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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%.

Cash Eruption The Western

Spin Genie unveils exclusive new western slot adventure from IGT

Published

1 hour ago

February 25, 2026

Wladimir P.

spin-genie-unveils-exclusive-new-western-slot-adventure-from-igt

Spin Genie has revealed the exclusive debut of Cash Eruption The Western, the newest slot game from worldwide gaming supplier IGT.

The western-themed slot is now accessible to Spin Genie players, offering expanding wild features and an exciting respin bonus.

Located in a setting of frontier towns, safes, and money bags, Cash Eruption The Western operates on a 5-reel, 20-payline structure and features expanding Wild symbols.

The main attraction of the release is the Triple Cash Eruption Bonus, a hold-and-respin element activated by colored Cash Bag Scatter symbols. The bonus gives players an opportunity to earn Coin prizes, jackpot rewards, and strong modifiers, such as multipliers, collection features, and a Double Reels mode that operates on two reel sets at the same time.

Spin Genie, a prominent slots casino in the UK, is part of Kinetic Digital and with this release enhances its online slots collection from IGT that already features popular games like Magic of the Nile, Enchanted Lamp, and Pharaoh’s Fortune.

Kinetic Digital Head of Brand Marketing Dom Aldworth said: “Cash Eruption The Western is a fantastic addition to the Spin Genie portfolio, combining a hugely popular mechanic with a strong, immersive theme. IGT has elevated the Cash Eruption series with exciting new modifiers and features, and we’re delighted to bring this latest release to our players as part of our continued commitment to delivering the very best slot experiences.”

The post Spin Genie unveils exclusive new western slot adventure from IGT appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

boutique studios

Movers and Shakers: The blueprint for boutique studios looking to crack America

Published

3 hours ago

February 25, 2026

GamingAmericas.com

movers-and-shakers:-the-blueprint-for-boutique-studios-looking-to-crack-america

“Movers and Shakers” is a dynamic monthly column dedicated to exploring the latest trends, developments, and influential voices in the iGaming industry. Powered by GameOn and supported by HIPTHER, this op-ed series delves into the key players, emerging technologies, and regulatory changes shaping the future of online gaming. Each month, industry experts offer their insights and perspectives, providing readers with in-depth analysis and thought-provoking commentary on what’s driving the iGaming world forward. Whether you’re a seasoned professional or new to the scene, “Movers and Shakers” is your go-to source for staying ahead in the rapidly evolving iGaming landscape.

Charles Mott, Founder and CEO of S Gaming, says finding success in the US is a tough task, but that studios who can replicate the magic of the casino floor have what it takes to make it stateside

There are plenty of European studios that have set their sights on finding success in the US, but very few have actually managed to achieve it. This is because they are making a common mistake, and that’s failing to translate the preferences of US slot players into their games.

For more than a decade now, the UK and European markets have been defined by “the chase” – high volatility slots with massive, infrequent max wins and jackpots that deliver anticipation and thrills, but that also exhaust the player’s balance in minutes.

But if you walk on to the floor of any Las Vegas casino, the atmosphere is different. It’s about “time at machine”. It’s the neon, the regular dopamine hits of smaller wins and the ability to make $100 provide an entire evening’s worth of entertainment.

As the US market increasingly moves to online, with more states embracing regulated iGaming, it’s no longer finding its feet with players now actively looking for a digital version of the land-based soul they have loved for many years.

Moving away from the “big win” to the “long session”

US players have been culturally conditioned by the physical casino experience. Unlike the high-stakes digital environment of Europe, the American player often views slots as a leisure activity rather than a jackpot hunt.

This is why S Gaming has focused on fun, entertainment and sustainability, with our games matching the “steady tortoise” cadence of land-based slot machines. They still deliver lots of big win potential, but across longer and more engaging sessions.

For operators like BetMGM and Fanatics, both of which we’ve recently partnered with, it’s not just about fun, it’s about retention.

A player who loses their balance in three minutes is a churn risk, but a player who wins small, frequent prizes stays in the ecosystem for longer and ultimately generates a much higher lifetime value.

Efficiency over ego

But it’s not just about having the right games, distribution is also key to cracking America. This is a notoriously difficult market because it’s not one jurisdiction, it’s five (and counting) regulatory islands and in each, you need to secure regulatory approvals.

This is actually a moat that keeps many smaller studios out. It’s an issue we had to overcome, and ultimately looked for a partner that could help us bridge the gap. Our agreement with Gaming Realms allows us to use its remote game server and licences to launch into US states.

This “Infrastructure-as-a-Service” model allows a studio to focus on “game grammar” (math and art) while the partner handles the “plumbing” (compliance and connectivity). It’s the leanest way to hit the ground running with a tier-one operator across multiple states simultaneously.

Why tier ones are buying in

You might be wondering why a tier one giant like BetMGM has joined forces with a boutique UK studio and facilitated its launch into the US.

But the reality is that operators are fighting soaring acquisition costs right now and this means they no longer want more games, they want differentiated games that reduce churn and keep players coming back for more.

