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LeoVegas AB Q4: Quarterly report 1 October–31 December 2021
“Strong end to the year with many growth initiatives” – Gustaf Hagman, Group CEO
FOURTH QUARTER 2021: 1 OCTOBER – 31 DECEMBER
- Revenue amounted to EUR 98.2 m (98.4). Revenues were unchanged compared with the same period last year. Excluding Germany and the Netherlands, revenues increased by 26%.
- Organic growth in local currencies was -4%.
- Net Gaming Revenue (NGR) from regulated markets and markets in which the company pays local gaming taxes was 74% (67) of total NGR.
- EBITDA was EUR 11.6 m (11.5), corresponding to an EBITDA margin of 11.8% (11.7).
- The number of depositing customers was 456,063 (461,983), a decrease of 1%.
- Adjusted earnings per share were EUR 0.07 (0.08).
EVENTS DURING THE QUARTER
- LeoVegas repurchased shares for EUR 2.1 m and distributed the third quarter dividend (EUR 3.9 m).
- Following policy changes in the Netherlands, LeoVegas decided to stop providing its services in the country as from 30 September 2021. As such, the company had no revenue from the Netherlands in the fourth quarter (compared with 6% of the Group’s total revenue during the third quarter). The company will apply for a licence during the first quarter.
- LeoVegas was granted renewed gaming licences by the Danish Gambling Authority.
EVENTS AFTER THE END OF THE QUARTER
- Preliminary revenue in January amounted to EUR 35.5 m (32.5), corresponding to growth of 9%. Excluding Germany and the Netherlands, revenue increased by 24%.
- The Board of Directors proposes an increased dividend of 5 percent to SEK 1.68 per share (1.60), to be distributed on four occasions over the course of the next 12 months.
- LeoVegas applied for a gaming licence for the Canadian province of Ontario.
- The establishment in New Jersey in the US is proceeding according to plan and the recruitment of a local team has begun.
- In January, LeoVegas distributed the fourth dividend (EUR 3.8 m) of a total of four to the Parent Company’s shareholders.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
FOURTH QUARTER
I am proud of how we concluded 2021 and how we offset the revenue loss related to the ongoing regulatory changes in Germany and the Netherlands. In the fourth quarter, sales were unchanged compared with the preceding year. However, excluding the two abovementioned markets, growth was some 26%, which demonstrates our strong underlying growth.
Adjusted EBITDA improved somewhat year-on-year, despite ceasing to provide our services in the Netherlands while waiting for a gaming licence, which was previously one of our most profitable markets. At the same time, we have paid more gaming taxes than ever before during the quarter. The improved profit was achieved through good cost control and higher marketing efficiency.
During the quarter and the full-year 2021, we took several important steps as a company, which we expect to drive growth for many years to come. We increased our strategic focus on sport with the acquisition of the brand Expekt. The new launch of Expekt has been a major success, with sales increasing almost fourfold since the acquisition. We are now planning to expand into more markets. We have also commenced establishing operations in the US, where the online gaming market is still in its infancy. We are seeing significant potential for a smartphone-oriented casino expert like LeoVegas in North America, where we already hold a leading position in Canada. We also invested in our own gaming studio during the year. The first games are expected to be launched shortly and over 15 titles are planned for 2022. Our own contents provide us with a more unique gaming experience, greater customer loyalty and lower costs.
We demonstrate a high ability to adapt and continue to drive innovation even when faced with turbulent times. An increasing number of European countries are becoming regulated and some 74% of our revenue is currently regulated and/or taxed. The external market environment will remain erratic and turbulent in places, but we are well-positioned to manage this. Armed with all of our ongoing growth initiatives, I feel optimistic ahead of 2022.
MARKETS
Our underlying customer activity and growth remain favourable. In general, we are growing faster than our competitors in the markets that are not affected by major external events and where equal conditions apply for all operators. A good example of this is Sweden, where we reached a new record level during the quarter. LeoVegas is currently the largest private operator in the Swedish market, something we have accomplished with strong brands, the best product and data-driven marketing. We continue to see favourable growth prospects in Sweden.
