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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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Golf
Soft2Bet Gathering: An Elite Golf & Padel Experience
Soft2Bet, a leading iGaming turnkey solutions provider, recently brought together industry connections for an exclusive two-day golf and padel experience at the Gleneagles Hotel in Scotland. The event brought Soft2Bet’s friends and connections together to enjoy a relaxed day of golf and padel, meaningful conversations, and shared moments in an inspiring setting, celebrating the spirit of connection and community that defines the company’s approach.
Set against the backdrop of one of Scotland’s best-known sporting estates, the day paired competitive play with the camaraderie and shared spirit that are such a valued part of the game. Attendees enjoyed access to Gleneagles’ most exclusive Ryder Cup & Solheim courses, where the relaxed setting encouraged genuine connection and reflected the supportive atmosphere that made the gathering especially memorable.
Gleneagles was a fitting venue for the occasion. With more than a century of golfing history, three championship courses and a reputation built on world-class hospitality, it remains one of Scotland’s standout golf destinations. Its PGA Centenary Course hosted the 2014 Ryder Cup and the 2019 Solheim Cup, making Gleneagles the only golfing destination in Europe to have staged both events.
The event reflects Soft2Bet’s belief that strong connections are built through shared goals, trust and collaboration. Creating space for in-person connection allows the company to deepen those relationships and support long-term success.
Harrison Barrett, VP of Business Development at Soft2Bet, commented: “Bringing the industry together in a setting like Gleneagles allows us to go beyond day-to-day operations and focus on what truly drives success, while playing golf and padel. Events like this are an opportunity to align on vision, exchange ideas and celebrate the momentum.”
Stuart Trigwell, Director of Business Development at Play’n GO said: “The time spent at Gleneagles, enjoying the incredible courses and engaging in genuine, strategic conversations, was an absolute highlight. It is events like these that reinforce the trust and collaborative spirit at the core of our relations.”
The gathering reflects Soft2Bet’s wider approach to the iGaming community engagement, creating opportunities for stronger collaboration and supporting growth across key markets.
The post Soft2Bet Gathering: An Elite Golf & Padel Experience appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Booming Games
Booming Games releases Ultra Buffalo Hold and Win
Booming Games, a leading provider of premium gaming content, has launched Ultra Buffalo Hold and Win, an electrifying new slot that brings the energy of the plains straight to the reels. Featuring a classic 5×3 grid with 20 fixed paylines, the game offers a maximum win potential of 5,000x. Set against a striking desert backdrop, players encounter iconic wildlife symbols, including buffalo, eagles, and wolves.
The slot delivers a high-stakes experience with a suite of thrilling bonus features. Landing three Bonus symbols on reels one, three, and five triggers the Buffalo Bonus Wheel, offering Grand, Major, Minor, and Mini prize pots, as well as the enhanced Ultra Mode, which adds two extra rows to the grid.
Randomly, the Wild Buffalo Herd feature may activate to transform symbols into wilds and upgrade existing wilds to Wild x2, ratcheting up the excitement. Meanwhile, landing five or more coins triggers the Ultra Hold and Win feature, expanding the grid to 5×8 and raising the potential for massive payouts. Players who fill the extended grid capture the Grand Prize Pot, worth 2,000x their bet.
The intensity ramps up further with the Ultra Reel, unlocked by stacking a full 1×8 reel during Ultra Hold and Win. This dramatic addition multiplies or adds coin values to the rows below, pushing the game’s payout potential to a staggering 5,000x.
April will see Booming Games continue its high-octane release schedule with six new titles, including Fly On! and Fish Tales Monster Bass 10,000, boasting innovative features and maximum wins of 5,000x and 10,000x, respectively. These releases reinforce the studio’s focus on high-quality, high-volatility experiences designed for thrill-seeking players.
Craig Asling, Director of Games at Booming Games, said:
“Ultra Hold and Win is an exciting evolution of our classic Hold and Win mechanic. Every spin holds the promise of big rewards, and with features like the Ultra Reel and Buffalo Bonus Wheel, we’ve created a modern, pulse-pounding experience that players are going to love. Step into the herd and feel the charge!”
The post Booming Games releases Ultra Buffalo Hold and Win appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Conferences
R. Franco Digital to showcase next-generation solutions at SiGMA South America 2026
R. Franco Digital, the Spanish iGaming provider, is set to exhibit at the SiGMA South America 2026, following a landmark year of commercial expansion.
The company will return to São Paulo from April 6-9 to present its latest suite of highly engaging games and services, tailored specifically for the evolving Latin American landscape.
R. Franco Digital enters this year’s exhibition having solidified its market presence across Portugal, Italy, and Peru, and is focused on leveraging that international expertise to support operators within Brazil’s maturing regulated framework.
Central to the showcase at Booth P105 will be the provider’s most popular games, including recent standouts such as Strange Spins, Genie Triple Bonanza, Diamond King Gorilla, Luxury Blast, Zorro: Final Duel and The Phantom.
These titles are designed to deliver localised, highly engaging player experiences, setting new standards for content in regulated and emerging markets.
In addition, R. Franco Digital will highlight the latest evolution of its IRIS platform. As a comprehensive, GLI-certified solution for casino, sports betting, and retail operators, IRIS is certified in key markets including Portugal, Spain, Colombia and Puerto Rico.
Javier Sacristán Franco, International Business Director of R. Franco Digital, said: “Brazil continues to be a primary focus for our global strategy, and SiGMA South America is the perfect stage to showcase how our games and technology can drive operational success. Our content portfolio and IRIS platform have evolved to meet the specific demands of players across the LatAm region.”
The post R. Franco Digital to showcase next-generation solutions at SiGMA South America 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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