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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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Centurion FC
Centurion FC Teams Up with iGaming Real Talk in New Media Collaboration
iGaming Real Talk is pleased to reveal a new media collaboration with Centurion FC, offering exclusive behind-the-scenes insights and comprehensive coverage to the worldwide iGaming audience. This partnership seamlessly merges elite MMA with iGaming, providing impactful crossover material for both fans and industry executives.
Centurion FC 28: Progredior takes place on April 8, 2026, at the Transamerica Expo Center in São Paulo as a key event of the esteemed SiGMA World Tour.
The event is set to occur at the heart of BiS SiGMA South America, uniting leading figures from gaming, technology, and entertainment. This offers iGaming experts an excellent opportunity to experience thrilling MMA bouts and network with influential figures in the sector.
CFC 28 streams live on XSPORT, with an average of 10 million daily viewers and a potential audience of 150 million in Brazil, along with their global partner RYZ Sports Network.
iGaming, technology, and entertainment firms now have the chance to obtain exclusive sponsorship deals for this highly visible occasion. Packages showcase premium octagon branding, weigh-in engagements, comprehensive digital campaigns on Facebook, Instagram, and YouTube, VIP hospitality, and opportunities for fighter brand ambassadors.
The post Centurion FC Teams Up with iGaming Real Talk in New Media Collaboration appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Digicode
The Efficiency Era: How Content, Discovery, and Player Behavior Are Reshaping iGaming
In iGaming, the idea of “efficiency” is often misunderstood. For some, it simply means cutting costs or slowing expansion. And as Itai Zak, Executive Director of iGaming at Digicode, explains, real efficiency is not about doing less, but designing smarter systems. When done well, it reshapes how games are built, discovered, and scaled across increasingly crowded platforms.
So what actually defines efficiency in today’s iGaming ecosystem? And why are some studios and operators adapting faster than others? A closer look at player behavior and platform dynamics reveals how the industry is quietly restructuring for the years ahead.
The Industry Is Entering an Efficiency Phase
For much of the past decade, growth in iGaming was driven by expansion. Operators entered new markets, studios released more titles, and platforms competed to offer the largest portfolios possible.
Today, that model is under pressure.
Casino lobbies now contain thousands of games. Player acquisition costs have risen sharply, and audiences have become far more selective. If a product feels slow, confusing, or generic, players move on almost instantly.
This is pushing the industry into an efficiency phase. Studios and operators are no longer focused purely on scale. Instead, they are asking how games perform, how they are discovered, and how effectively they retain players once discovered.
From our experience working with operators and product teams at Digicode, the companies that succeed over the next few years will not necessarily be the largest. They will be the ones who understand player behavior and design products around the way platforms actually function.
Mobile-First Still Misunderstood
Even after years of discussion around mobile-first design, many studios still build mobile games as if they were desktop titles compressed onto smaller screens.
But mobile play is a different behavioral environment.
Players often interact with one hand, during short sessions, and while multitasking. Their tolerance for complexity is low. If an interface is unclear or unresponsive, they quickly switch to another game.
Overcomplicated layouts are a common issue. Too many animations, controls, or menus may feel impressive on a desktop but quickly overwhelm mobile users.
Session length is another factor. Mobile gameplay often lasts only a few minutes. Games that require long onboarding flows or slow loading sequences lose engagement quickly.
Studios that perform well on mobile tend to focus on a few principles: fast access, simple controls, short gameplay loops, and reliable performance.
In many regions, network quality varies significantly, so optimization also matters. A game that lags or crashes on mid-range devices rarely recovers player trust.
Mobile success rarely comes from adding features. It usually comes from removing friction.
Discovery Is Now the Real Challenge
Game discovery has become one of the most difficult problems in modern iGaming.
With thousands of titles on most platforms, even strong games can disappear if they fail to gain early visibility. Players rarely search for specific titles. Most discovery happens through lobby placement, featured sections, or operator promotions.
That means early exposure plays a decisive role.
Games that appear prominently at launch attract more players and generate the engagement data operators use to determine whether to continue promoting the title.
Early metrics such as session length, repeat play, and initial retention are closely monitored. If players leave quickly, visibility drops. If engagement is strong, the game receives more exposure across the platform.
