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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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Latest News
Loud Launches, Quiet Exits Why Partner Culture Outlasts Partner Acquisition
London is a city built on institutions that never needed to announce themselves. The law firms on Chancery Lane, the private clubs in St. James’s they endure not through attention, but through trust accumulated over decades. Quietly. Consistently. Without a rebrand every two years. Which makes London an interesting backdrop for the affiliate industry’s annual conversation with itself. Because iGaming, by contrast, has mastered the art of attention.Conference floors are fluent in volume: oversized visuals, stacked merchandise, account managers with pitch decks and a practiced sense of urgency. Every programme is premium. Every stand is exclusive. What it rarely produces is what the spreadsheet actually needs: long-term ROI, partner retention, relationships worth more in year three than month one.
The Market Learned to Perform Premium. It Forgot to Practice It.
When an entire market adopts the same vocabulary premium, VIP, exclusive, top-tier the signal stops carrying information. The gifting mechanics follow the same logic: items chosen for the photograph rather than the relationship. With this approach the partner is the audience, not the counterpart.
The structural problem is this: markets that compete on noise attract partners who respond to noise, and lose them the moment a louder offer comes along. Attention is not loyalty. Activation is not retention.
High-performing affiliate partnerships share a different architecture: predictability over promises, honest communication over promotional language, consistency whether a relationship is new or years old. Strong partners don’t leave for marginal CPA improvements when the relationship itself has value they’d be giving up. That dynamic reduces churn, extends LTV, and compounds over time in ways no single activation can replicate.
Manor as Model: The Economics of Restraint
PlayamoPartners’ presence at iGB London stand H-60, 1–2 July operates on this logic. The Manor concept takes the British manor as its central metaphor: not a venue, but a model of relationships. There is an etiquette, a code, standards that everyone inside understands. Membership implies alignment.
The aesthetic is restraint. The underlying logic is economic. Trust, in this industry, has a measurable ROI that most programmes never stop to calculate because they’re too busy announcing it.
The Code of Honor: Giving the Industry Its Memory Back
At the centre of the Manor experience is a physical book not a lookbook or catalogue, but a Code of Honor: partner feedback, written by partners themselves, accumulated across events and years. A physical record implies that what partners say is worth keeping in a form that persists that the relationship has a history worth preserving.
The iGaming industry has become extremely efficient at forgetting. Campaigns replace campaigns. Account managers cycle through. Programmes pivot quarterly. The Code of Honor is a deliberate counter to that tendency. It treats reputation not as a marketing asset but as something that grows through repeated honest interaction. An archive of trust, built over time.
Recognition Over Raffle
Partners who contribute to the Code of Honor become eligible for recognition items including a MacBook Neo 13, iPhone Air, and iPad Air. Come by on 02.07 at 14 o’clock and collect your prize.
The framing matters. These are not raffle prizes. Recognition is relational: you are who you are, and that is acknowledged. One is a CPA model applied to gifting. The other is how relationships between people who respect each other actually function.
The partners the Manor is designed for are not the ones who show up for a giveaway they’re the ones who show up to engage, to leave something of their own behind, to participate in the ongoing record of what this programme is.
Continuity of Standards
This approach isn’t new for PlayamoPartners. Past recognition has included Samsonite, Hugo Boss, TAG Heuer, Cartier, YSL. At iGB London, partners at H-60 will find Cartier wallets and MacBooks among the acknowledgements.
Premium gifting delivered consistently, to partners aligned with programme standards, across multiple years and conferences, reads differently from a one-time budget line. It signals a stable set of values with no particular need for an audience.
What Remains After the Conference Floor Clears
Rates, tools, tracking platforms are table stakes. Any serious programme can match them within a quarter. What cannot be quickly replicated is culture: honest communication, payments that arrive without chasing, account managers who know your business well enough to have an opinion about it.
Manor of PlayamoPartners arrives at iGB London not as an activation, but as a position. Behind it: a system, a reputation, a code of conduct that predates this event and will outlast it.
Stand H-60 | 1–2 July | iGB London
Contact the team:
- Edgar @Nertevics — CEO, PlayamoPartners
- Slava @AMOSLAVA — Affiliate Manager Team Lead
- Anna @anna20bet — Affiliate Manager
- Andrey @Andrey_playamo — Affiliate Manager
- Barbara @BarbaraPlayamoPartners — Affiliate Manager
The post Loud Launches, Quiet Exits Why Partner Culture Outlasts Partner Acquisition appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Asia
PhilWeb Showcases Technology-Driven Growth Vision at SiGMA Asia 2026
PhilWeb Corporation has reinforced its position as a technology-driven company at SiGMA Asia 2026, highlighting its continuing transformation through digital innovation, scalable platform solutions and strategic technology investments aligned with the rapidly evolving digital economy in Asia.
