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LeoVegas AB Q2: Quarterly report 1 April – 30 June 2021

“All-time-high in Sweden and a strong start for Expekt” – Gustaf Hagman, Group CEO
SECOND QUARTER 2021: 1 APRIL – 30 JUNE
- Revenue decreased by 13% to EUR 96.8 m (110.7).
- Excluding Germany, growth was positive 3%.
- Adjusted EBITDA was EUR 10.6 m (23.0), corresponding to a margin of 10.9% (20.8%). Reported EBITDA was EUR 9.8 m (23.0).
- The number of depositing customers was 460,697 (434,453), an increase of 6%.
- Adjusted earnings per share were EUR 0.06 (0.19).
EVENTS DURING THE QUARTER
- The acquisition of Expekt was completed and integrated on 19 May 2021. The start has been a success, and Expekt’s revenue and market share have nearly doubled in Sweden since the acquisition was carried out.
- LeoVegas’ forthcoming expansion to the USA, starting in the state of New Jersey, is on track.
- LeoVegas carried out share repurchases for EUR 4.9 m and paid out of the first out of four quarterly dividends to the Parent Company’s shareholders. The second quarterly dividend payment was made after the end of the period.
- LeoVegas’ framework and routines for ensuring responsible gaming have been assessed by the independent agency eCOGRA. The external assessment shows that LeoVegas is in conformity with all relevant recommendations and requirements for responsible gaming published by the European commission.
EVENTS AFTER THE END OF THE QUARTER
- Preliminary revenue in July amounted to EUR 32.8 m (30.7), corresponding to growth of 7%. Excluding Germany, revenue grew 23%.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
SECOND QUARTER
Most of our markets have continued to develop well, with high, double-digit growth in key markets like Italy and Spain. The development in Sweden is encouraging, with record-high revenue during the quarter. We are also growing rapidly in North America, which now accounts for 10% of consolidated revenue. However, re-regulation in Germany continued to negatively impact figures during the period. Excluding Germany, Group revenue increased by 3% to a new record level despite tough comparison figures from the start of the pandemic during the second quarter of 2020 and greater competition from other entertainment activities as societies are now opening up again. We expect to see positive growth for the Group on a yearly basis during the third quarter.
Our operating profit decreased compared with the same period a year ago, while we achieved stable earnings compared with the preceding quarter. This is despite a high level of investments and a number of important, strategic ventures, including our forthcoming launch in the USA, a stronger focus on sports with the acquisition of Expekt, and our new game studio. Marketing costs in relation to revenue were higher than the historic average, coupled among other things to the relaunch of Expekt and investments in a number of key markets in which we see high customer growth. Investments in marketing during the quarter weighed down earnings short-term but are driving value long-term and will also enable us to accelerate out of the revenue drop in Germany. As revenues increase, the share of marketing investment will decrease. At the same time, we have maintained good cost control, and our operating expenses have more or less been unchanged over the last three-year period.
THE NEW EXPEKT
In mid-May we consolidated the acquisition of Expekt, and shortly thereafter “the New Expekt” was launched with a large and attention-grabbing marketing campaign ahead of the Euro 2020 football championship. It was a successful start, and in a short time we nearly doubled Expekt’s revenue and market share in Sweden since completion of the acquisition.
GERMANY
The situation in Germany coupled to re-regulation, with strict product limitations, an extremely high gaming tax and a skewed competitive situation, is having a negative effect on the Group. Revenue in Germany decreased by 81% compared with a year ago and accounted for only 4% of Group revenue during the quarter. We believe it will take time to create a balanced and fair market climate and have therefore chosen to shift our investments to other, more profitable markets. Over the long term we still believe that Germany, with Europe’s largest population, offers great opportunities for the Group.
NORTH AMERICA
Our forthcoming expansion to the USA, starting with the state of New Jersey, is on track. We are currently working on adapting and certifying our technical platform, and during the autumn we will also begin establishing a local organisation. We expect to accept our first American customers during the first half of 2022.
The Canadian province of Ontario, which is home to roughly 40% of Canada’s population, is conducting preparations to introduce a local licence system for online gaming. LeoVegas has built up a strong brand along with a large and loyal customer base in Ontario and the rest of Canada, among other things with help from former hockey legend Mats Sundin. According to our assessment LeoVegas is one of the larger and most well-known casino actors in the Canadian market.
During the second quarter, North America accounted for 10% of the Group’s total revenue and grew 33%. In pace with our continued expansion in Canada and forthcoming launch in the USA, revenue from North America will increase. This is in line with the Group’s strategy to diversify our revenues.
COMMENTS ON THE THIRD QUARTER
Revenue for the month of July amounted to EUR 32.8 m (30.7), corresponding to positive growth of 7%. Adjusted for Germany, the Group’s growth in July was 23%.
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Thunderkick launches debut crash game Heads Will Roll

