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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%.

B2B Marketing

Beyond Season’s Greetings: GR8 Tech Unveils Strategic ‘Holiday Calendar’ for Operators

Published

24 minutes ago

December 22, 2025

Wladimir P.

beyond-season’s-greetings:-gr8-tech-unveils-strategic-‘holiday-calendar’-for-operators

Editor’s Take

Why this matters: Most B2B holiday campaigns are fluff—digital greeting cards that get deleted instantly. GR8 Tech is taking a smarter approach by wrapping high-value strategic advice into a seasonal format. By focusing on 2026 goal-setting (tech upgrades, market wins), they are positioning themselves not just as a platform provider, but as a strategic partner for operators currently in their planning cycles.

The Full Story

GR8 Tech, the award-winning sportsbook and iGaming platform provider, has launched a new initiative designed to turn the holiday season into a period of strategic preparation for operators.

Dubbed the Holiday Calendar, the campaign is an exclusive newsletter experience that moves beyond standard festive greetings to deliver actionable, data-driven insights aimed at helping iGaming champions define and achieve their goals for 2026.

Unwrapping Strategic Insights The initiative runs as a 4-week series, consisting of eight curated email editions. Each edition focuses on a specific “iGaming wish”—ranging from stronger growth and smarter tech to smoother operations.

Instead of leaving these as abstract concepts, GR8 Tech pairs each goal with practical insights from its own data and technology stack, offering a roadmap for how operators can realistically achieve them in the coming year.

Management Commentary Yevhen Krazhan, CSO at GR8 Tech, explained that the campaign mirrors the ambitious mindset of their clients:

“Every operator has a vision for the year ahead: targets they want to hit, markets they want to win, experiences they want to deliver. The GR8 Tech Holiday Calendar is our way of celebrating ambitions and showing how the right insights and technology can turn them into reality.”

How It Works Operators can subscribe via the GR8 Tech website to receive the series. Each message “opens a new tile” on the digital calendar, revealing a specific insight designed to be applied to future business strategies.

The campaign effectively showcases GR8 Tech’s broader value proposition—including its Hyper Turnkey solution and ULTIM8 Sportsbook—by demonstrating how these tools solve specific operator challenges. It comes on the heels of a successful year for the provider, which recently secured the title of Platform Provider of the Year at the SBC Awards 2025.

The post Beyond Season’s Greetings: GR8 Tech Unveils Strategic ‘Holiday Calendar’ for Operators appeared first on Gaming and Gambling Industry Newsroom.

AML Compliance

ComeOn Group Fortifies C-Suite: Michela Tabone Valetta Named New CPO

Published

24 minutes ago

December 22, 2025

Wladimir P.

comeon-group-fortifies-c-suite:-michela-tabone-valetta-named-new-cpo

Editor’s Take

Why this matters: In the current iGaming climate, “sustainable growth” isn’t just a buzzword—it’s a survival strategy. By bringing in a seasoned CPO like Michela Tabone Valetta (ex-Bally’s, Gamesys), ComeOn is signaling a focus on organizational maturity. Furthermore, the specific addition of a Country Manager for Ontario (Mark Cheeswright) suggests a deeper entrenchment in North America’s most competitive regulated market, moving beyond general expansion to targeted regional dominance.

The Full Story

ComeOn Group, the leading international iGaming operator, has announced a significant strengthening of its leadership structure, headlined by the appointment of Michela Tabone Valetta to its Executive Team as Chief People Officer (CPO).

The move is part of a broader recruitment drive that has seen the company fill critical senior roles across Compliance, IT Security, Commercial, and Market Management, positioning itself for a new phase of regulated market expansion.

New Chief People Officer Michela Tabone Valetta brings two decades of HR leadership experience, with nearly half of that time spent in the iGaming sector. Her resume includes senior tenures at major industry players such as Vera & John, Gamesys, and Bally’s Corporation. Most recently, she served at BoyleSports, where she supported a workforce of nearly 3,000 employees.

At ComeOn, Valetta will lead the People & Culture function, tasked with refining talent strategy and organizational development as the operator scales its global footprint.