As previously mentioned, a re-regulation period is ongoing in the Netherlands and in the Canadian province of Ontario. In the Netherlands, we decided to stop providing services to gamers from 30 September 2021 pursuant to the latest regulations. At the start of 2022, we have applied for licenses in the Netherlands and Ontario we applied for a license in Ontario and will apply for a license in the Netherlands during the first quarter. Our ongoing expansion in the US, with New Jersey as the first state, is proceeding according to plan. We have commenced recruitment of a local team and completed much of the technical development as well as initiated the certification process of LeoVegas’ proprietary technical platform (PAM, Player Account Management). We also began efforts for the expansion into additional US states.
TEN YEARS
At the beginning of 2022, LeoVegas turned ten years old. The company, our product and the entire industry has developed enormously since my co-founder, Robin Ramm-Ericson, and I, started LeoVegas. Today, the industry is much more complex with more stringent requirements and tougher competition. At the same time, LeoVegas has taken tremendous strides and matured in many areas, making us stronger than ever before. We always aim to be at the forefront of customer focus, technology and data-driveness, but also continue to continually challenge ourselves to be better in all areas. I can affirm that LeoVegas with all its employees will continue to drive the industry forward with the mobile gaming experience in the spotlight. We are continually making progress as we stand on the starting line of ten more intense and exciting years!
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Not Just Games. Experiences: Interview with Gabor, CPO at DreamPlay
The iGaming industry has evolved far beyond spinning reels and flashy win screens. Today, it’s a rapidly shifting space where player expectations define innovation. Creativity, data, and emotional design have become central to building not just games — but experiences.
We sat down with Gabor, Chief Product Officer at DreamPlay, to discuss what modern slot development really means, how ideas transform into products, and why the future belongs not to games that are simply entertaining — but to those that resonate.
What makes a slot competitive today — math, visuals, gameplay, or a combination of factors? And which matters most?
Gabor: A great game is like an orchestra: you need every instrument playing in harmony or the whole thing falls apart.
The math and design are the heart and soul of every game — without them, even the best art is just a pretty face. Today’s players also expect to be entertained: strong pacing, polished audiovisuals, and features that feel meaningful, not gimmicky.
I always say that one of the challenges of creating great slots is that you have to be able to tell a whole story just through a push of the button — making them feel exciting while being simple and smooth for the player, but this means a lot of complexity for the creator.
So the real magic happens when everything clicks together. The best slots feel effortless, but behind that effortlessness is a very deliberate balance of math, flow, visuals, and just the right level of innovation.”
When working on a new release, what helps you shape the product vision before development even begins?
Gabor: Ideas can come from anywhere – a family vacation, a conversation, a movie, a meme, pretty much anything you can think of.
Creativity thrives when everyone on the team can chip in with their own ideas – we actively encourage that.
But inspiration alone isn’t enough. Every game needs a clear purpose. Is it pushing boundaries? Refreshing a classic theme? Continuing a successful series? We always start by defining the ‘why.’
Then we let data and experience meet in the middle. When the numbers support the idea and our collective instincts say ‘yes, this will work,’ that’s when a concept becomes a vision worth building.”
Do you see potential for an even closer integration of video games and slots, or are they still two different markets?
Gabor:There’s definitely potential — and honestly, the two worlds have been borrowing from each other for years. iGaming has embraced progression systems, more complex storytelling, achievements… while video games picked up loot boxes and other elements from gambling.
They will never fully merge, because the motivations and regulations are different, but there is clearly much more overlap than 10–15 years ago when these two industries were completely different. Today’s players grew up with games that blend entertainment, challenge, psychology, and reward, and they
expect a different form of entertainment than previous generations.
So we’re moving from ‘old-school gambling’ toward ‘interactive entertainment with a gambling core.’ And that trend will only continue.
Is the industry truly ready for bold experimentation, or does it still prefer playing safe?
