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LeoVegas AB Q4: Quarterly report 1 October–31 December 2021

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“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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Movers and Shakers: The blueprint for boutique studios looking to crack America

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“Movers and Shakers” is a dynamic monthly column dedicated to exploring the latest trends, developments, and influential voices in the iGaming industry. Powered by GameOn and supported by HIPTHER, this op-ed series delves into the key players, emerging technologies, and regulatory changes shaping the future of online gaming. Each month, industry experts offer their insights and perspectives, providing readers with in-depth analysis and thought-provoking commentary on what’s driving the iGaming world forward. Whether you’re a seasoned professional or new to the scene, “Movers and Shakers” is your go-to source for staying ahead in the rapidly evolving iGaming landscape. 

Charles Mott, Founder and CEO of S Gaming, says finding success in the US is a tough task, but that studios who can replicate the magic of the casino floor have what it takes to make it stateside

 

There are plenty of European studios that have set their sights on finding success in the US, but very few have actually managed to achieve it. This is because they are making a common mistake, and that’s failing to translate the preferences of US slot players into their games.

For more than a decade now, the UK and European markets have been defined by “the chase” – high volatility slots with massive, infrequent max wins and jackpots that deliver anticipation and thrills, but that also exhaust the player’s balance in minutes.

But if you walk on to the floor of any Las Vegas casino, the atmosphere is different. It’s about “time at machine”. It’s the neon, the regular dopamine hits of smaller wins and the ability to make $100 provide an entire evening’s worth of entertainment.

As the US market increasingly moves to online, with more states embracing regulated iGaming, it’s no longer finding its feet with players now actively looking for a digital version of the land-based soul they have loved for many years.

Moving away from the “big win” to the “long session”

US players have been culturally conditioned by the physical casino experience. Unlike the high-stakes digital environment of Europe, the American player often views slots as a leisure activity rather than a jackpot hunt.

This is why S Gaming has focused on fun, entertainment and sustainability, with our games matching the “steady tortoise” cadence of land-based slot machines. They still deliver lots of big win potential, but across longer and more engaging sessions.

For operators like BetMGM and Fanatics, both of which we’ve recently partnered with, it’s not just about fun, it’s about retention.

A player who loses their balance in three minutes is a churn risk, but a player who wins small, frequent prizes stays in the ecosystem for longer and ultimately generates a much higher lifetime value.

Efficiency over ego

But it’s not just about having the right games, distribution is also key to cracking America. This is a notoriously difficult market because it’s not one jurisdiction, it’s five (and counting) regulatory islands and in each, you need to secure regulatory approvals.

This is actually a moat that keeps many smaller studios out. It’s an issue we had to overcome, and ultimately looked for a partner that could help us bridge the gap. Our agreement with Gaming Realms allows us to use its remote game server and licences to launch into US states.

This “Infrastructure-as-a-Service” model allows a studio to focus on “game grammar” (math and art) while the partner handles the “plumbing” (compliance and connectivity). It’s the leanest way to hit the ground running with a tier-one operator across multiple states simultaneously.

Why tier ones are buying in

You might be wondering why a tier one giant like BetMGM has joined forces with a boutique UK studio and facilitated its launch into the US.

But the reality is that operators are fighting soaring acquisition costs right now and this means they no longer want more games, they want differentiated games that reduce churn and keep players coming back for more.

Our focus on sustainable entertainment aligns with current US regulatory requirements and the focus on responsible gaming. Games designed for longer, lower stakes sessions are inherently “safer” and more palatable to regulators and risk-averse operators alike.

And they just hit the mark more with players. Sure, winning is a big part of playing online slots, but how you get to the win and the perceived entertainment value is now just as if not more so important – not just in the US but in the UK and Europe, too.

The data-driven evolution

Success does not come from a single launch – it comes from having a feedback loop. We now have a handful of games live in the US market, including our flagship Triple 7 Jackpot title, from which we are gathering real-time data on player behaviour.

