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LeoVegas AB Q2: Quarterly report 1 April – 30 June 2021

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“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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2026 FIFA World Cup

Bettors Rally Behind National Teams, Spotlight Mbappé, Olise and Ronaldo as Key World Cup Figures

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How do bettors behave with regard to their favourite teams? Do they back them no matter what, or are they objectively calculating their chances?  When it comes to national team football at least, heart seems to win over head.

Just hours before the World Cup’s premiere in Mexico, Kaizen Gaming unveils exclusive proprietary data from its Betano platform, revealing users’ betting behaviours ahead of football’s biggest tournament. The data shows that the majority of fans tend to bet in favour of their home nation. In fact, when it comes to predicting the outright World Cup winner:

  • In Argentina: 79% of local Betano users have backed La Albiceleste.
  • In Brazil: 75% of users have placed their bets on the Seleção.
  • In Germany, 57% are backing the Nationalmannschaft.
  • In Portugal, 57% have selected their national team for glory.

Even in countries where the national team isn’t universally considered among the top tournament favourites, fans still show their deep faith. In Colombia, the national team received the second-highest percentage of tournament-winner bets at 19%, trailing only Portugal (24%).

On the other hand, in non-participating nations such as Bulgaria, Denmark, Peru, and Romania, the biggest favourites among users have been Portugal, Spain, and France.

Could a 41 Year Old Cristiano Ronaldo be the tournament’s MVP?

While Cristiano Ronaldo is today 41 years old, he is not just considered one of the tournament’s biggest stars, but also a very strong candidate to emerge as its most valuable player, especially after an impressive season in the Saudi Pro League, which saw him score 30 goals across competitions and become champion with Al-Nassr. In particular, the Portuguese superstar has received 21% of bets across markets on the Betano platform to receive the tournament’s MVP, followed by Spain’s Lamine Yamal at 12% and France’s Kylian Mbappé at 10%.

When it comes to the tournament’s top goalscorer however, Mbappé is the users’ clear favourite, capturing 26% of international bets. Completing the top three are England’s Harry Kane at 12% and Cristiano Ronaldo at 8%. With regard to assists, Mbappé’s French teammate, Michael Olise is the users’ first choice at 29%, after a magnificent season that saw him provide 31 assists to his teammates at FC Bayern. The second most popular choice is the Premier League Player of the Season, Bruno Fernandes, at 18%, with Lamine Yamal in third at 13%. As for the tournament’s Best Goalkeeper, most bettors have strayed away from main odds favourites like Argentina’s Dibu Martinez or France’s Mike Maignan. Instead, they have opted for Morocco’s Bono as their top choice at 18%, deeming it a high-reward opportunity. The top three also consists of Portugal’s Diogo Costa at 13% and Belgium’s Thibaut Courtois at 11%.

Brazilians bet on Brazil to be the tournament’s lowest-scoring team!

Betano users view France as the squad with the potential to be the tournament’s highest-scoring team. In particular it has received 28% of relevant bets, followed by Germany at 16% and Portugal at 14%. On the other side, Caribbean World Cup debutants Haiti (25%) and Curaçao (19%) are the users’ main choices as the tournament’s Lowest Scoring Teams.

In a stunning statistical twist, local users in Brazil, a nation traditionally associated with “jogo bonito” (the philosophy of playing beautiful football), bet on their own squad to struggle in front of the net – Brazil has received 11% of local bets to be the tournament’s lowest-scoring team, ranking third on that specific list alongside Haiti, Curaçao, Cape Verde, and Iraq.

Interesting local bets

In Argentina, Lionel Messi is the fans’ favourite to become the tournament’s top assist-maker at 29%, yet only 7% have selected him as the top goalscorer. Colombian users have shown their adoration for local star Luis Díaz, with 24% selecting him as the tournament’s top goalscorer, only behind Mbappé at 26%. Even more overwhelming is the support for James Rodríguez, who holds a massive 43% preference among local Colombian users to finish as top assist-maker.