Gabor: This is where it gets interesting. The industry loves talking about innovation and bold ideas – but in reality, the audience is still quite conservative. Most players enjoy evolution, not revolution.
We’ve seen a few big hits like Megaways and crash games, but they didn’t throw the core DNA of gambling out the window. These mechanics are mainly focused on enhanced entertainment value and presentation.
So yes, there’s room to experiment, but true format-breaking innovations tend to become niche and usually struggle to gain wider traction. The sweet spot is pushing boundaries without losing the essence of why players show up in the first place.”
What was your first step in iGaming, and when did you realize this was your industry?
Gabor: My start was completely unplanned. I moved to Israel from Hungary at 26, didn’t speak Hebrew yet, and was looking for any English-speaking job. A friend worked at an online casino, said they were hiring, and I thought, ‘Perfect, something temporary to help me get settled, I will find a proper job once my Hebrew improves.”
I have never even tried finding a ‘proper job’ afterward. That ‘temporary’ role turned into a 15+ year career across multiple countries, teams, and roles across casino management and game production — and I’ve loved every minute of it.
This industry is fast, sometimes (often) chaotic, but full of brilliant people and challenges that keep you sharp. Even after all these years, I still wake up excited about what we’re building. It’s hard to imagine doing anything else at this point.”
Final Takeaway
The iGaming industry continues its transformation — not just technologically, but emotionally. As Gabor pointed out throughout our conversation, the future belongs not to those who release the most games, but to those who understand what players truly feel.
We’re seeing a shift toward more immersive, meaningful experiences — where design, psychology, and data work together to create lasting engagement.
And it’s leaders like Gabor — and companies like DreamPlay — who are moving the industry forward, proving that innovation isn’t just about features or mechanics… it’s about connection.
Dream Play’s most recent releases and upcoming products here:
Bizarre
Nolimit City breaks into the lab of a mad scientist in its latest release, Bizarre
Reading Time: 3 minutes
Have you ever seen a banana and an ostrich fused together to form the ultimate creature? In Nolimit City’s latest release, Bizarre, peek into the window of Dr. Bizarre’s wild experiments. This slot falls under the eccentric category of Nolimit City slots such as Munchies, Outsourced and Ugliest Catch.
Reel Area
The farm has been… busy. Bizarre plays out on a 4-4-4-4-4 layout across 5 reels, with a number of variations of xSplit® that can land as either a single symbol or as a 4-row-high symbol, which may appear partially or fully visible. When it lands it splits all symbols on the same row, doubles its size and acts as a Wild symbol after doing so.
Chimera Spins
Dr. Bizarre’s breakthrough experiments begin here. Landing 3 Scatter Symbols will trigger 3 Chimera Spins where a scatter on the middle of the reel will transform into a Wild that remains sticky throughout the feature.
Before the bonus round begins, the middle reels spin individually. During this spin Wild symbols, extra spin symbols or empty symbols can land. When Wild or extra spin symbols land then it stays on its position and a respin is awarded. This continues until new extra spin or Wild symbols land.
If Wild symbols land then it will remain sticky throughout the feature. If a Wild is split by an xSplit® symbol then it gets a multiplier that also remains sticky for the entire feature.
Super Chimera Spins
Funding groundbreaking monstrosities isn’t cheap. Landing 2 Scatter Symbols and a Super Scatter in the base game will trigger 3 Super Chimera. In addition to Chimera Spins features, all Scatter Symbols will transform into Wild symbols and will remain sticky throughout the Super Chimera Spins.
Coinage
To take his experiments to the next level Dr. Bizarre needs to collect some coins. In Coinage, only coins with the multiplier values and special symbols can land. If any positions are empty after a spin then a respin is awarded. When the feature ends, the sum of all the multiplier values are added before multiplying the base bet. The coin values are: 1, 2, 5, 10, 20, 50, 100, 200, 500, 1000.
Special symbols can land during Coinage:
- Collector – Collects the total value of all visible coins and removes them. The used Collector remains on the reel and if another Collector lands it will also collect the value of the previous Collector.
