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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%.

Fortune Factory Studios

Games Global and Fortune Factory Studios launch Gold Blitz Fortune Tower Fusion

Published

17 minutes ago

June 25, 2026

Wladimir P.

games-global-and-fortune-factory-studios-launch-gold-blitz-fortune-tower-fusion

Games Global has launched Gold Blitz Fortune Tower Fusion in collaboration with its exclusive partner Fortune Factory Studios, the companies said on 25th June 2026. The new title expands the Gold Blitz franchise and introduces the Wild Fusion multiplier tower.

In the base game, the slot features bi-directional Pays. The companies said landing a collect icon on reel three alongside Prize Activators triggers the Fortune Tower, awarding prizes up to 15x for purple activators and 1,000x for blue activators.

Games Global said Gold Blitz tokens and wilds are collected in separate pots during base play and can randomly activate one of two bonuses. Landing three bonus symbols triggers a bonus game where players choose between the Gold Blitz Fortune Tower and Wild Fusion Fortune Tower features.

The Gold Blitz Fortune Tower uses the franchise’s Cash Collect mechanic, with Above Reel Interaction awarding prizes from the Fortune Tower. In the Wild Fusion Fortune Tower, cash values convert to multipliers of up to 20x, applying to wins containing wilds.

Alexander Monsma, Team Manager, Game Sales at Games Global, said: “Each new iteration of the Gold Blitz franchise aims for subtle differentiation while staying true to its roots. This release pairs two Fortune Tower bonuses and Prize Activators, adding a distinct twist on the Cash Collect mechanic.” Dave Reynolds, Director of Games Strategy and Partner Management at Games Global, added: “Gold Blitz is one of the most versatile and recognisable game brands across the industry, and Fortune Factory continues to find exciting ways to extend its lifecycle. Gold Blitz Fortune Tower Fusion marks another milestone in one of Games Global’s best-performing series.”

The post Games Global and Fortune Factory Studios launch Gold Blitz Fortune Tower Fusion appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

affiliate marketing

Toucan report: Casino.org leads AI search visibility among US iGaming affiliates

Published

17 minutes ago

June 25, 2026

Wladimir P.

toucan-report:-casino.org-leads-ai-search-visibility-among-us-igaming-affiliates

Casino.org ranks as the most visible US-facing iGaming affiliate across major AI platforms, according to a new AI Search Visibility report from Toucan International. The study tested 100 iGaming-related consumer prompts across ChatGPT, Gemini, Claude and Perplexity.

Toucan said it ranked 146 affiliates using four measures: the number of times a brand was cited, the number of prompts it was cited in, the total number of times the brand was mentioned, and the number of prompts mentioned in. Casino.org scored 96.8 out of 100, driven by 198 citations across 61 of the 100 prompts—giving it a 19-point lead over BettingUSA.com.

BettingUSA.com placed second with an overall score of 77.6. Toucan noted the affiliate had the most “times mentioned” (27) and “prompts mentioned in” (23), but appeared in fewer “prompts cited in” (50), which the report weighted most heavily. SportsLine ranked third with a score of 74.4, leading the study on “prompts cited in” with 64 and recording 178 total citations.

Covers.com (72.2) and RotoWire (69.8) rounded out the top five. Toucan said the top three affiliates accounted for 37% of citations from a total of 1,755 across the dataset, with the remaining 143 affiliates comprising the rest.

George Webb, Organic Search Director at Toucan International, said: “What the findings reveal is that there is a clear dominance among some of the top affiliates, there is a reasonably broad ecosystem, and dominance isn’t a foregone conclusion.

“We gave the number of prompts a brand is cited in the highest weighting, at 40 per cent, because it’s the best measure of authority in AI Search. Total citations tell you how often a brand shows up, but those can stack up inside a handful of answers. The number of prompts you’re cited in tells you how many different questions the AI trusts you to answer, and that breadth is much harder to earn and much harder for a rival to take off you. It’s also where the commercial value sits: the wider the range of prompts you appear in, the more of the real search demand you’re exposed to.

“Casino.org’s leadership in the report stems almost entirely from citation volume (198) rather than prose mentions (26), meaning it appears as a referenced source rather than a naturally embedded recommendation, whereas BettingUSA.com punches above its citation weight (94) by securing 27 prose mentions, suggesting more organic integration into AI reasoning.

“What I would express to the brands looking to make gains in AI search is that the results are not random and that best practice in terms of how you present onsite content, technical setup and targeting backlinks and coverage from the sources that LLMs are trained on, through Digital PR, can see you improve.”

The post Toucan report: Casino.org leads AI search visibility among US iGaming affiliates appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

game-launch

Kendoo adds 4 Fire Rockets to 4 Pots slot portfolio

Published

17 minutes ago

June 25, 2026

Wladimir P.

kendoo-adds-4-fire-rockets-to-4-pots-slot-portfolio

Kendoo has launched 4 Fire Rockets, a new slot added to its 4 Pots portfolio, the supplier said on 25th June 2026. The title is now available for demo and real-money play across Kendoo partner platforms.

According to the company, 4 Fire Rockets builds on Hold & Win gameplay with an “upgraded 4 Pots system” and adds a Collect feature, random multipliers, a Life feature and a Double Reels mechanic. The Hold & Win bonus triggers by landing one or more Bonus symbols, locking values while players get a series of respins.

Kendoo said Multiplier symbols can apply 2x, 3x or 5x boosts to Bonus values, while Double Reels duplicates the entire bonus board so play continues across two sets of reels. The Collect symbol can appear during the bonus to gather the values of a specific type of Bonus symbol and remains locked until the round ends.

The Life feature may trigger when respins are running out, adding an extra Bonus symbol and refreshing the counter. Kendoo also highlighted four jackpot tiers from Mini to Grand, with the Grand paying up to 1,000x total bet; with Double Reels active, the company said players can potentially land two Grand Jackpots in a single bonus.

Olga Mugliett, Commercial Director at Kendoo, said: “When we introduced 4 Pots, the response from players showed there was real appetite for a format that offers multiple things to chase at once. With 4 Fire Rockets, we wanted to build on that while making every bonus round feel less predictable.

“The combination of Double Reels, Collect feature, Multiplier feature and the possibility of extending the action through Life creates plenty of moments where a feature can suddenly take a different direction. Those twists are often what players remember most, and that’s something we focused on heavily throughout development.”

The post Kendoo adds 4 Fire Rockets to 4 Pots slot portfolio appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.