This is allowing us to move from “what we think players want” to “what the data tells us they love” and this in turn is allowing us to refine our product roadmap and the games we are producing for the US market, ensuring each title is more culturally resonant than the last.

The new era of transatlantic growth

Cracking America in 2026 isn’t about having the loudest brand of the biggest marketing budget – it’s about understanding the psychology of the casino floor.

The studio’s that succeed will be those that realise the US player isn’t looking for a new way to gamble, they’re looking for a digital version of the “Vegas” feeling they’ve known and loved for decades.

The post Movers and Shakers: The blueprint for boutique studios looking to crack America appeared first on Americas iGaming & Sports Betting News.

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When Africa gambles: seasonality patterns across five countries revealed by Blask

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When Africa Gambles: Seasonality Patterns Across Five Markets Revealed by Blask , Nigeria, Tanzania, Kenya, the Democratic Republic of the Congo, and Egypt operate under diverse regulatory regimes and follow different domestic sports calendars — Egypt also observes a Friday–Saturday weekend. Yet, across these markets, gambling activity exhibits a shared rhythm: engagement climbs into Q4 and remains elevated through the year-end, with softer periods either mid-year (Nigeria, Tanzania, Kenya, DR Congo) or late winter (Egypt). Peaks broadly coincide with the European club season, while in some markets domestic leagues run in parallel.

Blask’s Seasonality feature, drawing on data from January 2016 to February 2026, allows mapping engagement by month, day, and hour, revealing nuanced patterns in each market:

Nigeria: The Long Saturday

  • Annual curve accelerates into Q4: October is the top month, followed closely by September, November, and December. June marks the low point, with a modest rebound in July before the late-summer climb.

  • Weekly cycle is weekend-led: Saturday dominates, Sunday and Friday show smaller peaks, weekdays are quieter.

  • Hourly pattern forms a broad plateau on Saturday, with elevated activity from early morning to late evening (5am–9pm Lagos time). Weekday engagement is lower, concentrating in the late afternoon and evening.

Tanzania: Saturday as a Corridor

  • Annual rhythm mirrors Nigeria: softening in June–July, rising from August into a Q4 plateau. Top months are November–December, with October close behind.

  • Weekly cycle hierarchy is clearer: Saturday is strongest, Sunday elevated but lower, Friday leads weekday peaks.

  • Saturday functions as a corridor rather than a sharp spike: activity stays high from 7am–11pm Dar es Salaam time, peaking mid-afternoon to early evening (3pm–7pm). Weekday activity tilts toward evening post-work.

Kenya: Two Clocks in One Market

  • Annual curve rises from August into Q4, with December at the peak, October and November following. Low points in June–July.

  • Weekly peaks favor the weekend: Saturday #1, Sunday #2.

  • Hourly pattern shows dual peaks: a primary late-afternoon to evening spike (3pm–9pm Nairobi time) and a secondary pre-dawn rise (3am–7am), particularly visible on weekends.

DR Congo: The Morning Market

  • January remains unusually strong alongside December, which is the top month.

  • Weekly cycle follows the familiar weekend pattern: Saturday leads, weekend days generally brighter.

  • Hourly peak occurs in the morning, roughly 5am–9am Kinshasa time, shifting an hour later in eastern regions. Weekdays maintain the morning lift, with Saturday adding extra intensity.

Egypt: Friday Leadership and After-Midnight Play

  • Annual curve climbs steadily to year-end: December tops, followed by November and October. Softest periods are February and March.

  • Weekly cycle differs: Friday peaks, Thursday and Saturday slightly behind, reflecting Egypt’s Friday–Saturday weekend.

  • Nighttime engagement is strongest in the group, concentrating after midnight (2am–5am Cairo time), consistently across all days of the week.

The Bigger Picture

  • Q4 is peak season across all five markets. Nigeria peaks earliest (October), while Tanzania, Kenya, DR Congo, and Egypt maintain high engagement through November–December. Four markets soften mid-year, Egypt peaks late winter.