- xSplit® – Splits all coins and Collectors on its row and doubles their values.
- Scatters – When 3 Scatters are collected, it triggers Chimera Spins after the Coinage feature ends. If one of the 3 Scatters is a Super Scatter, it will trigger Super Chimera Spins.
Extra Spin
Extra Spin is back! When Chimera Spins or Super Chimera Spins are triggered, players might get the opportunity to purchase an additional spin at the end of the round. The additional spin will keep the Wild symbol along with its multiplier value of the previous spin. The cost of the spin will be calculated based on the Wild symbol multipliers. If the cost of the Extra Spin is less than or equal to the total win, then the Extra Spin opportunity will be presented.
Nolimit Boosters
The final phase of Dr. Bizarre’s experiments are quite the sight to behold, especially with these Nolimit Boosters:
- xBoost – guaranteed a Scatter symbol on the second reel. The guaranteed Scatter might be a Super Scatter. (3 times more likely to hit Chimera/ Super Chimera Spins).
- Bonus Hunt – 49 times more likely to activate Chimera Spins/Super Chimera Spins. During this mode, only Scatters or empty symbols can land with a maximum of 1 Super Scatter.
The monsters are now Dr. Bizarre’s rise to fame. Bizarre has a maximum payout of 20,000x the base bet. Bizarre is rated as “Extremely Volatile” delivering the thrilling high-stakes gameplay that Nolimit City fans know and love.
Per Lindheimer, Head of Product at Nolimit City, said: “Mixing animals with fruits is something we like to talk about on a daily basis at Nolimit City. Dr. Bizarre is a crazy mofo with ambitions of fame and power. Chimera Spins and Coinage are features we’ve developed specifically for this game and hope that players will enjoy these freaky experiments”
‘Bizarre’ will be available to all Nolimit City partners on November 18th, 2025.
The post Nolimit City breaks into the lab of a mad scientist in its latest release, Bizarre appeared first on European Gaming Industry News.
AOGGAB
EGT is an official partner of the prestigious “Gaming Industry Gala Dinner”, organized by AOGGAB
Reading Time: 2 minutes
EGT is proud to announce that it is an official partner of the “Gaming Industry Gala Dinner”, organized by the Association of Organizers of Gambling Games and Activities in Bulgaria (AOGGAB) with the support of EUROMAT. The event will be held on November 25 and for the third consecutive year will bring together leading companies and figures from Bulgaria and abroad.
The motto of the gala dinner will be “Together in Europe” and will focus on European integration, professional collaboration, and a shared vision for a sustainable future of the industry.
Traditionally, the “Golden Spade’s” Awards will also be presented during the event. The prizes honor the greatest innovations and the most significant achievements in the sector over the past 12 months. EGT is among the finalists in the competition and will compete for the accolade in the “Most Successful Bulgarian Company Abroad of the Year” and “Slot Machine of the Year” categories.
EGT received the nomination for “Most Successful Bulgarian Company Abroad of the Year” as it is the biggest gaming equipment manufacturer in Bulgaria with 28 international offices on 5 continents. In 2025, it made a large number of installations and substantially increased its footprint in a number of markets. Currently, EGT’s products are present in over 100 jurisdictions around the world.
The company is also a contender for the “Slot Machine of the Year” award. It was shortlisted because of its latest series of slot cabinets Supreme, including 4 models – S 32-32 UP, S 32-32 ST, S 55 S ST, and S 55 V ST. They immediately received high praise from both operators and players for the perfect combination of attractive design, exceptional convenience provided by their numerous ergonomic features, and compatibility with some of the most popular and beloved games from EGT’s portfolio. Supreme slot cabinets have already been installed in a number of gaming venues globally, where they continue to demonstrate excellent results and remain among customers’ favorites.
The post EGT is an official partner of the prestigious “Gaming Industry Gala Dinner”, organized by AOGGAB appeared first on European Gaming Industry News.
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