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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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Anton Eshtokin

Anton Eshtokin, Chief Marketing Officer at Boomerang Partners: Winning Golden Boomerang Awards is a meaningful professional marker within the industry

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anton-eshtokin,-chief-marketing-officer-at-boomerang-partners:-winning-golden-boomerang-awards-is-a-meaningful-professional-marker-within-the-industry

1. GBA is entering its third season in 2026. Looking back at the journey from the very first edition in 2024 — how would you describe how the tournament has evolved?

Perhaps the most significant change is that the Golden Boomerang Awards has clearly moved beyond being just another industry competition and has become a recognized brand within the affiliate marketing space. Over the past three years, we have not only increased brand awareness but also earned trust and built a strong community of participants who return to compete and improve their results.

I can confidently say that today, even participation in the GBA is a mark of quality. Why? Because it reflects a certain level of professionalism in the market. Winning, especially in the third season, becomes a clear marker of being among the very best in the industry.

What makes this evolution important is that formats like this are still relatively rare. GBA sits at the intersection of competition, expertise, and industry recognition – and we see it as a platform that not only rewards performance, but also contributes to the overall development of the affiliate market.

2. In 2025, more than 400 affiliate teams participated. What does that number tell you about what the market is looking for from formats like GBA?

For us, this is a clear signal that the market is actively seeking formats that go beyond pure performance-based incentives. You see, traditional affiliate programs are heavily focused on financial rewards for traffic – and there’s plenty of that in the market already. The significant growth in the number of Golden Boomerang Awards participants from season to season (226 in the first, 400+ in the second) demonstrates that affiliate teams have a strong demand for something different. I’m talking about competition, visibility, and a sense of belonging to a professional community.

GBA taps into that by offering not just rewards, but recognition and experience. Through our collaboration with AC Milan (I remind you that Boomerang Partners is an Official Regional Partner of AC Milan), we’re able to provide participants with opportunities that go beyond monetary value – things that are difficult to replicate within standard affiliate program structures.

Ultimately, it’s about creating a sense of legacy. Participation in the Golden Boomerang Awards becomes part of a longer-term professional story, not just a short-term performance cycle.

3. The theme of this season is ‘Beyond the Moment.’ Where did that idea come from, and why does it feel right for this particular stage of GBA’s life?

The idea behind “Beyond the Moment” came naturally as we entered the GBA’s third season. After two successful years, it felt like the right time to shift the focus from short-term wins to long-term performance.

It’s no secret that the affiliate market is highly volatile. Here, strong results can come quickly, sometimes unexpectedly. But staying at the top is a completely different challenge.

In the third season of Golden Boomerang Awards, we’re focusing on what exists beyond the moment of victory. Winning is important, but it’s only a snapshot. What truly defines top-tier affiliate teams is the work behind them. These are consistent execution, strategic thinking, adaptability, and the ability to identify new opportunities.

Thus, “Beyond the Moment” is about recognizing that invisible layer of effort that separates sustainable success from a one-time result.

4. Five months is a long run for an affiliate tournament. Engagement typically drops in the middle of any long competition. What specific mechanisms did you build into GBA 2026 to prevent that?

You’re right to point out the tournament’s length and the importance of maintaining participant engagement over such a distance, but we deliberately set this challenge for ourselves. That’s why we paid close attention to developing a clear and effective structure for the Golden Boomerang Awards. In the third season, it’s a multi-stage experience rather than a single continuous race. The season is divided into three phases, conceptually aligned with a football match structure, each with its own rules, objectives, and rewards.

This creates natural reset points and new incentives throughout the tournament, helping maintain momentum.

We’ve also introduced mechanics such as boosts and mid-season entry opportunities. This allows new affiliate teams to join and still compete for top positions, rather than being locked out by early leaders.

Additionally, not all mechanics are revealed upfront. Rolling out new elements during the season adds anticipation and keeps participants engaged over time.

5. 2026 is an extraordinary year for sport — the FIFA World Cup, the Winter Olympics, one of the most packed global calendars in recent memory. How does that shift the opportunity and the pressure for sports-focused affiliates?

Yes, 2026 is an exceptionally busy year for sports (and this applies not only to the past Olympic Winter Games Milano Cortina 2026 and the upcoming FIFA World Cup 2026, but also to many other high-profile tournaments), which creates both opportunity and pressure.