As one of the Philippines’ established technology and platform providers, PhilWeb participated in SiGMA Asia 2026 to showcase its long-term vision centered on digital infrastructure, operational scalability, customer engagement technologies and future-ready platform development. The company’s presence at the international event reflects its broader strategy of strengthening its role within the growing technology, digital entertainment and fintech ecosystem in the region.
With more than 25 years of operational experience, PhilWeb continues to evolve alongside changing market demands and technological advancements. Over the years, the company has steadily expanded its capabilities through investments in platform modernization, integrated digital systems, payment technologies and data-driven operational tools designed to support scalable and efficient business operations.
As industries across Asia continue to undergo digital transformation, PhilWeb sees increasing opportunities in technology-enabled ecosystems where connectivity, automation, customer experience and operational efficiency play increasingly important roles in long-term business growth.
At SiGMA Asia 2026, the company highlighted initiatives focused on strengthening its digital ecosystem through improved platform capabilities, enhanced payment integration infrastructure and technology solutions designed to support seamless experiences across both physical and digital customer environments.
PhilWeb also emphasised the growing importance of integrated platforms and scalable digital operations as consumer behaviour continues to shift toward more connected and technology-driven experiences. The company continues to adapt to these evolving trends by exploring innovations that improve accessibility, operational flexibility and customer engagement.
Participation at SiGMA Asia 2026 also provided PhilWeb with opportunities to engage with international technology firms, fintech companies, digital infrastructure providers, payment solutions companies and regional business partners as it continues to strengthen its long-term growth strategy.
Beyond technology expansion, PhilWeb continues to prioritise governance, compliance-driven systems, operational transparency and sustainable business.
The post PhilWeb Showcases Technology-Driven Growth Vision at SiGMA Asia 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Balkans
Strong Customer Response Marks Successful Belgrade Future Gaming 2026 for NOVOMATIC
NOVOMATIC concluded a highly successful participation at Belgrade Future Gaming 2026, further reinforcing its strong presence in the Southeast European market. Throughout the exhibition, the company welcomed a steady stream of visitors to its stand, providing an excellent platform for strengthening existing partnerships, establishing new business contacts and discussing future opportunities with customers from across the region.
The comprehensive product showcase featured a broad selection of NOVOMATIC’s latest gaming innovations. Among the highlights were Impera PROLINK 2 and the internationally successful XTENSION LINK series, including Volumes 2, 3, 4 and 5 as well as XTENSION LINK Ultimate, all of which attracted strong interest from visitors thanks to their proven performance and engaging feature mechanics. Visitors also explored VISION LINK, NOVOMATIC’s latest multi-feature linked progressive concept, alongside the versatile GAMINATOR X5, renowned for its flexible game mix and customization options.
A particular highlight for the regional market was the Impera Line HD Edition 10 – Balkan Special, which generated significant interest thanks to its carefully selected game mix tailored specifically to local player preferences.
Taking center stage was the award-winning DIAMOND X QUATTRO 1.55J, whose striking design and immersive player experience made it a standout attraction on the show floor. The portfolio was further complemented by a premium V.I.P. X setup, including the V.I.P. X Royal 1.85 and, for the first time at a Balkan trade show, the V.I.P. X Galaxy 2.65, both showcasing NOVOMATIC’s commitment to delivering high-end gaming experiences for modern casino environments.
As in previous years, NOVOMATIC’s successful cooperation with long-standing partner FAZI contributed to a strong exhibition presence, while the popular ADMIRAL Bet Pub catering concept once again provided a welcoming atmosphere that encouraged networking and business discussions in a relaxed setting.
“The positive response we received throughout the show was truly outstanding. Belgrade Future Gaming remains one of the most important industry events in Southeast Europe and provides an excellent opportunity to engage directly with our customers and partners. We were delighted by the strong interest in our product portfolio, particularly the Impera Line
HD Edition 10 – Balkan Special and the first presentation of the V.I.P. X Galaxy 2.65 in the region. The many valuable conversations and promising business opportunities generated during the event once again demonstrated the strength of the Balkan market and the value of close collaboration with our customers. I would like to sincerely thank all visitors, customers, partners, and our dedicated team for contributing to another successful edition of Belgrade Future Gaming,” said Miloš Pejić, Regional Manager SEE at NOVOMATIC.
With a comprehensive portfolio of internationally proven products, regionally tailored solutions and premium gaming innovations, NOVOMATIC once again demonstrated its ability to meet the diverse requirements of the Balkan market. The successful outcome of Belgrade Future Gaming 2026 further highlighted the company’s strong momentum across Southeast Europe and created a solid basis for future growth and collaboration with customers and partners throughout the region.
The post Strong Customer Response Marks Successful Belgrade Future Gaming 2026 for NOVOMATIC appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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