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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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Altenar
Altenar powers Gran Fondo Isle of Man in 2026
Altenar, a global leader in sportsbook technology is sponsoring Gran Fondo Isle of Man as title sponsor for the 2026 event, which returns with a refreshed format.
Taking place on July 25-26, this year’s festival embraces the growing popularity of off-road cycling, introducing dedicated gravel and cross-country mountain bike events alongside participation rides designed for cyclists of all ages and abilities.
Based in Ramsey, the weekend culminates with the flagship 100 km races, which take riders across some of the Isle of Man’s most spectacular landscapes before finishing in Port Erin.
The partnership reflects Altenar’s commitment to supporting sport and the local community on the Isle of Man, where the company is headquartered.
Alongside its sponsorship of the Isle of Man Marathon and Half Marathon, backing Gran Fondo Isle of Man forms part of Altenar’s wider investment in initiatives that promote healthy lifestyles while showcasing the island to an international audience.
Elena Zhuli, Event’s Director at Altenar, said:
“We’re delighted to support Gran Fondo Isle of Man as it returns with an exciting new format for 2026. The event has built a fantastic reputation over the years by bringing together riders from around the world while celebrating everything that makes the Isle of Man such a unique place to cycle.
“As a company proudly based here, we’re pleased to continue supporting an event that encourages participation, strengthens the local community and showcases the island on the international stage.”
Since its launch, Gran Fondo Isle of Man has welcomed more than 8,000 participants from countries including Japan, Australia, South Africa and the USA, earning recognition as one of the British Isles’ leading participation cycling events.
The refreshed 2026 format builds on that legacy, combining gravel riding, cross-country mountain biking and family-friendly cycling experiences into a weekend that celebrates the island’s outstanding natural landscape.
The post Altenar powers Gran Fondo Isle of Man in 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
casino
Infingame identifies why some casino promotions achieve 5x higher participation than others
Infingame, a leading aggregator in the iGaming industry, has revealed new operational insights into why some casino promotions significantly outperform others, with the strongest campaigns generating up to five times higher player participation compared to standard bonus-led activities.
According to Infingame, the gap between average and high-performing promotions is widening as operators move away from one-size-fits-all bonus campaigns and begin treating engagement as a data-led lifecycle strategy.
Based on aggregated observations across operator activity, Infingame found that campaigns built around segmentation, clear progression, time-sensitive mechanics, and real-time visibility consistently outperform static promotions. In some cases, segmented tournament and challenge-based campaigns delivered participation rates up to 5x higher than broad campaigns launched across an entire player base.
“The biggest difference is no longer the prize pool,” said Kateryna Korniienko, Promo Tool Manager at Infingame. “Operators often assume that a larger reward automatically means stronger participation, but our data shows that structure, timing, relevance, and visibility have a much greater impact on whether players actually join and return.”
Infingame notes that traditional casino promotions often underperform because they are too broad, too passive, or disconnected from player behaviour. A campaign offering the same reward to new, active, VIP, and lapsed players may reach a large audience, but it rarely creates the same level of response as a campaign tailored to specific player groups.
The strongest-performing promotions usually share four key characteristics. First, they are built around clear player segments. Campaigns targeted at specific groups, such as new depositors, high-frequency players, VIPs, or dormant users, tend to generate higher participation because the mechanic matches the player’s stage in the lifecycle. For example, a reactivation campaign designed for lapsed users requires a very different structure from a leaderboard aimed at competitive regular players.
Second, successful promotions create visible progress. Players are more likely to continue participating when they can track their position, progress, or remaining steps. This is one of the reasons tournaments, missions, and challenges often outperform static cashback or free spin offers. They create a reason to return during the campaign period, not just claim a reward once.
Third, high-performing campaigns use urgency carefully. Shorter campaign windows, Happy Hours, limited-time multipliers, and event-based mechanics can create sharper engagement peaks when used with the right audience. Infingame has observed that time-limited campaigns can increase repeat activity by 30-45% compared to open-ended promotions, particularly when paired with personalised communication.