Studio combines arcade and dice mechanics in ominous release
Independent slots studio Thunderkick has marked its first foray into a new product vertical with the release of Heads Will Roll.
The crash game, set in an eerie underground vault, tasks players with climbing a multiplier ladder by rolling a die with three possible outcomes: level-up, Fate Mode, or game over.
The level-up icon progresses the player to the next rung of the prize ladder, boosting the available cash out, Fate Mode replaces the standard die, increasing both the number of steps climbed and the chance of landing a game over symbol, which ends the betting round instantly.
Four difficulty variants each present a unique risk level, granting the user complete control over their experience. The likelihood of rolling a game over symbol increases with each difficulty level, as does the maximum multiplier, which ranges from 35x in Easy mode up to 2,400x in Brutal mode.
Once the player moves within one or two steps of the final multiplier, the All or Nothing round is triggered. Played on a red and gold die, the number of sides is determined by the active difficulty level, and there are just two possible outcomes: maximum win or game over.
Following a successful cashout, the multiplier which would have been reached if the player kept rolling is revealed, providing a unique opportunity for the development of game strategy.
Heads Will Roll is Thunderkick’s first venture outside of the slots vertical, demonstrating the studio’s commitment to diversifying its product portfolio in alignment with the latest industry trends.
Mike Collins, Game Product Owner at Thunderkick, said: “There has been a huge increase in the number of players opting for crash and arcade-style games in 2025, with the fast-paced betting rounds providing that instant gratification they are seeking.
“Heads Will Roll marks our first step outside of the world of slots, offering Thunderkick players a distinct, action-packed experience where the player has complete autonomy over how they play.
“While the gameplay moves away from our classic slots, visually, it feels reassuringly familiar, retaining the signature Thunderkick flair.”
The post Thunderkick launches debut crash game Heads Will Roll appeared first on European Gaming Industry News.
Balkans
CT Interactive Partners with Mr Bit, Strengthening Position in Bosnia and Herzegovina

CT Interactive has officially launched its certified content on Mr Bit, a new licensed casino platform for a young audience, marking another significant step in its expansion across the regulated markets of Southeastern Europe. This move strengthens CT Interactive’s presence in Bosnia and Herzegovina, following the successful partnership between the two companies in Romania.
As part of this launch, 50 of CT Interactive’s top-performing slot games — including popular titles like Win Storm, 40 Treasures, Lucky Clover, and Hot 7’s x2 — are now available to Mr Bit’s players in Bosnia and Herzegovina. The integration also includes CT Interactive’s Hot Luck jackpot system, bringing an added layer of excitement and engagement to the platform.
“Expanding our partnership with Mr Bit into Bosnia and Herzegovina is a strategic move aligned with our broader European growth strategy,” said Antonio Donov, Head of Business Development EMEA and Asia, COO at CT Interactive. “The success we achieved together in Romania laid the foundation for this next step. We’re excited to deliver our engaging, certified content to even more players in this promising market.”
This launch underscores CT Interactive’s continued commitment to expanding its reach in regulated jurisdictions and providing operators with top-tier, market-adapted content that drives engagement and retention.
The post CT Interactive Partners with Mr Bit, Strengthening Position in Bosnia and Herzegovina appeared first on European Gaming Industry News.
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REEVO Games Go Live on NetBet

REEVO is proud to announce its new partnership with NetBet, one of the world’s leading online casino platforms.
Through this collaboration, NetBet customers will now gain access to REEVO’s full portfolio of immersive slot and table games, showcasing REEVO’s commitment to delivering cutting-edge technology, exciting gameplay mechanics, and unforgettable player experiences.
Founded in 2021, REEVO has quickly established itself as a trusted and forward-thinking provider, developing a diverse range of high-quality titles that combine innovative features with striking visuals. This partnership with NetBet marks another important milestone in REEVO’s mission to expand its global footprint and bring its growing collection of games to more players around the world.
Shared Vision for Excellence
Commenting on the partnership, Claudia Georgevici, PR Manager at NetBet, said: “REEVO is an innovative company which really caught our eye. Once we looked through their product range, we agreed that their core values and business goals align perfectly with ours. We look forward to our players experiencing REEVO and all their incredible games.
Karl Grech, Head of Business Development at REEVO, added: “As a relatively new company within the iGaming world, this partnership with NetBet means so much to us. It shows we’re well and truly on the right path, and we have so many new, exciting ideas ready to unleash. Of course, our current selection of casino games is almost unparalleled, which is just perfectly suited to the players at NetBet.”
The post REEVO Games Go Live on NetBet appeared first on European Gaming Industry News.
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