On one hand, a packed global calendar means more traffic peaks and more chances to scale. On the other hand, it increases competition – both in media buying and in capturing audience attention.

Who can succeed in such conditions? – Those affiliate teams that don’t just react to a given sporting event, but instead focus more on preparation and strategy. This means understanding which moments matter, how to prioritize them, and how to allocate resources effectively.

That’s why we introduced a dedicated Sports Marketing and Betting Calendar 2026 earlier this year. Combined with participation in the Golden Boomerang Awards, it provides affiliate teams with a more structured approach to the sports season and to capitalize on key moments.

In this context, GBA acts as an additional performance layer – amplifying focus and execution during a highly competitive period.

6. In your view, what genuinely motivates a top-tier affiliate in 2026 — is it financial upside, status, access, something else? And how does GBA address that?

Top-tier affiliates in 2026 are driven by more than just financial upside, although revenue remains a fundamental factor.

For experienced teams, money alone is often not a sufficient long-term motivator. They are already operating at a level where access, recognition, and positioning within the industry become equally important.

This includes being part of a trusted network, gaining visibility, and accessing opportunities that are not typically available through standard affiliate programs.

That’s where the Golden Boomerang Awards are positioned differently. It’s not just about rewards – it’s about status, professional recognition, and belonging to a high-level community.

Combined with the competitive nature of the season, this creates a stronger and more sustainable layer of motivation.

7. TIME TO WIN closed on March 31. It was directly connected to GBA — participants earned bonus points carrying into the new season. How do you see that handoff working, and what did TIME TO WIN teach you going into GBA 2026?

TIME TO WIN and Golden Boomerang Awards are designed to function as part of a unified ecosystem rather than separate competitions.

TIME TO WIN acted as a high-intensity entry point into the year. It helped re-engage our affiliate partners after the holiday season and encouraged a more sprint-based approach to performance, where teams actively test tools and strategies.

GBA, which follows immediately after, shifts the focus to long-term consistency and sustained results.

The connection between the two tournaments is also structural: participants from TIME TO WIN carry bonus points into the Golden Boomerang Awards. This creates continuity and rewards early engagement.

Overall, our goal is to build a system where affiliate partners stay engaged throughout the year – not just for short-term wins, but as part of a long-term collaboration.

8. If GBA is still running five years from now and has become exactly what you want it to be — what does that look like?

We would like the Golden Boomerang Awards to become a widely recognized and trusted benchmark within the affiliate industry. Already, we have serious reasons to believe that this goal will be achieved. These include growing interest from affiliate teams and participant numbers, increased media attention, and deeper engagement from the market.

A key focus going forward is trust. That’s why GBA is positioned as a performance-driven award, based on transparent data, a clear leaderboard, and measurable results.

Success would mean that winning the Golden Boomerang Awards is not just an achievement for the winner, but a meaningful professional marker within the industry.

Rather than competing directly with traditional awards, we aim to strengthen our niche as a highly practical, performance-based competition.

9. What would you say to an affiliate who is sitting on the fence right now, wondering whether GBA 2026 is worth their time and attention?

It’s worth approaching that question from a practical perspective. We all know that the affiliate marketing space is highly competitive. Staying passive in it can hardly be called a winning strategy. By participating in the Golden Boomerang Awards 2026, affiliate teams gain a structured opportunity to test their capabilities in a visible, high-pressure environment.

At the same time, the benefits are clear for all participants. For experienced affiliates, it’s a way to benchmark themselves against strong competitors and gain recognition. For newer players, it’s an opportunity to accelerate learning and better understand what high-level performance looks like.

There’s also value in being part of a professional community – exchanging experience, observing others, and staying aligned with market dynamics.

So the real question becomes not “is it worth it?”, but “what do you miss by not participating?” – especially in a year with this level of competition and opportunity.

The post Anton Eshtokin, Chief Marketing Officer at Boomerang Partners: Winning Golden Boomerang Awards is a meaningful professional marker within the industry appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Vegangster Becomes First iGaming Platform to Support AI Agent Integration via MCP

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Vegangster has become the first iGaming platform to integrate the Model Context Protocol (MCP), enabling AI agents to interact directly with platform systems in real time.

MCP is an open protocol that gives AI agents a structured way to communicate with software environments, allowing them to understand context, retrieve data, and perform actions on the user’s behalf. Instead of building separate integrations for each use case, MCP standardises how AI agents interact with platform systems, making integrations faster to deploy and easier to scale.

