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

Published

4 years ago

August 12, 2021

George Miller

Reading Time: 3 minutes

“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%.

Casino Technology

Spintec Shines at ICE Barcelona 2026 with Innovative Electronic Table Games and Jackpots

Published

10 hours ago

February 3, 2026

Wladimir P.

spintec-shines-at-ice-barcelona-2026-with-innovative-electronic-table-games-and-jackpots

Spintec took center stage at this year’s ICE Barcelona, captivating visitors with a stunning array of electronic table games, interactive experiences, and high-impact jackpots under The Merkur Group’s motto: “Spin with Power. Shine in Color.”

As one of the largest exhibitors, Merkur consistently drew large crowds, showcasing their latest innovations with entertaining presentations and immersive gaming setups.

Charisma Eye: Multi-Game Entertainment for 12 Players

Spintec’s Charisma Eye setting stole the spotlight, designed for up to 12 players. This versatile setup combines a roulette wheel and a dice shaker, allowing players to enjoy roulette, SicBo, and Craps simultaneously or individually. Enhanced with varied payouts, multipliers, and two thrilling jackpots—Galactic Jackpot on roulette and Dragon Jackpot on SicBo—Charisma Eye delivers nonstop excitement for both casual players and high rollers.

Galactic Spin: Three Roulette Games in One

Another major highlight was Galactic Spin, Spintec’s flagship roulette game. This year, the latest version integrates three game modes: classic roulette, Hot Spot, and Galactic Spin. Players can easily switch between modes, all designed to offer highly immersive and engaging gameplay.

Enhanced User Interface for Multi-Game Play

To elevate the player experience further, Spintec introduced a new touchscreen interface that splits the display, allowing players to monitor up to four games simultaneously. When one game becomes particularly engaging, it can expand to full screen, giving players complete control over their gaming experience.

Bestsellers That Continue to Impress Globally

ICE attendees also explored Spintec’s best-selling table games:

Charisma Amphitheatre: Ideal for live tournaments, this setting offers a wide variety of games playable at the same time, enhanced with vibrant graphics tailored for LED walls.
Charisma Stand-Alone: Perfect for individual players, featuring game selector buttons for smooth transitions and fully independent operation.
Charisma Blackjack (5 Play Stations): Brings the thrill of live blackjack to multiple players with five innovative side bets, capable of multiplying winnings up to 320x.
Charisma Roulette (8 Players): Spintec’s proven global bestseller, featuring Galactic Spin, GLI-certified technology, high visibility of the roulette wheel, and a two-sided LED animated topper for added flair.

Spintec at ICE 2026: Innovation Meets Player Engagement

From multi-player roulette and blackjack to immersive interfaces and high-value jackpots, Spintec reinforced its position as a leader in electronic table games. ICE Barcelona 2026 offered visitors the chance to experience firsthand the combination of player comfort, dynamic gameplay, and innovative design that continues to set Spintec apart in the global gaming industry.

The post Spintec Shines at ICE Barcelona 2026 with Innovative Electronic Table Games and Jackpots appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

betting solutions

GoldenRace and Spinmatic Partner with Lynon in Global iGaming Distribution Deal

Published

10 hours ago

February 3, 2026

Wladimir P.

goldenrace-and-spinmatic-partner-with-lynon-in-global-igaming-distribution-deal

GoldenRace and Spinmatic, both part of Softquo Holding, have entered into a global distribution partnership with Lynon, an all-in-one iGaming platform, to integrate their full portfolios of Virtual Sports and Slots into the Lynon ecosystem.

The strategic agreement significantly expands Softquo’s global reach, making GoldenRace’s industry-leading Virtual Sports and Spinmatic’s innovative slot games available to a broader international audience. Under the terms of the deal, Lynon will gain access to the entire game libraries of both providers, enabling operators and players worldwide to benefit from high-performance, market-ready betting and gaming solutions.

Strengthening Lynon’s iGaming ecosystem

By adding GoldenRace and Spinmatic content, Lynon enhances its offering with some of the most advanced Virtual Sports and Slots products currently available. The integration further positions Lynon as a comprehensive iGaming platform capable of delivering diverse, engaging content to regulated markets across multiple regions.

The partnership also reinforces the market leadership of GoldenRace and Spinmatic, whose combined expertise spans data-driven Virtual Sports, immersive slot mechanics, and scalable global distribution.

“Teaming up with Softquo allows us to deliver a double-edged competitive advantage to our partners,” said Sona Grigoryan, Partnership Manager at Lynon. “By combining GoldenRace’s Virtual Sports expertise with Spinmatic’s creative slot excellence, we are significantly enhancing the value of the Lynon ecosystem on a global scale.”

