Latest News
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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ELA Games
ELA Games releases Flames Fruits Frenzy Hold and Win slot
New title adds a Hold & Win bonus to the studio’s retro fruit-themed “Flames Fruits Frenzy” line.
ELA Games has released a new slot title, Flames Fruits Frenzy Hold and Win, expanding its Flames Fruits Frenzy series with a Hold & Win bonus feature.
The game uses classic fruit-machine iconography, including cherries, lemons, oranges, grapes, and watermelons, presented with updated high-definition visual effects, according to the company.
ELA Games positioned the release as a seasonal summer-themed update and said it is aimed at players who prefer traditional fruit-slot formats paired with modern mechanics.
The company did not disclose target markets, operator rollout partners, RTP, volatility, maximum win, or a specific release date beyond announcing the launch in the statement.
The post ELA Games releases Flames Fruits Frenzy Hold and Win slot appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Latest News
Games Global and Posh Monkey Studios debut brand-new reel expansion feature in Fishin’ Madness™ QUADGROWS™
Games Global has cast its line into the popular fishing genre with the launch of Fishin’ Madness
QUADGROWS
, developed by exclusive partner Posh Monkey Studios, introducing an all-new evolving reel mechanic that continuously unlocks new ways to win.
Leveraging the enduring appeal of the classic genre, Fishin’ Madness
QUADGROWS
features the innovative QUADGROWS
feature, where every spin contributes toward greater potential.
Beginning on a 5×3 reel-set, the game gradually expands to seven rows, where each progression level unlocks additional paylines, larger Fish Instant Prizes and enhanced Collect Multipliers, rewarding players as they venture deeper beneath the waves.
The Fisherman Collect mechanic remains at the heart of the experience, awarding all visible Fish Instant Prizes when the Fisherman lands on reel five. As QUADGROWS
unlocks additional rows, new Collect Multipliers become active, increasing the value of every successful catch.
Three or more Scatters trigger eight Free Spins, where larger multipliers create even bigger payout opportunities, while five Scatters award the game’s maximum 10,000x prize.
Completing the feature set is Posh Monkey Studios’ proprietary Posh Spins
, an optional boost that increases the chance of triggering the bonus round.
Combining one of the most popular game themes with an evolving reel mechanic, Fishin’ Madness
QUADGROWS
adds a new layer of progression to the classic collect-style experience.
Connor Blinman, Co-Founder of Posh Monkey Studios, said: “Fishing games continue to resonate with players, but standing out in such an established genre means delivering something genuinely different.
“The QUADGROWS
mechanic creates a real sense of progression throughout the player journey, with every milestone unlocking bigger opportunities and adding another layer of excitement to the experience.”
Dave Reynolds, Director of Games Strategy and Partner Management at Games Global, added: “Posh Monkey Studios has taken a proven formula and introduced an engaging progression system that gives players a reason to keep coming back.
“Fishin’ Madness
QUADGROWS
is another example of how Games Global and its exclusive studios continue to evolve popular mechanics through creative gameplay innovation. We’re excited about the roadmap ahead for Posh Monkey Studios’ and the fresh ideas they’ll be bringing to the table.”
The post Games Global and Posh Monkey Studios debut brand-new reel expansion feature in Fishin’ Madness™ QUADGROWS™ appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Latest News
ZEAL acquires SevenCanyon and enters the highly attractive UK prize draw market
ZEAL Network SE has signed a share purchase agreement to acquire the remaining 96.5 percent of the shares in SevenCanyon Limited, in which ZEAL already holds a 3.5 percent stake. With this acquisition, the market leader for online lotteries in Germany is entering the UK market, gaining immediate access to Europe’s largest market for digital prize draw offerings.
“SevenCanyon is one of the most successful prize draw operators in the UK – we have known them for years. With the acquisition, we hit the ground running in a highly attractive and growing market. We also accelerate the implementation of our strategy to selectively diversify our business model through new products and new markets”, says Dr. Stefan Tweraser, CEO of ZEAL Network SE.
SevenCanyon operates several established UK prize draw platforms, including 7days Performance, Redline Competitions and UK Carp Competitions. This market segment comprises digital prize draws and offerings with non-cash prizes such as houses, cars, and lifestyle products. In the most recent financial year 2026 (04/25–03/26), SevenCanyon generated an operating profit (EBITDA) of more than GBP 10 million.
The transaction opens potential for further scaling of the UK business through ZEAL’s capabilities in acquisition marketing, monetisation, customer retention, data analytics, regulatory professionalism, and platform operations. Furthermore, ZEAL expects the UK prize draw market to continue to move towards more formalised rules, which will favour operators like ZEAL with strong compliance capabilities and regulated market experience.
“SevenCanyon is a highly profitable company with a proven business model. The purchase price will mainly be financed through a new loan agreement. This preserves our financial flexibility to continue our growth-oriented and shareholder-friendly capital allocation in the future”, says Andrea Behrendt, CFO of ZEAL Network SE.
Purchase price and financial impact for 2026
The transaction comprises a cash purchase price for the remaining 96.5 percent of the shares of approximately GBP 33.8 million (subject to post-completion adjustments, including an adjustment for vehicle inventory in the single-digit millions of GBP range), as well as an earn-out payment of up to GBP 4.8 million, to be paid over a period of six months after completion.
The acquisition financing is supported by a EUR 40 million term loan with a duration of seven years, arranged by Deutsche Bank.
The Management Board expects SevenCanyon to make a meaningful contribution to ZEAL’s revenue and EBITDA following consolidation. ZEAL will assess the necessary adjustments to its revenue guidance after the IFRS presentation of SevenCanyon’s revenue streams has been finalised.
On EBITDA, ZEAL confirms the range of EUR 70–75 million under the assumption of a normal jackpot environment in Germany. The updated forecast reflects anticipated non-recurring expenses in the mid-single-digit millions of euros in connection with the transaction.
For the first full financial year following completion of the transaction, ZEAL expects it to have a positive impact on EBITDA in the high-single-digit millions of euros.
The post ZEAL acquires SevenCanyon and enters the highly attractive UK prize draw market appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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