Fourth, reward relevance matters more than reward size. Operators frequently overinvest in prize pools without adjusting the mechanic to the player segment. Infingame’s observations show that smaller but better-targeted rewards can often deliver stronger cost-per-engagement performance than larger generic campaigns.
“Promotions are becoming much more operationally sophisticated,” Kateryna Korniienko added. “The best operators are not simply launching a tournament or giving out free spins. They are asking who the campaign is for, what behaviour they want to influence, how long the campaign should run, and which reward makes sense for that player group.”
Infingame also identified a growing divide between operators that analyse campaign performance after launch and those that still evaluate promotions mainly by total participation or bonus cost. More advanced operators are now tracking repeat participation, session continuity, reactivation rate, cost per engaged player, and post-campaign retention.
This shift is changing how promotional tools are used across the industry. Tournaments are increasingly being applied not only as acquisition tools, but also as instruments for retention, reactivation, VIP engagement, and content discovery. Challenges and missions are also gaining traction because they allow operators to guide players through specific behaviours, such as trying new games, returning during low-activity periods, or engaging with selected content categories.
Infingame believes the next stage of casino promotion will be defined by flexibility and precision rather than volume. Through its aggregation platform and engagement tools, Infingame enables operators to design customised tournaments, challenges, and promotional campaigns across different player segments, markets, and content categories.
About Infingame
Infingame is a leading game aggregator built to help operators move faster and scale smarter. Through a single API integration, the platform gives access to a portfolio of over 16,000 games from more than 150 providers, allowing partners to launch quickly without dealing with multiple integrations.
Delivered via a single API, Infingame offers unparalleled technical excellence, the industry’s fastest spin times, exclusive tournaments and strategic partnerships with top-tier operators in North America, LatAm and beyond. Spanning a portfolio of slots, crash games, sweepstakes and live casino, book a demo via the LinkedIn page, website or at [email protected].
The post Infingame identifies why some casino promotions achieve 5x higher participation than others appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Amusnet
Shiny Crystals’ Launch Marks Amusnet’s First Step into Instant Games
Amusnet enters the world of instant games with Shiny Crystals, a fast-paced experience that blends strategic decision-making, flexible gameplay and rising anticipation into an exciting new format. Designed with a mobile-first approach, this innovative release invites players to uncover sparkling Crystals, avoid hidden Mines and decide exactly how far they are willing to push their luck.
Set on a concealed grid filled with valuable Crystals and dangerous Mines, Shiny Crystals puts every decision in the player’s hands. Each Crystal uncovered increases the current multiplier, creating a constant balance between risk and reward. The longer the journey continues, the greater the potential grows – but one hidden Mine can bring the round to an instant end, making every choice count.
One of the game’s defining features is its flexible risk system. Before each round, players can select how many Mines will be hidden across the grid, tailoring the gameplay to their preferred level of challenge. Whether opting for a cautious approach or embracing higher-risk strategies, every session offers a different path and fresh possibilities.
Adding another layer of excitement is Crystal Rush, a dynamic time-based feature that activates after uncovering three Crystals in quick succession. Once triggered, consecutive Crystal discoveries award additional multiplier boosts, rewarding quick thinking and confident decisions with even greater momentum.
For players who enjoy a more tactical experience, the Defuse Engine introduces a unique strategic mechanic. Before revealing a tile, players can view its Clarity Score, providing valuable insight into the potential risk before making their next move. When circumstances demand it, the grid can also be reshuffled, creating new opportunities and encouraging thoughtful decision-making throughout every round.
Combining intuitive gameplay, customisable risk levels and innovative mechanics, Shiny Crystals marks an exciting milestone as Amusnet’s very first instant game. Fast, engaging and built around meaningful player choice, it delivers a fresh gaming experience where every revealed Crystal brings new possibilities – and every decision could uncover something extraordinary.
The post Shiny Crystals’ Launch Marks Amusnet’s First Step into Instant Games appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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