Expanding Softquo’s international footprint

Softquo CEO and Founder Martin Wachter highlighted the agreement as a reflection of growing global demand for the group’s products and technology.

“Our teams are working incredibly hard to ensure we keep growing worldwide and bringing our top-tier products to players in every corner of the globe,” Wachter said. “This agreement with Lynon shows that leading industry platforms recognise the value of our portfolio. We are delivering the best tools to help our partners engage players and drive sustainable growth, and we are pleased to see our international footprint continue to expand.”

Global demand for Virtual Sports and Slots

The partnership underscores the increasing worldwide appetite for Virtual Sports and premium slot content, as operators look to diversify offerings and improve player engagement. By aligning with Lynon, GoldenRace and Spinmatic further strengthen Softquo’s position as a global supplier of innovative, high-quality iGaming content.

The post GoldenRace and Spinmatic Partner with Lynon in Global iGaming Distribution Deal appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

BMM Innovation Group

BMM Testlabs Secures Minas Gerais License, Expanding iGaming and Sports Betting Certification in Brazil

Published

10 hours ago

February 3, 2026

Wladimir P.

bmm-testlabs-secures-minas-gerais-license,-expanding-igaming-and-sports-betting-certification-in-brazil

BMM Testlabs, the world’s longest-established gaming test laboratory, has been officially granted approval and accreditation as a Testing and Certification Laboratory in the Brazilian state of Minas Gerais, significantly expanding its regulated footprint in one of Latin America’s fastest-growing gaming markets.

The authorization, issued under the state’s formal lottery regime Loteria do Estado de Minas Gerais, allows BMM Testlabs to test and certify fixed-odds iGaming and sports betting products, including online sports wagering and instant games offered through LotoMinas.bet. The approval marks another key milestone in BMM’s long-term expansion strategy across Brazil’s evolving regulatory landscape.

Strategic expansion in Brazil’s second-largest state

Minas Gerais is Brazil’s second-largest state, home to more than 21 million residents and a major economic center in the country’s southeast region. Entry into this jurisdiction positions BMM Testlabs to support regulators, operators, and suppliers as the state develops its regulated online gaming and sports betting ecosystem.

With the Minas Gerais license, BMM Testlabs is now fully authorized to test and certify regulated gaming products across five Brazilian jurisdictions, including:

Federal-level accreditation in Brazil
State-level accreditation in Minas Gerais
State-level accreditation in Paraná
State-level accreditation in Maranhão
State-level accreditation in Rio Grande do Norte

This expanding portfolio reinforces BMM’s role as a trusted compliance partner in Brazil’s rapidly formalizing gaming sector.

Supporting regulators and sustainable market growth

Marzia Turrini, President of iGaming & Cybersecurity at BMM Testlabs, said the approval underscores the company’s commitment to supporting Brazil’s regulators and licensed suppliers with independent, high-quality testing services. “As the Brazilian market continues to evolve, regulators and suppliers require testing partners with deep technical expertise, global experience, and strong local knowledge,” Turrini said. “We are proud to support Minas Gerais with independent testing and certification services that help protect players, strengthen regulatory confidence, and enable sustainable market growth.”

Global experience with deep local reach

Founded in 1981, BMM Testlabs is the longest-standing private independent gaming certification laboratory in the world. The company has spent more than four decades testing and certifying a full range of gaming products, including land-based gaming systems, online and iGaming platforms, sports betting, lottery solutions, and emerging digital wagering technologies.

BMM has been recognized for its regulatory leadership, winning the Vixio Global Regulatory Award for Testing Service or Solution Provider of the Year in both 2024 and 2025. The company authored the first independent gaming standards in 1992 and the first online gaming standards in 2001, helping shape modern compliance frameworks worldwide.

Innovation, cybersecurity, and global scale

In addition to traditional testing and certification services, BMM operates the BMM Innovation Group (BIG), which delivers advanced technology solutions focused on cybersecurity through BIG Cyber and professional training through RG24seven Virtual Training.

BMM Testlabs employs more than 800 professionals across 16 global locations and holds more than 700 licenses worldwide, enabling it to support regulators and gaming suppliers across mature and emerging markets. The company’s global headquarters are in Las Vegas, with offices throughout the Americas, Europe, Africa, Asia, and Australia, including a growing presence in Brazil.

With its new Minas Gerais accreditation, BMM Testlabs continues to solidify its position as a leading testing and certification authority for Brazil’s regulated iGaming and sports betting market.

The post BMM Testlabs Secures Minas Gerais License, Expanding iGaming and Sports Betting Certification in Brazil appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.