming requirements.
Its AI-driven framework automates backend workflows while maintaining strict standards for security and uptime.
“The Canadian market has entered the phase of operational maturity where the focus is no longer on expansion alone but on improving efficiency and long-term profitability,” said Elkhan Shabanov, CEO of Digicode Americas.
Operators are looking for solutions that not only meet regulatory demands but also enable them to scale efficiently and maintain control over their platforms.”
During the summit, Digicode’s team will engage with industry stakeholders on topics including AI adoption in product development, modernization of legacy systems, and the transition away from traditional SaaS and revenue-share models toward full platform ownership.
The company aims to help operators regain control of their technology stack, reduce dependency on third-party vendors, and build scalable, compliant solutions tailored to their business needs.
About Digicode
Digicode is a full-cycle AI-enabled product development company that designs and delivers enterprise digital solutions for organizations in complex, regulated environments.
Digicode supports clients with enterprise systems, integrations, and long-term software development. The company operates internationally and prioritizes projects where ownership and technical responsibility remain with the client.
The post Digicode to showcase Diger Suite at SBC Summit Canada 2026 appeared first on Americas iGaming & Sports Betting News.
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