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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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affiliate marketing
N1 Partners Takes Flight in Barcelona: Helicopter Awarded at iGB Affiliate 2026 Finale
The curtains have closed on iGB Affiliate 2026, but the echoes of N1 Partners’ massive presence are still vibrating through the halls of the Fira de Barcelona. After two days of high-stakes networking and over 500 business meetings, the company concluded the event by awarding a Robinson R22 Beta II helicopter to the grand winner of the N1 Puzzle Promo.
A Hub of Industry Activity
From January 20 to 21, the N1 Partners stand (80-C80) served as a primary nervous system for the expo floor. The team maintained a relentless pace, facilitating hundreds of discussions regarding traffic strategies and custom deals.
Beyond the boardroom-style meetings, the stand offered a more interactive “Plinko” activity and distributed over 300 branded merchandise packs, ensuring the N1 brand remained visible across the entire conference.
Media Spotlight and Thought Leadership
The company’s influence extended beyond the booth, with leadership participating in more than 10 interviews and podcasts. These sessions focused on sustainable growth within the iGaming sector and evolving affiliate expectations, further solidifying N1 Partners’ reputation as a transparent and performance-driven program.
The Grand Finale: A Night to Remember
The highlight of the week was undoubtedly the N1 Puzzle Promo Party, an exclusive, closed-format celebration that saw over 2,000 registrations. While only 600 guests could be accommodated, the venue was packed with the industry’s top decision-makers and affiliates.
The atmosphere reached a fever pitch as the winners of the N1 Puzzle Promo leaderboard were announced:
| Rank | Partner Name |
| 1st Place (Helicopter Winner) | Cash Splash |
| 2nd Place | Advertise |
| 3rd Place | Traffic Squad |
| 4th Place | Seven Group |
| 5th Place | Alfaleads Network |
The evening concluded with a live performance from a surprise headline guest and high-energy DJ sets, marking the successful end of a campaign that was recently named Best Advertising and Marketing Campaign at the European iGaming Awards.
The post N1 Partners Takes Flight in Barcelona: Helicopter Awarded at iGB Affiliate 2026 Finale appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
affiliate marketing
N1 Partners Hosts the N1 Puzzle Promo Grand Final and Reveals the Helicopter Winner at iGB Affiliate 2026 in Barcelona
iGB Affiliate 2026 in Barcelona has officially come to an end, marking two powerful days for the affiliate industry and an unforgettable grand finale for N1 Puzzle Promo. N1 Partners wrapped up the conference days with high-intensity networking, strong media attention and a large-scale final event that brought the community together.
From January 20 to 21, N1 Partners welcomed partners, media and industry leaders at stand 80-C80, which quickly became one of the most dynamic meeting points on the expo floor.
A Key Meeting Point During iGB Affiliate 2026
Throughout both conference days, the N1 Partners stand maintained a steady flow of visitors and ongoing media attention. The scale of partner engagement and the volume of conversations naturally positioned the stand as a focal point for meetings, interviews and informal discussions across the venue.
Over the course of the conference, the team held more than 500 meetings, covering traffic strategies, custom deals and long-term collaboration opportunities. In parallel, 300+ branded merch packs were distributed to stand visitors, reinforcing brand visibility and partner engagement throughout the event.
The stand experience combined business and interaction in a relaxed format. Guests enjoyed signature cocktails while discussing top-performing deals, took part in the Plinko activity to win exclusive N1 Partners merchandise, and used the space to build new connections, strengthen existing partnerships and move forward with concrete business agreements.
Strong Media Engagement and Industry Dialogue
iGB Affiliate 2026 also served as an important media platform for N1 Partners. During the conference, the team took part in over 10 interviews and podcasts, sharing perspectives on affiliate marketing trends, partner expectations and sustainable growth within the iGaming sector.
This level of media interest reflected the market’s attention to N1 Partners’ approach and reinforced the company’s position as a visible and trusted affiliate program.
The Grand Finale. N1 Puzzle Promo Party
The highlight of the week took place after the first day of the iGB Affiliate conference, when N1 Partners hosted the grand final event of N1 Puzzle Promo in Barcelona. The evening was designed as a closed-format celebration, welcoming a carefully selected audience of partners, industry leaders and key players from the iGaming community.
The event generated significant interest well ahead of time, with over 2,000 registrations, while attendance exceeded 600 guests, filling the venue with decision-makers, top affiliates and long-term partners. The closed nature of the event and limited access created a high level of anticipation and made the finale one of the most talked-about gatherings of the conference week.
During the night, N1 Partners revealed the winner of the main N1 Puzzle Promo prize, awarding a Robinson R22 Beta II helicopter, alongside exclusive giveaways for guests.
As part of the finale, N1 Partners proudly presented the finalists of N1 Puzzle Promo, recognising the partners who consistently maintained a strong pace throughout the campaign and secured the top positions on the leaderboard.
