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

Published

5 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%.

Brook Bakery

MIDNITE PARADES GIANT CHIP BUTTY AHEAD OF STEEL CITY DERBY

Published

27 minutes ago

February 23, 2026

Wladimir P.

midnite-parades-giant-chip-butty-ahead-of-steel-city-derby

Midnite, principal partners of Sheffield United, unveiled a giant chip butty ahead of the Steel City derby against Sheffield Wednesday. The display coincided with the Blades’ 2-1 victory, which relegated their city rivals.

To celebrate the club’s iconic chip butty anthem, Midnite collaborated with Brook Bakery to create the oversized butty, which was showcased on the touchline prior to kick-off. In addition, hundreds of chip butties will be donated to local homeless charities and food banks across Sheffield in the coming weeks.

Andrew Mook, Head of Brand at Midnite, said: “We wanted to give something back to Sheffield United fans in a way that is synonymous with the club. The chip butty anthem is instantly recognisable as being something unique to Sheffield United, and by creating a giant chip butty, we wanted to have some fun, while ultimately delivering a strong message.

“Midnite is dedicated to offering value to Sheffield United fans. We aren’t just here to use the club and stick our logo on the shirt. We want to become a part of the club, and our initiatives and activations have all been designed to bring fans closer to the clubs they love.

“It has been great to work alongside local Sheffield businesses to create the chip butty, and then to help give back to the community foodbank and charities.”

Throughout the season, Midnite has supported fans by covering travel for away matches, providing complimentary haircuts to celebrate the new year, and unveiling a 50-square-metre mural honoring Chris Wilder opposite Bramall Lane.

The post MIDNITE PARADES GIANT CHIP BUTTY AHEAD OF STEEL CITY DERBY appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Latest News

Stakelogic goes live with Spanish entertainment giant Luckia

Published

27 minutes ago

February 23, 2026

Wladimir P.

stakelogic-goes-live-with-spanish-entertainment-giant-luckia

Stakelogic has partnered with Luckia to expand its presence in the regulated online market of Spain.

Through the agreement, a selection of Stakelogic’s slot portfolio will be integrated into Luckia’s online platform via the Light & Wonder aggregation system. The rollout includes both classic and modern video slots featuring a wide range of themes and gameplay styles designed to appeal to diverse player preferences.

Founded in 1972, Luckia has evolved from a traditional slot machine operator into a multi-channel entertainment provider offering sports betting, casino games, bingo, and slots across online and retail channels, supported by more than 2,500 employees.

Roberto Navarrete, Senior Account Manager at Stakelogic, said: “Luckia is one of Spain’s most prominent and long-standing gaming and entertainment groups, with a significant retail heritage and a growing digital presence. Partnering with a brand of this scale and reputation is a major step for Stakelogic in the Spanish market. We are excited to bring our slot portfolio to Luckia’s platform and are confident their players will enjoy the variety, quality and gameplay depth our titles are known for.”

Eloy Fernandez, Head of Product Team at Luckia, added: “Adding Stakelogic’s content allows us to further diversify the entertainment we offer online, with games that combine distinctive design and well-balanced gameplay. Strengthening our slot portfolio in this way is an important part of ensuring our digital platform continues to evolve in line with player expectations and market trends.”

The post Stakelogic goes live with Spanish entertainment giant Luckia appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Baltics

HIPTHER Baltics Launches in Vilnius with Agenda Revealing Lithuania’s 2026 Regulatory Reset

Published

27 minutes ago

February 23, 2026

Wladimir P.

hipther-baltics-launches-in-vilnius-with-agenda-revealing-lithuania’s-2026-regulatory-reset

A new Baltic-focused conference era begins on 21 April 2026, uniting iGaming, fintech, compliance, and innovation leaders in Lithuania’s digital-first capital

HIPTHER officially announces the agenda for HIPTHER Baltics: Vilnius 2026, the inaugural event of its newly launched Baltic conference series, taking place 21 April 2026 at the Hilton Garden Inn Vilnius City Centre.

Marking the evolution of the landmark MARE BALTICUM Gaming & TECH Summit, the new HIPTHER Baltics format introduces targeted, country-focused gatherings designed to deliver deeper regulatory insight, stronger regional dialogue, and practical strategic value for decision-makers operating across gaming, fintech, and digital innovation.

At the heart of the Vilnius edition lies a defining theme: Lithuania’s Great Regulatory Reset — a decisive transition toward stricter supervision, strengthened compliance frameworks, and sustainable, quality-driven growth across financial services and iGaming.

Lithuania 2026: From Easy-Access Hub to Compliance-Driven Ecosystem

As Lithuania sharpens oversight across banking, fintech, blockchain, and gaming, the conference agenda explores four structural shifts shaping the market:

Banking: Cyber-resilience stress testing, the rise of specialised institutions, and a pivot toward sustainable profitability
Fintech: Account-to-account dominance, international B2B expansion, and the emergence of agentic AI beyond chatbot automation
Blockchain: Post-MiCA enforcement, strengthened AML leadership requirements, and institutional tokenisation of real-world assets
iGaming: Advertising restrictions, ISP blocking acceleration, and intensified identity and source-of-funds compliance

Together, these forces signal a new operational reality for regulated digital industries in the Baltics.

Agenda Highlights Across Two Strategic Stages

Stage 1 — Strategy, Compliance & Banking

Key discussions will include:

Regulators’ Panel: Bank of Lithuania and FNTT on MiCA transition and new iGaming ISP-blocking protocols
Banking Transformation: How credit unions and specialised banks challenge Nordic incumbents
Post-MiCA Survival: Maintaining VASP licensing under 2026 regulatory structures
iGaming Advertising Ban: Operator strategies in a zero-marketing environment
AML 2.0: Implementing enhanced source-of-wealth requirements for high-stakes players
Cross-Industry Debate: Can tokenisation solve transparency challenges between blockchain and iGaming?

Stage 2 — Innovation, Blockchain & iGaming Tech

Agentic AI in Fintech: From conversational tools to autonomous financial advisors
Tokenising the Real World: Real-estate and debt instruments on-chain in the Baltics
Next-Generation Payments: A2A integration across gaming and retail ecosystems
Digital Euro & CBDCs: Technical readiness for the European Central Bank’s 2026 roadmap

A Boutique Summit Built for Decision-Makers

HIPTHER Baltics: Vilnius 2026 will gather 100+ senior attendees, 30+ expert speakers, and 15+ key industry topics in a one-day, high-impact format combining:

High-level regulatory and industry panels
Curated networking among operators, fintech leaders, regulators, legal experts, and investors
A premium, centrally located boutique conference environment

The event is designed for iGaming operators, fintech and payment providers, compliance professionals, regulators, affiliates, startups, and regional investors seeking actionable intelligence in a rapidly tightening regulatory landscape.

From MARE BALTICUM Legacy to HIPTHER Baltics Future

Reflecting on the transition, Zoltán Tűndik, Co-Founder & Head of Business at HIPTHER, stated:

“Lithuania is entering one of the most defining regulatory transitions in its modern digital economy. With HIPTHER Baltics in Vilnius, we are creating a focused platform where regulators, financial institutions, fintech innovators, and iGaming leaders can engage in honest, high-level dialogue about what sustainable growth truly means in 2026 and beyond.”

With HIPTHER Baltics launching in Vilnius, the Baltic region enters a new phase of dialogue — closer to local markets, deeper in expertise, and stronger in cross-industry collaboration.

The journey begins in Vilnius on 21 April 2026.

The post HIPTHER Baltics Launches in Vilnius with Agenda Revealing Lithuania’s 2026 Regulatory Reset appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.