Strategic Senior Appointments alongside the C-level addition, ComeOn Group confirmed four other key strategic hires made earlier this year to bolster its operational foundations:

Mark Cheeswright (Country Manager, Ontario): A veteran with over 20 years in iGaming (LeoVegas, William Hill, BetVictor), Cheeswright is tasked with steering the company’s growth in the highly competitive Canadian province.
Thomas Mifsud Tommasi (Head of AML): Joining from LeoVegas and BetClic Everest Group, Tommasi brings over a decade of financial crime compliance expertise to the group.
Radek Ostojski (Head of Information Security): With a background in cloud architecture and DevOps at Swintt and KingMakers, Ostojski will lead the operator’s cybersecurity initiatives.
Rebekka Rogers (Head of Commercial, Casino): Formerly of Evolution, Rogers will drive commercial performance and strategic growth within the company’s core Casino vertical.

CEO Commentary Juergen Reutter, Chief Executive Officer at ComeOn Group, emphasized that these appointments are about building depth for the long term:

“We are delighted to welcome Michela to our Executive Team. Her extensive expertise in people and culture, organizational development, and leadership strategy will be instrumental as we continue to grow and strengthen our operations globally.

“Earlier this year, we also welcomed Radek, Thomas, Mark, and Rebekka into key leadership roles… Their contributions are already reinforcing our strategic foundations, and together with Michela’s arrival, they significantly enhance the depth and capability of our leadership team.”

The post ComeOn Group Fortifies C-Suite: Michela Tabone Valetta Named New CPO appeared first on Gaming and Gambling Industry Newsroom.

243 Crystal Fruits

Tom Horn Gaming Unlocks New Markets with Major Alea Aggregation Deal

Published

24 minutes ago

December 22, 2025

Wladimir P.

tom-horn-gaming-unlocks-new-markets-with-major-alea-aggregation-deal

Editor’s Take

Why this matters: In the race for distribution, direct integrations are becoming less common for mid-sized studios. Partnering with a “super-aggregator” like Alea—known for its focus on API performance and data security—gives Tom Horn Gaming instant access to hundreds of operator brands without the technical bottleneck of individual integrations. This move signals a push to maximize the yield from their back catalog of 100+ games in both mature and emerging markets simultaneously.

The Full Story

Tom Horn Gaming, the omnichannel software supplier, has significantly widened its distribution capabilities by signing a new partnership with Alea, the award-winning iGaming aggregator.

The agreement sees Tom Horn’s entire portfolio of over 100 titles integrated into Alea’s aggregation ecosystem. This includes the supplier’s best-performing classic slots such as 243 Crystal Fruits and The Secret of Ba, as well as recent releases like Tao Tree Coins.

Technical & Strategic Fit For Tom Horn Gaming, the deal is a strategic lever to penetrate new jurisdictions more efficiently. By plugging into Alea’s centralized API, the studio gains immediate access to Alea’s extensive roster of operator partners. The collaboration focuses heavily on delivering “localized” content—games specifically tailored to regional preferences and regulatory requirements—without the friction of individual technical setups.

Management Commentary Both companies emphasized the role of compliance and technical reliability in the deal.

Ondrej Lapides, CEO of Tom Horn Gaming, commented on the strategic alignment:

“Partnering with Alea allows us to bring our games to even more operators and players in markets where we’ve long been committed to delivering tailored, reliable, and engaging content. Alea’s focus on compliance and seamless delivery perfectly complements our own ambitions for growth in both mature and emerging regions.”

Eduard Verdaguer, Partnerships Manager at Alea, highlighted the supplier’s reputation:

“Tom Horn Gaming has built a strong reputation for creating accessible, market-tailored content that players know and trust.”

This partnership marks the latest in a series of commercial expansions for Tom Horn Gaming in late 2025, reinforcing its status as a staple content provider for regulated markets.

The post Tom Horn Gaming Unlocks New Markets with Major Alea Aggregation Deal appeared first on Gaming and Gambling Industry Newsroom.