Brazilians remain fiercely loyal to Neymar, with 16% backing him to be the tournament’s top player despite recent injury battles. Local users also have immense faith in their next generation of talent, with 53% selecting Real Madrid’s Endrick and 27% backing Bournemouth’s Rayan Vitor for the tournament’s Best Young Player award. Finally, in Portugal, both the top choices for the tournament’s top goal scorer have been local ones: Cristiano Ronaldo at 24%, and Bruno Fernandes at 16%.

 

*The data shared has been extracted on June 4, 2026.  More than 230,000 bets were analyzed in total across markets.  The international data sources may vary according to betting option availability per market. 

The post Bettors Rally Behind National Teams, Spotlight Mbappé, Olise and Ronaldo as Key World Cup Figures appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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B2B

BetConstruct AI names Lena Yasir CEO

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Former Pragmatic Play chief commercial officer brings 20 years of iGaming experience to the role.

BetConstruct AI has appointed Lena Yasir as its new chief executive officer, the company said.

Yasir has 20 years of iGaming experience, with a background in B2B commercial strategy, international expansion, and building teams across regulated and emerging markets.

Before joining BetConstruct AI, Yasir held senior leadership roles at Play’n GO, Evolution, and OnGame Network. Most recently, she served as chief commercial officer at Pragmatic Play, where the company said she played a central role in its global B2B growth.

In a statement, Yasir said: “BetConstruct AI is a highly respected and successful company in the global iGaming industry, and I am proud to be joining the business at such an exciting time.”

BetConstruct AI said Yasir will focus on accelerating global revenue, driving innovation, and strengthening partnerships across the iGaming ecosystem.

The post BetConstruct AI names Lena Yasir CEO appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Digital Media

Latam Intersect flags prime-time World Cup 2026 as a reset for LATAM sports marketing

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Firm points to more LATAM teams, heavier digital viewing and second-screen habits as key drivers for new campaign strategies.

Sports marketing in Latin America will face a different playbook during the FIFA World Cup 2026, according to a new analysis from Latam Intersect. The firm says the expanded tournament format, combined with prime-time scheduling for the region and more digital consumption, will change how brands plan media, content and real-time engagement.

The 2026 edition will feature 48 national teams, 104 matches and three host countries. FIFA projects more than 6 billion people will follow the tournament in some way, Latam Intersect said. For Latin America, the firm highlights the added weight of having 10 regional teams qualified, alongside the region’s historical performance in the competition.

Latam Intersect argues that the LATAM fan base is now younger and more active online, with a predominant age range of 22 to 33 and strong Gen Z and millennial presence. The company cites data indicating 41% of fans already watch matches via digital platforms and 51% use social media while watching on TV, turning each match into a continuous “second-screen” engagement window.

“In 2026, the fan is already in the middle of a conversation that never stops. Brands that show up with a prepared post after the match are already too late,”, said Livia Gammardella, Head of Marketing and Digital de Latam Intersect.

The firm also breaks the audience into three archetypes—casual fan, devoted fan and “fanático”—and says brands often underperform by treating the World Cup audience as one segment. It adds that women fans and fans arriving through pop culture, memes and music are growing audiences that global campaigns frequently miss.

A major difference versus the 2018 and 2022 tournaments is match timing for the region, with most games expected to land in prime time for Latin America, the company said. “A World Cup in prime time was exactly what retail needed. People will not watch the matches alone: they will gather with family, order food, buy products. The brand that uses cultural intelligence to understand the localized rituals of its fan will build far more connection than it could expect”, said Claudia Daré, socia y cofundadora de Latam Intersect.

The company said it has published a related eBook on platform behaviors across Instagram, TikTok and X, alongside market-specific audience data and planning framework

The post Latam Intersect flags prime-time World Cup 2026 as a reset for LATAM sports marketing appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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