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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%.

Danny Gordon Head of Studio at DEGEN Studios

DEGEN Studios unleashes the Plague City chase

Published

47 minutes ago

July 8, 2026

Wladimir P.

degen-studios-unleashes-the-plague-city-chase

DEGEN Studios has launched Plague City, a Scatter Pays slot built around visible progression, escalating features and a 10,000x max win chase. Every winning combination spreads infection across the reels, creating bigger setups as players build towards Plague Wave Respins, Plague Breakout Free Spins and Super Free Spins.

During the base game, any position that forms part of a winning combination becomes infected, and as wins and cascades continue, the outbreak can spread across more of the reels.

A Med Kit should stop the outbreak. In Plague City, it starts the next stage. Landing a Med Kit while infected positions are active triggers Plague Wave Respins, where infected positions remain active, Wilds become sticky with multipliers, and Respins continue until every infected position has been healed or no further wins occur.

Every Sticky Wild begins with three lives. Each winning cascade reduces a Wild’s life by one, while every newly landed Wild increases the multiplier value of all active Wilds, allowing multiplier chains to continue growing throughout the feature.

The chase escalates further in Plague Breakout Free Spins. Triggered by four, five or six Scatters, every Free Spins feature begins with eight Free Spins. Scatter symbols are replaced by Vaccines, which award retriggers and upgrade the Starting Wild Multiplier, allowing future Wilds to land with increasingly higher multiplier values.

Land six Scatters and the outbreak reaches Super Free Spins, where every newly landed Wild increases the multiplier value of all active Wilds by +2x. From there, the max win chase becomes a race to collect Vaccines, extend the feature and continue landing new Wilds as multiplier chains grow towards 10,000x the bet.

For players looking to accelerate the chase, Buy Bonus and Activate options offer direct entry into Plague Breakout Free Spins, Mystery Buy, or boosted chances of triggering both Free Spins and Plague Wave Respins.

Danny Gordon, Head of Studio at DEGEN Studios, said: “At DEGEN, we’re obsessed with building gameplay that players can actually follow. In Plague City, every mechanic has a purpose. The infection spreads, Vaccines extend the feature, Wild multipliers continue growing and every step brings the max win chase closer.”

The post DEGEN Studios unleashes the Plague City chase appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

AccaMAX

Hub88 adds AccaMAX slots and crash games to its aggregation platform

Published

47 minutes ago

July 8, 2026

Wladimir P.

hub88-adds-accamax-slots-and-crash-games-to-its-aggregation-platform

SlotsMAX and CrashMAX titles roll out via one-click access for Hub88’s operator partners, alongside tiered progressive jackpots.

Hub88 has signed a content distribution deal with AccaMAX to add the studio’s slots and crash portfolio to its aggregation platform, making the content available to Hub88’s operator partners via one-click access.

Under the agreement, AccaMAX’s catalogue will be delivered through Hub88, including the provider’s SlotsMAX and CrashMAX collections. The companies said the integration will also include AccaMAX’s four-tier progressive jackpot network.

Hub88 said AccaMAX’s titles are tested for “fairness, performance and regulatory compliance across all major jurisdictions,” positioning the content for multi-market operator rollouts.

Ollie Castleman, Managing Director at Hub88, said: “AccaMAX has been making waves over the last year, since the launch of its SlotsMAX library in 2025. With a broad range of themes and a highly motivating jackpot system, the supplier is a welcome addition to our platform. We are excited to deliver their portfolio and see what other surprises await in their roadmap this year.”

Christo Bezuidenhout, CPO at AccaMAX, said: “Partnering with Hub88 means operators can enable our entire product offering in a single step, with none of the usual integration overhead. Every title we ship is crafted for entertainment value and tested for compliance across major markets, and this partnership puts that quality in front of operators worldwide. We’d encourage anyone already on the Hub88 network to switch us on and see the difference for their players.”

The post Hub88 adds AccaMAX slots and crash games to its aggregation platform appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Canada

Gaming Corps expands Entain deal with Ontario live and Alberta launch planned

Published

47 minutes ago

July 8, 2026

Wladimir P.

gaming-corps-expands-entain-deal-with-ontario-live-and-alberta-launch-planned

Supplier content is already live on BetMGM in Ontario, with Party Casino & Sports Interaction lined up ahead of Alberta’s July iGaming opening.

Gaming Corps has expanded its partnership with Entain, extending distribution of its casino content across more Entain brands and markets, with Canada positioned as a key near-term focus.

The supplier went live with Entain’s joint venture BetMGM in Ontario in December 2025, followed by a wider Entain rollout in the province in March 2026. Gaming Corps and Entain are also preparing for Alberta’s regulated iGaming market opening in July, with Gaming Corps content “ready to go live from day one with BetMGM” and Party Casino & Sports Interaction to follow.

Outside Canada, Gaming Corps said it completed a full content launch in Brazil with Sportingbet and Betboo in May, and launched 3 Pigs of Olympus exclusively across Entain’s UK-facing Ladbrokes, Coral Gala and Foxy brands in June. The company also said additional launches are being prepared for Portugal, Spain and New Zealand.

The latest phase includes football-themed titles such as Penalty Champion, Goals to Glory: Football Fever and Goals to Glory: Instant Blitz, alongside the supplier’s 3 Pigs IP. Graham Greensmith, Chief Commercial Officer at Gaming Corps, said: “For Gaming Corps, this is a huge milestone. Entain is one of the biggest names in global gaming, so to see our relationship grow in this way is a clear sign of the trust, performance and commercial value we have built together.

“What makes this particularly exciting is the scale of the opportunity. This is not a single-brand launch or a one-market rollout. Entain is continuing to take Gaming Corps content into more territories, across more of its brands, and that says a lot about where we are as a business.

“We have worked hard to build a portfolio that gives major operators real flexibility, from high-performing IP to timely, event-led content and new game formats. To see that strategy being recognised by a partner of Entain’s calibre is incredibly rewarding, and we are very excited about what comes next.”

Obdulio Bacarese, Global Gaming Director at Entain, added: “Gaming Corps has been a valuable partner over the last four years. The strength of the relationship lies in how easily the content can be activated around different commercial priorities, from supporting new market entries to adding timely releases around key calendar moments. The studio understands the need for content that is flexible, relevant and easy to position locally, and we are pleased to continue building on the partnership.”

The post Gaming Corps expands Entain deal with Ontario live and Alberta launch planned appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.