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

“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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Xanada Investments Announces the Launch of the Xanada Pitch Contest 2025

$50,000 Investment Prize & Global Exposure Await the Next Big iGaming Startup
Xanada Investments announced the launch of the Xanada Pitch Contest 2025, a global competition aimed at supporting iGaming startups seeking investment and growth opportunities in partnership with NEXT.io and Lilith PR Agency.
The contest offers a $50,000 equity investment to the winning startup, along with strategic mentorship, industry connections, and marketing support.
The competition will follow a two-stage selection process. From February 10 to April 1, 2025, startups can submit their applications online. Following the initial evaluation, the top five finalists will be announced on April 10, 2025, and will proceed to a live pitch event at the NEXT Summit in Valletta on May 8, 2025.
A Panel of Experts Will Choose the Winner
The final five startups will pitch their ideas live on stage at NEXT Valletta to a distinguished panel of judges, including:
- Vladimir Malakchi – CEO & Managing Partner, Xanada Investments
- Pierre Lindh – Co-founder & Managing Director, NEXT.io – The World’s iGaming Community
- Dmitry Belianin – CEO & Founder at Belianin, Co-founder & Managing Partner at Blask
- A Secret Judge – To be revealed soon
“A Unique Chance to Scale and Succeed”
“The Xanada Pitch Contest is raising the bar for startup competitions. This is a rare opportunity for iGaming startups – whether they are launching, growing, or looking to scale – to showcase their vision in front of key investors and decision-makers. We are committed to bringing together the brightest minds in the industry to support the next wave of innovation,” said Vladimir Malakchi, CEO & Managing Partner of Xanada Investments.
Who Should Apply?
The contest is open to Pre-Seed, Seed, and Series A startups operating in the iGaming sector. Startups at various growth stages – whether developing new solutions or scaling existing ones – are encouraged to apply.
Application and Key Dates
- Applications Open: February 10 – April 1, 2025
- Top 5 Finalists Announced: April 10, 2025
- Live Pitch Event: May 8, 2025, at NEXT Summit, Valletta
For further information and to apply, visit https://xanada.investments/contest or reach out to Xanada Investments at [email protected]
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Pole Position Performance: GR8 Tech Transforms Client Challenges into Opportunities with CRM

GR8 Tech has launched a five-episode video series that demonstrates how its top-tier CRM can address key client challenges, such as improving communication, automating workflows, and delivering personalized experiences. Through real-life examples from GR8 Tech’s clients, viewers can discover how to unlock CRM’s full potential.
Watch Pole Position Performance: GR8 Tech CRM
Kateryna Pozdnysheva, GR8 Tech’s Chief Client Officer and Head of CRM Business Unit, leads the series. Along with her assistant Addi, Kateryna dives deep into the mechanics of CRM: how to design a CRM journey that targets both casino players and sports enthusiasts, ensuring that each player receives a personalized experience; how to engage with players effectively, test what resonates with them, and adjust strategies in real-time to improve performance. Viewers learn the importance of segmentation tools, which allow CRM to categorize players based on their habits, risk profiles, and preferences, all while navigating diverse markets. The series also emphasizes how to connect with players on a deeper level by crafting campaigns that deliver the right incentives at the perfect moment and via the most effective communication channels.
One of the highlights of GR8 Tech’s CRM solution is its ability to optimize player engagement to drive retention. Through advanced gamification tools like rewarding achievements, the CRM makes player interactions exciting and impactful. The series shows how these dynamic elements enhance the player experience, leading to a 25% increase in first-time deposits, 80% retention on average, and 75% engagement of MAU with gamified features. It highlights how GR8 Tech’s CRM serves as a powerful strategy for delivering personalized, effective, and results-driven client experiences.
The post Pole Position Performance: GR8 Tech Transforms Client Challenges into Opportunities with CRM appeared first on European Gaming Industry News.
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Gainr.ai and Goal Analytics Agree Trading Data Partnership

Gainr.ai announces a strategic agreement with Goal Analytics for sports data models
Gainr.ai, a leader in AI-powered alternative trading solutions, is pleased to announce a strategic partnership with Goal Analytics – a top European data analytics company to enhance the performance of the Gainr Trading portfolio through advanced predictive data insights. This collaboration will provide Gainr Trading with high-quality, data-driven intelligence to optimise trading strategies, improve risk management, and refine AI-driven market-making models.
As a specialist in sports data analytics, Goal Analytics will supply Gainr Trading with in-depth statistical models and proprietary data sources, offering a crucial edge in predictive accuracy for trading syndicates. This partnership marks a significant step in Gainr.ai’s commitment to integrating best-in-class analytical expertise into its trading ecosystem, ensuring partners have access to cutting-edge insights to inform their strategies.
Gainr Trading is a scalable alternative trading fund, administered and audited by Suntera, leveraging Gainr.ai’s proprietary technology to execute verified prediction market strategies. The addition of high-quality data analytics strengthens its ability to optimise odds, enhance risk assessment, and refine AI-driven decision-making in real time.
Commenting on the announcement, Theodoros Koumis, CEO and Founder of Gainr.ai, stated: “Access to superior data is at the heart of every high-performance trading strategy. Our partnership with Goal Analytics allows us to integrate deeper statistical intelligence into Gainr Trading, ensuring our partners and investors benefit from the most accurate and actionable insights available. This collaboration underscores our commitment to advancing AI-driven trading solutions with academic-grade models and industry-leading automation.”
“We are very happy to team up with Gainr Trading and share our expertise in football data analytics and algorithm development. Gainr Trading’s expertise and experience in trading and execution makes this a highly compelling partnership forming a very strong syndicate for football. We are excited to support Gainr at all levels with our football data-driven expertise, creating a wide range new opportunities in the industry.” Malte Schmielewski CEO Goal Analytics.
With this expansion into Europe, Gainr.ai continues to enhance its alternative trading intelligence framework, ensuring its ecosystem remains at the forefront of AI-powered trading innovation. As demand for agile, data-driven trading strategies grows, Gainr Trading is well-positioned to provide superior analytics and automation for sports betting syndicates and alternative investment firms.
The post Gainr.ai and Goal Analytics Agree Trading Data Partnership appeared first on European Gaming Industry News.
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