Our focus on sustainable entertainment aligns with current US regulatory requirements and the focus on responsible gaming. Games designed for longer, lower stakes sessions are inherently “safer” and more palatable to regulators and risk-averse operators alike.

And they just hit the mark more with players. Sure, winning is a big part of playing online slots, but how you get to the win and the perceived entertainment value is now just as if not more so important – not just in the US but in the UK and Europe, too.

The data-driven evolution

Success does not come from a single launch – it comes from having a feedback loop. We now have a handful of games live in the US market, including our flagship Triple 7 Jackpot title, from which we are gathering real-time data on player behaviour.

This is allowing us to move from “what we think players want” to “what the data tells us they love” and this in turn is allowing us to refine our product roadmap and the games we are producing for the US market, ensuring each title is more culturally resonant than the last.

The new era of transatlantic growth

Cracking America in 2026 isn’t about having the loudest brand of the biggest marketing budget – it’s about understanding the psychology of the casino floor.

The studio’s that succeed will be those that realise the US player isn’t looking for a new way to gamble, they’re looking for a digital version of the “Vegas” feeling they’ve known and loved for decades.

The post Movers and Shakers: The blueprint for boutique studios looking to crack America appeared first on Americas iGaming & Sports Betting News.

blask

When Africa gambles: seasonality patterns across five countries revealed by Blask

Published

4 hours ago

February 25, 2026

Wladimir P.

when-africa-gambles:-seasonality-patterns-across-five-countries-revealed-by-blask

When Africa Gambles: Seasonality Patterns Across Five Markets Revealed by Blask , Nigeria, Tanzania, Kenya, the Democratic Republic of the Congo, and Egypt operate under diverse regulatory regimes and follow different domestic sports calendars — Egypt also observes a Friday–Saturday weekend. Yet, across these markets, gambling activity exhibits a shared rhythm: engagement climbs into Q4 and remains elevated through the year-end, with softer periods either mid-year (Nigeria, Tanzania, Kenya, DR Congo) or late winter (Egypt). Peaks broadly coincide with the European club season, while in some markets domestic leagues run in parallel.

Blask’s Seasonality feature, drawing on data from January 2016 to February 2026, allows mapping engagement by month, day, and hour, revealing nuanced patterns in each market:

Nigeria: The Long Saturday

Annual curve accelerates into Q4: October is the top month, followed closely by September, November, and December. June marks the low point, with a modest rebound in July before the late-summer climb.

Weekly cycle is weekend-led: Saturday dominates, Sunday and Friday show smaller peaks, weekdays are quieter.
Hourly pattern forms a broad plateau on Saturday, with elevated activity from early morning to late evening (5am–9pm Lagos time). Weekday engagement is lower, concentrating in the late afternoon and evening.

Tanzania: Saturday as a Corridor

Annual rhythm mirrors Nigeria: softening in June–July, rising from August into a Q4 plateau. Top months are November–December, with October close behind.

Weekly cycle hierarchy is clearer: Saturday is strongest, Sunday elevated but lower, Friday leads weekday peaks.
Saturday functions as a corridor rather than a sharp spike: activity stays high from 7am–11pm Dar es Salaam time, peaking mid-afternoon to early evening (3pm–7pm). Weekday activity tilts toward evening post-work.

Kenya: Two Clocks in One Market

Annual curve rises from August into Q4, with December at the peak, October and November following. Low points in June–July.

Weekly peaks favor the weekend: Saturday #1, Sunday #2.
Hourly pattern shows dual peaks: a primary late-afternoon to evening spike (3pm–9pm Nairobi time) and a secondary pre-dawn rise (3am–7am), particularly visible on weekends.

DR Congo: The Morning Market

January remains unusually strong alongside December, which is the top month.

Weekly cycle follows the familiar weekend pattern: Saturday leads, weekend days generally brighter.
Hourly peak occurs in the morning, roughly 5am–9am Kinshasa time, shifting an hour later in eastern regions. Weekdays maintain the morning lift, with Saturday adding extra intensity.

Egypt: Friday Leadership and After-Midnight Play

Annual curve climbs steadily to year-end: December tops, followed by November and October. Softest periods are February and March.

Weekly cycle differs: Friday peaks, Thursday and Saturday slightly behind, reflecting Egypt’s Friday–Saturday weekend.
Nighttime engagement is strongest in the group, concentrating after midnight (2am–5am Cairo time), consistently across all days of the week.

The Bigger Picture

Q4 is peak season across all five markets. Nigeria peaks earliest (October), while Tanzania, Kenya, DR Congo, and Egypt maintain high engagement through November–December. Four markets soften mid-year, Egypt peaks late winter.
Weekend structures explain weekly splits: Saturday for Nigeria, Tanzania, Kenya, DR Congo; Friday for Egypt.
Hourly patterns diverge: Nigeria and Tanzania show broad Saturday blocks, Kenya focuses on prime time with pre-dawn tails, DR Congo peaks in the morning, Egypt peaks after midnight. Cross-market scheduling without these insights risks missing most demand.

The post When Africa gambles: seasonality patterns across five countries revealed by Blask appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.