For player support, this means agents can resolve common queries, including deposit status, bonus conditions, and account issues. Instead of routing tickets or escalating requests, agents retrieve live data and resolve queries instantly within a single interaction.

On the operator side, tasks that previously required navigating multiple interface sections or exporting reports can now be handled through plain-language prompts: filtering player lists, reviewing performance figures, adjusting configurations. The practical effect is a shorter onboarding curve and faster execution of day-to-day tasks.

Michael Oziransky, Chief Product Officer at Vegangster, sees this as foundational rather than incremental:

“AI agents interacting with the platform mark a fundamental shift. What we are seeing now are just the most obvious use cases. The real value of MCP is in its flexibility. This opens the door to entirely new ways of operating and building on top of the platform. We are proud to be the first to bring this to iGaming.”

The integration is currently in beta with selected operators, with wider availability planned soon. Early adopters can already move beyond traditional interfaces and begin operating the platform through AI agents.

Press Contact

Romans Kozlovskis

[email protected]

The post Vegangster Becomes First iGaming Platform to Support AI Agent Integration via MCP appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Anton Eshtokin

Anton Eshtokin, Chief Marketing Officer at Boomerang Partners: Winning Golden Boomerang Awards is a meaningful professional marker within the industry

Published

on

anton-eshtokin,-chief-marketing-officer-at-boomerang-partners:-winning-golden-boomerang-awards-is-a-meaningful-professional-marker-within-the-industry

1. GBA is entering its third season in 2026. Looking back at the journey from the very first edition in 2024 — how would you describe how the tournament has evolved?

Perhaps the most significant change is that the Golden Boomerang Awards has clearly moved beyond being just another industry competition and has become a recognized brand within the affiliate marketing space. Over the past three years, we have not only increased brand awareness but also earned trust and built a strong community of participants who return to compete and improve their results.

I can confidently say that today, even participation in the GBA is a mark of quality. Why? Because it reflects a certain level of professionalism in the market. Winning, especially in the third season, becomes a clear marker of being among the very best in the industry.

What makes this evolution important is that formats like this are still relatively rare. GBA sits at the intersection of competition, expertise, and industry recognition – and we see it as a platform that not only rewards performance, but also contributes to the overall development of the affiliate market.

2. In 2025, more than 400 affiliate teams participated. What does that number tell you about what the market is looking for from formats like GBA?

For us, this is a clear signal that the market is actively seeking formats that go beyond pure performance-based incentives. You see, traditional affiliate programs are heavily focused on financial rewards for traffic – and there’s plenty of that in the market already. The significant growth in the number of Golden Boomerang Awards participants from season to season (226 in the first, 400+ in the second) demonstrates that affiliate teams have a strong demand for something different. I’m talking about competition, visibility, and a sense of belonging to a professional community.

GBA taps into that by offering not just rewards, but recognition and experience. Through our collaboration with AC Milan (I remind you that Boomerang Partners is an Official Regional Partner of AC Milan), we’re able to provide participants with opportunities that go beyond monetary value – things that are difficult to replicate within standard affiliate program structures.

Ultimately, it’s about creating a sense of legacy. Participation in the Golden Boomerang Awards becomes part of a longer-term professional story, not just a short-term performance cycle.

3. The theme of this season is ‘Beyond the Moment.’ Where did that idea come from, and why does it feel right for this particular stage of GBA’s life?

The idea behind “Beyond the Moment” came naturally as we entered the GBA’s third season. After two successful years, it felt like the right time to shift the focus from short-term wins to long-term performance.

It’s no secret that the affiliate market is highly volatile. Here, strong results can come quickly, sometimes unexpectedly. But staying at the top is a completely different challenge.

In the third season of Golden Boomerang Awards, we’re focusing on what exists beyond the moment of victory. Winning is important, but it’s only a snapshot. What truly defines top-tier affiliate teams is the work behind them. These are consistent execution, strategic thinking, adaptability, and the ability to identify new opportunities.

Thus, “Beyond the Moment” is about recognizing that invisible layer of effort that separates sustainable success from a one-time result.

4. Five months is a long run for an affiliate tournament. Engagement typically drops in the middle of any long competition. What specific mechanisms did you build into GBA 2026 to prevent that?

