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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%.

Balkan's

CT Interactive launches Diamond Tree Jackpot on Inbet in Bulgaria

Published

57 minutes ago

July 20, 2026

Wladimir P.

ct-interactive-launches-diamond-tree-jackpot-on-inbet-in-bulgaria

CT Interactive has launched the Diamond Tree Jackpot on Inbet in Bulgaria, marking another important step in the company’s expansion across regulated European markets. The multi-currency jackpot system combines some of CT Interactive’s most successful slot titles into an engaging progressive jackpot experience, offering players enhanced entertainment and greater winning opportunities.

The Diamond Tree Jackpot portfolio features ten of CT Interactive’s popular slot games: 20 Mega Slot, 20 Star Party, 40 Mega Slot, 40 Treasures, Chilli Fruits, Lord of Luck, Lucky Clover, Moon Lord, Mystic Moon and Win Storm.

“Diamond Tree Jackpot brings together diverse gameplay, progressive jackpot mechanics, and multi-currency support, creating a versatile solution that appeals to a broad range of players. It is designed to help operators increase engagement, extend session durations, and achieve sustainable growth through seamless integration and player-focused features,” said Martin Ivanov, Chief Operating Officer of CT Interactive.

“The integration of Diamond Tree Jackpot further strengthens Inbet’s offering with a proven, high-impact jackpot solution. This jackpot features top-performing titles that players know and enjoy, combined with progressive mechanics, aligning perfectly with our strategy to deliver dynamic and rewarding gaming experiences,” said Vasil Parvanov, Team Lead Commercial Managers at CT Interactive.

Irena Nikolova, Casino Manager at Inbet, said: “We are delighted to introduce Diamond Tree Jackpot to our players. Together with CT Interactive, we remain committed to bringing high-quality gaming experiences and expanding our portfolio with engaging new products.”

The launch of the Diamond Tree Jackpot on Inbet in Bulgaria further strengthens CT Interactive’s presence across Europe and reinforces the company’s commitment to delivering premium gaming content and engaging jackpot solutions to regulated markets worldwide.

The post CT Interactive launches Diamond Tree Jackpot on Inbet in Bulgaria appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Artificial Intelligence

LSports and gripAI Launch Play Insurance

Published

57 minutes ago

July 20, 2026

Wladimir P.

lsports-and-gripai-launch-play-insurance

LSports, the world-leading provider of real-time sports data solutions, and gripAI, the artificial-intelligence company behind a new class of real-time betting products, announced a collaboration to bring Play Insurance to sportsbook operators worldwide.

Play Insurance is a bet-insurance product that lets players protect a bet for a small, AI-calculated premium. Insured players are paid back regardless of outcome, with the amount scaled to how close the bet came to winning based on match statistics. For operators, it opens a new revenue stream on top of existing handle and turns the near-miss — the single most frustrating moment in betting — into a reason for players to stay in the game.

“Retention is one of the hardest problems our operators face, and the near-miss is where they lose players. Play Insurance turns that exact moment into loyalty and a new revenue line, without giving anything away. It’s a genuinely new category, and pairing gripAI’s technology with our reach and our data gives operators something no one else offers today,” said Yoav Ziv, CRO at Lsports.

The product is powered by gripAI’s proprietary, patented pricing engine, trained on over 2.5 billion bets, which calculates every premium in real time based on live odds, the number of selections and user’s profile. Because premiums are priced per player and per bet rather than through flat, one-size cashback offers, operators keep control of their margin while giving players a genuinely tailored product. It also works alongside existing tools such as Cash Out: a player can cash out a bet and keep their insurance in play.

Play Insurance drives both engagement and retention where it matters most: 37% of players take the insurance offer, and 39% of insured players purchase insurance again.

“Betting has always been all-or-nothing, and that’s exactly what we set out to change. Our AI prices protection fairly and instantly for every bet, and with LSports as our distribution partner, we can bring it to operators around the world at the speed the industry moves “ said Tal Hayon, CEO at gripAI.

The post LSports and gripAI Launch Play Insurance appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Africa

Playson partners with Hollywoodbets for South Africa slots rollout

Published

57 minutes ago

July 20, 2026

Wladimir P.

playson-partners-with-hollywoodbets-for-south-africa-slots-rollout

Playson has partnered with South African operator Hollywoodbets to roll out a selection of its slot titles to players in South Africa’s regulated market, the company said on 20th July 2026.

Under the deal, Hollywoodbets will integrate Playson content via Light & Wonder’s aggregation platform. The operator said the addition will broaden its “live games” portfolio.

The initial rollout includes Coin Strike: Hold and Win, Thunder Coins: Hold and Win, Thunder Coins XXL: Hold and Win, Diamonds Power: Hold and Win, Energy Coins: Hold and Win and 3 Carts of Gold: Hold and Win, with more releases planned.

Blanka Homor, Sales Director at Playson, said: “Partnering with Hollywoodbets represents another important milestone in our African growth strategy. As one of South Africa’s household names, Hollywoodbets offers an outstanding platform through which we can introduce our high-performing portfolio to an even wider audience.

“We are confident our games will resonate strongly with players, and we look forward to building a successful long-term partnership together.”

Wayde Dorkin, Head of Product at Hollywoodbets, said: “Playson’s portfolio has earned an excellent reputation for delivering engaging gameplay and consistent results across regulated markets, making it a valuable addition to our product offering.

“We are always looking to enhance the entertainment experience available to our players, and we are delighted to welcome a selection of Playson’s top-performing titles to the Hollywoodbets platform.”

The post Playson partners with Hollywoodbets for South Africa slots rollout appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.