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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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Compliance Updates
European Standard on Markers of Harm Now Published – EGBA Members Commit to Alignment
The European Gaming and Betting Association (EGBA) welcomes the publication of the European standard on markers of harm in gambling (EN 18144), on 31 May 2026, through the national standardisation bodies of the European Committee for Standardisation (CEN). EGBA and its members support the standard as an important voluntary baseline for identifying risky gambling behaviour, and its members are committed to aligning their player protection frameworks with the standard across Europe.
The standard establishes a strong baseline for consumer protection across Europe, identifying nine core behavioural markers that operators can use to recognise risky gambling patterns before they escalate:
- changes in stake volume or frequency.
- speed or intensity of play.
- deposit frequency, size, or failed deposits.
- withdrawals and cancelled withdrawals.
- player-initiated contact.
- gambling session duration or time-of-day play.
- use of multiple products.
- net losses or loss trajectories over time.
- changes to safety tools such as limits and self-exclusion.
EGBA proposed this initiative to CEN in 2022 and actively participated in its development alongside operators, national authorities, academics, and other harm prevention stakeholders. The resulting standard – the first of its kind in the gambling industry – is grounded in the latest research and received overwhelming approval from national standardisation bodies in October 2025.
EGBA members are already putting the standard into practice in Europe:
• Most members already monitor all nine behavioural indicators, with many having embedded them across all their operations.
• Members apply risk-scoring models to continuously assess player behaviour and flag emerging risk patterns.
• Members are committed to progressive alignment with the standard across all their operations.
“This is an important milestone for player protection in Europe. When widely adopted, this voluntary standard will lead to earlier identification of risky play and, ultimately, better protection for players. Our members are ahead of the curve on implementation – they are already applying many aspects of the standard and are committed to alignment across their European operations. We encourage other operators to adopt the standard and help raise the bar on player protection across Europe,“ said Maarten Haijer, Secretary General of EGBA.
As a voluntary tool, the standard complements existing national regulatory frameworks across Europe. In some jurisdictions, certain markers may not be applicable where they conflict with national law, and implementation will reflect the regulatory realities of each market. EGBA remains committed to supporting its members and the wider industry to drive implementation of the standard across Europe.
The standard (EN 18144) is now available for purchase from national standardisation bodies across Europe.
The post European Standard on Markers of Harm Now Published – EGBA Members Commit to Alignment appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
ELA Games
ELA Games Releases Pinatas Festival World Cup
ELA Games has released its latest slot game, Pinatas Festival World Cup. Featuring an absorbing narrative, this title shows how the studio naturally adapts popular releases for major calendar moments. The game merges the festive, colourful spirit of a carnival with the thrill of international tournament play, offering players a front-row seat to the action.
The original Pinatas Festival became incredibly popular for its bright, contrasting animation and upbeat Mexican street fiesta theme. With the World Cup being hosted across the Americas, giving the title a seasonal evolution felt like the perfect way to celebrate. The studio took the lively street party atmosphere and expanded it, blending the familiar celebration with the energy of a major tournament.
A Striking Visual Upgrade for the World Cup
The World Cup is unrivalled in its sheer size, uniting billions of fans worldwide and dominating sporting conversation. Releasing the game in the build-up to the big matches gives players the perfect way to embrace the football spirit, tapping into that worldwide anticipation. To match the prestige and scale of the world’s biggest sporting competition, Pinatas Festival World Cup introduces major artistic upgrades crafted specifically for the tournament. The studio has meticulously refined the graphics to deliver a sharp, radiant experience that pops on every spin.
The visual updates feature an extensive cast of characters, each brought to life to represent the passion of the fans. These characters have been outfitted in updated costumes with smoothly integrated, enlarged national flag logos to be perfectly on brand with the atmosphere of the tournament. This attention to detail brings the football energy straight to the screen, allowing players to feel the pride of the games as the action unfolds.
Capturing the Global Energy
Creating an authentic sports-themed title demands a complete understanding of the atmosphere that makes these tournaments so memorable. The development team focused intently on translating the roar and anticipation of a stadium crowd into an all-encompassing entertainment experience.
Marharyta Yerina, Managing Director at ELA Games, said: “Our entire design for Pinatas Festival World Cup completely revolves around capturing the global energy of the tournament. We poured the excitement of the stadium and the passion of the fans into the atmosphere, creating a space that feels like a worldwide celebration of the sport. It is an excellent opportunity to design a World Cup-themed game for our loyal players, making this project particularly enjoyable for our entire team. We really wanted to convey the immense size and feel of the tournament in slot form.”
The post ELA Games Releases Pinatas Festival World Cup appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Arnold
Arnold Ash sponsors Arthurian League’s 2026 US Tour
Arnold Ash, the executive recruitment and advisory specialist, has become sponsor of the Arthurian League’s US Tour, culminating in the inaugural Transatlantic Cup – a prestigious fixture between title-winning English and American amateur sides.
Marking 250 years of US independence, the game is scheduled during the 2026 World Cup, taking place on Friday 26 June in Philadelphia, the birthplace of American independence.
US amateur champions West Chester United SC are holders of the 2025 US Adult Soccer Association (USASA) National Amateur Cup. They will host a side representing England’s Arthurian League, which won the 2024 FA Inter-League Cup and features some of the oldest football clubs ever, including former FA Cup winners Old Etonians and Old Carthusians.
Arnold Ash’s logo will appear on the front of the Arthurian side’s white and red England kit. As the team’s headline partner the deal covers the travelling squad’s full 12-day tour with additional matches against New York Athletic Club and Boston Bolts.
The multi award-winning executive recruitment and advisory firm will also benefit from in-stadium branding at the ticketed match at Drexel University’s Vidal Athletic Complex, as well as on the historic event’s online and social channels.
The sponsorship builds on a relationship that saw Arnold Ash sponsor the Arthurian League representative team at the UEFA Regions Cup 2024. Its commitment to grassroots sport and emerging talent has seen the company support a number of charities, including Gloves and Doves, which helps promote unity and coexistence in Israel and the Middle East through the sport of boxing, and sponsor and support rising star boxer ‘Razor Ali’, an Iranian refugee based in London.
Jon Arnold, CEO at Arnold Ash, said: “Arnold Ash has been a proud sponsor of the Arthurian League representative sides at major events before, but it doesn’t get any bigger than this. The team is hugely talented, made up of the top amateur players England has to offer and – as the best-of-the-best – reflect the Arnold Ash core principles of quality, experience and consistency.
“The World Cup is now underway, but for the next five weeks, the Transatlantic Cup is where the real action is at! We wish both England teams the best of luck stateside!”
Billy Jenkins, Manager of the Arthurian League representative team, said: “Arnold Ash’s sponsorship is hugely valuable to our team, and we are incredibly grateful for their continued backing of grassroots football.
“We are honoured to participate in the first-ever Transatlantic Cup and just like England’s professional team hope to be lifting prestigious silverware on US soil in the coming weeks.”
The Transatlantic Cup takes place at 7.30pm on Friday 26 June, 2026 at Drexel University, Philadelphia. Tickets cost $15 and are available at www.wcp.flicket.io.
The post Arnold Ash sponsors Arthurian League’s 2026 US Tour appeared first on Americas iGaming & Sports Betting News.
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