This makes launch strategy critical. Studios that support operators with marketing assets, promotional materials, and campaign coordination significantly improve their chances of gaining traction.
Any discovery rarely happens by chance. It is the result of a coordinated effort between studios and operators.
Retention for Digital-Native Players
Another major shift comes from younger audiences.
Digital-native players grew up with mobile games, social apps, and streaming platforms. Their expectations for interaction differ significantly from those of traditional casino audiences.
Retention for these players is less about bonuses and more about engagement.
Short-term goals often work well. Missions, challenges, or milestone achievements provide a sense of progress even when outcomes remain random. Completing spins, joining crash rounds, or participating in live tables can unlock small rewards or tournament points.
Competitive elements also increase activity. Leaderboards and time-limited tournaments give players a reason to return and compare results.
Speed is equally important. Younger players often play in quick bursts, so fast rounds and smooth navigation significantly improve engagement.
Strong visual identity also helps games stand out. Distinct themes and recognizable art direction make titles easier to remember within crowded lobbies.
What the Industry Misreads About Gen Z
One of the biggest misconceptions about Gen Z players is that they are simply younger versions of traditional gamblers.
Their expectations are shaped by entirely different digital habits.
Many operators assume larger bonuses drive engagement. In reality, younger audiences often value the overall experience more. Fast payments, clear interfaces, and reliable platforms matter far more than aggressive promotions.
Transparency is another key factor. If rules or bonus conditions are confusing, players quickly lose trust.
Discovery habits are also evolving. Many younger players encounter games through social communities, streaming content, or recommendations within the casino interface rather than through traditional marketing channels.
And perhaps most importantly, they expect constant improvement. Platforms that remain unchanged for long periods begin to feel outdated.
Cultural Nuance Still Matters
Localization in iGaming often focuses on language and payment methods. But deeper cultural patterns shape how games perform.
Game rhythm is one example. Players in Nordic markets often prefer fast, clean gameplay. In Southern Europe or parts of Latin America, richer visuals and longer animations tend to resonate more strongly.
Risk preferences also vary. Some regions favor high-volatility games with larger wins, while others respond better to frequent smaller payouts.
Social interaction differs as well. Some markets enjoy chat features and tournaments, while others prefer faster, more individual gameplay.
These differences highlight a simple truth: games that scale globally still need to adapt locally.
Where the Industry Goes Next
The next phase of iGaming growth will not be driven by volume alone.
Studios will need to design games around real player behavior, particularly mobile interaction patterns and short session dynamics. Operators will need to treat launch strategy as a core part of product success, not just marketing support.
Most importantly, studios and operators must collaborate more closely. Platforms are no longer simple distribution channels; they are ecosystems where design, discovery, and engagement intersect.
In the efficiency era, success will come not from producing more content, but from creating experiences that work better for the players who actually engage with them.
The post The Efficiency Era: How Content, Discovery, and Player Behavior Are Reshaping iGaming appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
BC.GAME
BC.Game Names Kar Kheng Giam as CEO
BC.Game, a leading global crypto-focused online gaming platform, has announced the appointment of Kar Kheng Giam (“KK”) as its new Chief Executive Officer. Giam brings over 30 years of international leadership experience across gaming, technology, and consumer industries.
Before joining BC.Game, KK served as Vice President International at Coyote Bioscience, leading global expansion initiatives. He also co-founded Topgame and Tinymobi, developing successful mobile social and casino-style games. Earlier in his career, KK held executive positions including CEO roles at multiple organizations and regional leadership at Nabisco Asia.
In his role as CEO, KK will oversee BC.Game’s strategic direction, operational leadership, and financial performance, with a focus on scaling globally, expanding into regulated markets, and driving innovation in crypto gaming.
“BC.Game has built a strong global community by combining cutting-edge technology with engaging entertainment experiences,” KK stated. “With the rising adoption of crypto in online gaming, our focus will be on enhancing the platform, building trust, and strengthening our presence in licensed markets.”
BC.Game currently holds licenses in multiple jurisdictions, including Anjouan, Nigeria, Kenya, Mexico, and Tanzania, as part of its long-term strategy to expand into fully regulated markets worldwide. This appointment aligns with the company’s ambitions to grow its global footprint and strengthen compliance while delivering innovative gaming experiences.
The post BC.Game Names Kar Kheng Giam as CEO appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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