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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%.

Dmitry Starostenkov

EvenBet Gaming Launches its Turnkey Casino Platform and Game Aggregator

Published

2 minutes ago

May 6, 2026

Wladimir P.

evenbet-gaming-launches-its-turnkey-casino-platform-and-game-aggregator

EvenBet Gaming, a global card games and poker software provider, has expanded its product portfolio with the launch of its Turnkey Casino Platform and Game Aggregator, marking its formal expansion into the casino vertical.

With more than 20 years of experience in the poker industry, the move marks the next phase of growth for the company, bringing together its proven poker software and advanced casino solutions into a single framework.

At the core of this expansion is the Turnkey Casino Platform, designed to minimise launch friction and provide a structured and accessible entry into the market, supported by scalable infrastructure to facilitate long-term growth.

The ecosystem combines a ready-to-launch casino platform with EvenBet’s Game Aggregator, comprising over 15,000 titles from more than 230 providers. It also includes an advanced promotional and bonus toolkit, payment infrastructure, KYC tools, an internal revshare affiliate module and external CPA service integrations, enabling operators to launch and scale efficiently without needing extensive technical resources.

EvenBet’s strategy is designed to support a seamless product journey, accommodating both new market entrants seeking an efficient launch and established operators looking to expand their portfolio. Underpinned by a single player account and shared balance, the platform is built to drive cross-vertical engagement, enabling a natural transition between casino and poker.

Supporting this approach is its suite of purpose-built hybrid games tailored to casino players. One Click Poker removes the traditional poker lobby, eliminating a common barrier to entry, while Spins Poker blends player-versus-player gameplay with fast-paced, slot-style mechanics.

Additional casino side games and rewards within the poker lobby play a vital role in supporting the transition of poker players into casino, further optimising the two-way conversion pipeline.

With a track record of delivering first-class poker solutions to tier-one operators worldwide, the expansion positions EvenBet to unlock previously untapped revenue streams as it targets further global growth.

Dmitry Starostenkov, CEO at EvenBet Gaming, said: “The integration of our Turnkey Casino Platform and Game Aggregator into the EvenBet ecosystem represents a natural evolution of our offering.

“The modular platform has been engineered to remove the complexities typically associated with launching a casino, while also providing a clear pathway to a full-scale poker product.

“By leveraging two decades of industry experience and deep technical expertise, we are well equipped to support operators at every stage of their journey, from initial launch to global scale.”

The post EvenBet Gaming Launches its Turnkey Casino Platform and Game Aggregator appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Amusnet Italy

Amusnet Italy Announces Strategic Partnership with StarVegas

Published

2 minutes ago

May 6, 2026

Wladimir P.

amusnet-italy-announces-strategic-partnership-with-starvegas

Amusnet Italy has announced a new strategic partnership with StarVegas, a prominent operator in the Italian iGaming landscape. This collaboration represents another step in the company’s mission to deliver top-tier gaming content to local players.

Under the agreement, StarVegas will integrate a selection of Amusnet’s some of the most successful titles, known for combining the nostalgic appeal of classic slot design with cutting-edge technology. The partnership aims to enhance the operator’s premium casino offering, delivering a more diverse and high-quality entertainment experience to its established player base.

The launch features some of the market’s top-performing titles, such as Extra Crown and Shining Crown, the engaging mechanics of 20 Golden Coins, and the fan-favourite 20 Super Hot. These games are recognised for their seamless performance, intuitive gameplay and high-quality graphics.

“Partnering with StarVegas is a significant milestone for our growth in Italy. We are confident that our iconic portfolio will bring strong value to their players and further reinforce our position as a leading provider in the region,” said Polina Nedyalkova, Director at Amusnet Italy.

“We are proud to welcome Amusnet to StarVegas, enriching our portfolio with a curated selection of titles inspired by traditional slot gameplay and enhanced with modern visuals and streamlined mechanics. This partnership reflects our commitment to delivering a diverse and engaging gaming environment, where accessibility, variety, and quality remain central to the player experience,” said Paolo Marchi, Brand Manager at StarVegas.

This agreement highlights Amusnet’s continued commitment to expanding its footprint in the Italian market, bringing its high-performing portfolio to an even broader audience.

The post Amusnet Italy Announces Strategic Partnership with StarVegas appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Andrew Kong

REEVO Announces New Partnership with Pitta+

Published

2 minutes ago

May 6, 2026

Wladimir P.

reevo-announces-new-partnership-with-pitta+

REEVO has announced a new partnership with Pitta+, an emerging iGaming content provider focused on delivering engaging slot titles and interactive gaming experiences to operators worldwide. This collaboration further strengthens REEVO’s aggregation ecosystem, expanding its content offering with dynamic titles designed to appeal to a broad range of player preferences.

Through this partnership, Pitta+’s portfolio is now available on the REEVO aggregation platform, giving operators seamless access to fresh and engaging content through a single, efficient integration. The addition of Pitta+ reinforces REEVO’s commitment to continuously enhancing its platform with diverse and high-performing content that supports operator growth.

For REEVO, this partnership reflects its ongoing strategy to collaborate with innovative studios that bring creativity and performance to its growing aggregation platform.

Daniel Cuc, Head of Account Management at REEVO, said: “Partnering with Pitta+ is another exciting step forward for REEVO as we continue to grow our aggregation platform with diverse and engaging content. What stands out is their ability to deliver accessible gameplay combined with strong themes that resonate across different player segments. At REEVO, we focus on building an ecosystem that helps operators succeed, and this partnership strengthens our ability to offer content that drives engagement and long-term value.”

Andrew Kong, Head of Business Development at Pitta+, said: “We are very excited to partner with REEVO and bring the Pitta+ game portfolio to their extensive network. This collaboration represents an important milestone for us as we continue expanding our global distribution. REEVO’s strong aggregation platform and global reach make them an ideal partner, and we look forward to building a successful and long-term collaboration together.”

The post REEVO Announces New Partnership with Pitta+ appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.