- 1st place: Cash Splash
- 2nd place: Advertise
- 3rd place: Traffic Squad
- 4th place: Seven Group
- 5th place: Alfaleads Network
The program was complemented by DJ sets and a live performance from the event’s headline guest, turning the evening into a landmark moment that combined celebration, entertainment and strong brand presence.
Recognising N1 Puzzle Promo’s Impact
In addition to its industry presence at iGB Affiliate 2026, N1 Puzzle Promo was recently recognised at the European iGaming Awards, where it was named Best Advertising and Marketing Campaign. This accolade highlights the campaign’s global reach and impact, acknowledging it as one of the most innovative and performance-driven marketing initiatives in the iGaming industry.
Closing the Barcelona Chapter
N1 Partners expressed appreciation to everyone who visited the stand, took part in meetings and contributed to the energy of iGB Affiliate 2026.
Special thanks were also extended to all guests who joined the N1 Puzzle Promo grand final party and helped turn the evening into one of the most memorable moments of the conference week.
The Barcelona chapter has closed, but the momentum continues.
Be number one with N1 Partners!
The post N1 Partners Hosts the N1 Puzzle Promo Grand Final and Reveals the Helicopter Winner at iGB Affiliate 2026 in Barcelona appeared first on Americas iGaming & Sports Betting News.
Latest News
N1 Partners Hosts the N1 Puzzle Promo Grand Final and Reveals the Helicopter Winner at iGB Affiliate 2026 in Barcelona
iGB Affiliate 2026 in Barcelona has officially come to an end, marking two powerful days for the affiliate industry and an unforgettable grand finale for N1 Puzzle Promo. N1 Partners wrapped up the conference days with high-intensity networking, strong media attention and a large-scale final event that brought the community together.
From January 20 to 21, N1 Partners welcomed partners, media and industry leaders at stand 80-C80, which quickly became one of the most dynamic meeting points on the expo floor.
A Key Meeting Point During iGB Affiliate 2026
Throughout both conference days, the N1 Partners stand maintained a steady flow of visitors and ongoing media attention. The scale of partner engagement and the volume of conversations naturally positioned the stand as a focal point for meetings, interviews and informal discussions across the venue.
Over the course of the conference, the team held more than 500 meetings, covering traffic strategies, custom deals and long-term collaboration opportunities. In parallel, 300+ branded merch packs were distributed to stand visitors, reinforcing brand visibility and partner engagement throughout the event.
The stand experience combined business and interaction in a relaxed format. Guests enjoyed signature cocktails while discussing top-performing deals, took part in the Plinko activity to win exclusive N1 Partners merchandise, and used the space to build new connections, strengthen existing partnerships and move forward with concrete business agreements.
Strong Media Engagement and Industry Dialogue
iGB Affiliate 2026 also served as an important media platform for N1 Partners. During the conference, the team took part in over 10 interviews and podcasts, sharing perspectives on affiliate marketing trends, partner expectations and sustainable growth within the iGaming sector.
This level of media interest reflected the market’s attention to N1 Partners’ approach and reinforced the company’s position as a visible and trusted affiliate program.
The Grand Finale. N1 Puzzle Promo Party
The highlight of the week took place after the first day of the iGB Affiliate conference, when N1 Partners hosted the grand final event of N1 Puzzle Promo in Barcelona. The evening was designed as a closed-format celebration, welcoming a carefully selected audience of partners, industry leaders and key players from the iGaming community.
The event generated significant interest well ahead of time, with over 2,000 registrations, while attendance exceeded 600 guests, filling the venue with decision-makers, top affiliates and long-term partners. The closed nature of the event and limited access created a high level of anticipation and made the finale one of the most talked-about gatherings of the conference week.
During the night, N1 Partners revealed the winner of the main N1 Puzzle Promo prize, awarding a Robinson R22 Beta II helicopter, alongside exclusive giveaways for guests.
As part of the finale, N1 Partners proudly presented the finalists of N1 Puzzle Promo, recognising the partners who consistently maintained a strong pace throughout the campaign and secured the top positions on the leaderboard.
- 1st place: Cash Splash
- 2nd place: Advertise
- 3rd place: Traffic Squad
- 4th place: Seven Group
- 5th place: Alfaleads Network
The program was complemented by DJ sets and a live performance from the event’s headline guest, turning the evening into a landmark moment that combined celebration, entertainment and strong brand presence.
Recognising N1 Puzzle Promo’s Impact
In addition to its industry presence at iGB Affiliate 2026, N1 Puzzle Promo was recently recognised at the European iGaming Awards, where it was named Best Advertising and Marketing Campaign. This accolade highlights the campaign’s global reach and impact, acknowledging it as one of the most innovative and performance-driven marketing initiatives in the iGaming industry.
Closing the Barcelona Chapter
N1 Partners expressed appreciation to everyone who visited the stand, took part in meetings and contributed to the energy of iGB Affiliate 2026.
Special thanks were also extended to all guests who joined the N1 Puzzle Promo grand final party and helped turn the evening into one of the most memorable moments of the conference week.
The Barcelona chapter has closed, but the momentum continues.
Be number one with N1 Partners!
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