  • Weekend structures explain weekly splits: Saturday for Nigeria, Tanzania, Kenya, DR Congo; Friday for Egypt.

  • Hourly patterns diverge: Nigeria and Tanzania show broad Saturday blocks, Kenya focuses on prime time with pre-dawn tails, DR Congo peaks in the morning, Egypt peaks after midnight. Cross-market scheduling without these insights risks missing most demand.

The post When Africa gambles: seasonality patterns across five countries revealed by Blask appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Groove Targets Africa’s iGaming Boom at SiGMA Cape Town 2026

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Groove Targets Africa’s iGaming Boom at SiGMA Cape Town 2026 , Groove, the defiantly innovative iGaming platform and aggregator, has confirmed its attendance at next week’s SiGMA Africa Summit in Cape Town, signalling the company’s intent to establish a strong presence in the world’s fastest-growing iGaming market.

Africa’s iGaming sector is expanding at unprecedented speed, and Groove is entering not as a spectator, but as a builder, bringing its signature “Unseen Architecture” approach to scalable, compliance-ready aggregation, combined with a commitment to listening before acting.

Leading the company’s presence at the summit will be Yahale Meltzer, Founder and CEO of Groove, whose vision for the continent extends far beyond content delivery.

“Africa is not an emerging market,” Meltzer said. “It is an emerging universe. You feel it in the numbers, the youngest population on earth, mobile engagement that bypasses desktop entirely, fintech leapfrogging traditional banking in ways the West is only beginning to understand. This is not a place where you parachute in with a European playbook and hope it lands. This is a place that demands listening, adaptation, and genuine partnership.”

At Groove, the founding philosophy has always been about rhythm — the pulse that connects operators, providers, and players in sync with seamless iGaming experiences. Africa’s rhythm, Meltzer notes, is distinct.

“It’s mobile-first, payment-adaptive, and hungry for experiences that feel local, not imported. That’s exactly the kind of challenge our architecture was built to solve.”

The structural advantages driving Africa’s iGaming growth are considerable. The median age in multiple key markets is under twenty, smartphone adoption is climbing rapidly, and over ninety percent of iGaming interactions now occur via mobile, bypassing desktop entirely. Fintech integration, through systems like M-Pesa, has brought millions of previously unbanked players into the ecosystem. Regulatory frameworks are also maturing in markets including Nigeria, Kenya, and South Africa, offering licensed operators clearer paths to compliance.

For an aggregator like Groove, whose platform delivers over 15,000 games from 150+ providers via a single API, these conditions represent not just opportunity, but alignment.

Groove’s presence in Cape Town is built around four core objectives. First, forging meaningful operator partnerships. The summit gathers Africa’s most ambitious operators alongside global players seeking regional entry, and Groove will showcase localised content packages, mobile-optimised experiences, and payment-agnostic infrastructure designed for African realities.

Second, deepening regional intelligence. Meltzer emphasises: “The regulatory picture in Africa is not a monolith. What works in Lagos requires adaptation in Nairobi, and something entirely different in Johannesburg. You don’t learn those nuances just from a report, even with Groove Command, our data-driven game matching system. You learn them by sitting in the room with the people who live them.”

Third, offering African operators clear pathways to growth. Fourth, positioning for the long term: attendance at SiGMA Africa is not a checkbox exercise — it signals that Groove views the continent as integral to its global strategy.

“We’re not coming to Cape Town to hand out brochures and fly home,” Meltzer said. “We’re coming to listen, to learn, and to find the partners who see what we see: a region on the cusp of something extraordinary. Groove’s job is to provide the infrastructure and games that turn that ‘something’ into sustainable, thrilling player experiences, whether that’s in Lagos, Nairobi, Johannesburg, or beyond.”

He added: “Africa’s rhythm is rising. We’re here to Groove with it.”

The post Groove Targets Africa’s iGaming Boom at SiGMA Cape Town 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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