You’re right to point out the tournament’s length and the importance of maintaining participant engagement over such a distance, but we deliberately set this challenge for ourselves. That’s why we paid close attention to developing a clear and effective structure for the Golden Boomerang Awards. In the third season, it’s a multi-stage experience rather than a single continuous race. The season is divided into three phases, conceptually aligned with a football match structure, each with its own rules, objectives, and rewards.

This creates natural reset points and new incentives throughout the tournament, helping maintain momentum.

We’ve also introduced mechanics such as boosts and mid-season entry opportunities. This allows new affiliate teams to join and still compete for top positions, rather than being locked out by early leaders.

Additionally, not all mechanics are revealed upfront. Rolling out new elements during the season adds anticipation and keeps participants engaged over time.

5. 2026 is an extraordinary year for sport — the FIFA World Cup, the Winter Olympics, one of the most packed global calendars in recent memory. How does that shift the opportunity and the pressure for sports-focused affiliates?

Yes, 2026 is an exceptionally busy year for sports (and this applies not only to the past Olympic Winter Games Milano Cortina 2026 and the upcoming FIFA World Cup 2026, but also to many other high-profile tournaments), which creates both opportunity and pressure.

On one hand, a packed global calendar means more traffic peaks and more chances to scale. On the other hand, it increases competition – both in media buying and in capturing audience attention.

Who can succeed in such conditions? – Those affiliate teams that don’t just react to a given sporting event, but instead focus more on preparation and strategy. This means understanding which moments matter, how to prioritize them, and how to allocate resources effectively.

That’s why we introduced a dedicated Sports Marketing and Betting Calendar 2026 earlier this year. Combined with participation in the Golden Boomerang Awards, it provides affiliate teams with a more structured approach to the sports season and to capitalize on key moments.

In this context, GBA acts as an additional performance layer – amplifying focus and execution during a highly competitive period.

6. In your view, what genuinely motivates a top-tier affiliate in 2026 — is it financial upside, status, access, something else? And how does GBA address that?

Top-tier affiliates in 2026 are driven by more than just financial upside, although revenue remains a fundamental factor.

For experienced teams, money alone is often not a sufficient long-term motivator. They are already operating at a level where access, recognition, and positioning within the industry become equally important.

This includes being part of a trusted network, gaining visibility, and accessing opportunities that are not typically available through standard affiliate programs.

That’s where the Golden Boomerang Awards are positioned differently. It’s not just about rewards – it’s about status, professional recognition, and belonging to a high-level community.

Combined with the competitive nature of the season, this creates a stronger and more sustainable layer of motivation.

7. TIME TO WIN closed on March 31. It was directly connected to GBA — participants earned bonus points carrying into the new season. How do you see that handoff working, and what did TIME TO WIN teach you going into GBA 2026?

TIME TO WIN and Golden Boomerang Awards are designed to function as part of a unified ecosystem rather than separate competitions.

TIME TO WIN acted as a high-intensity entry point into the year. It helped re-engage our affiliate partners after the holiday season and encouraged a more sprint-based approach to performance, where teams actively test tools and strategies.

GBA, which follows immediately after, shifts the focus to long-term consistency and sustained results.

The connection between the two tournaments is also structural: participants from TIME TO WIN carry bonus points into the Golden Boomerang Awards. This creates continuity and rewards early engagement.

Overall, our goal is to build a system where affiliate partners stay engaged throughout the year – not just for short-term wins, but as part of a long-term collaboration.

8. If GBA is still running five years from now and has become exactly what you want it to be — what does that look like?

We would like the Golden Boomerang Awards to become a widely recognized and trusted benchmark within the affiliate industry. Already, we have serious reasons to believe that this goal will be achieved. These include growing interest from affiliate teams and participant numbers, increased media attention, and deeper engagement from the market.

A key focus going forward is trust. That’s why GBA is positioned as a performance-driven award, based on transparent data, a clear leaderboard, and measurable results.

Success would mean that winning the Golden Boomerang Awards is not just an achievement for the winner, but a meaningful professional marker within the industry.

Rather than competing directly with traditional awards, we aim to strengthen our niche as a highly practical, performance-based competition.

9. What would you say to an affiliate who is sitting on the fence right now, wondering whether GBA 2026 is worth their time and attention?

It’s worth approaching that question from a practical perspective. We all know that the affiliate marketing space is highly competitive. Staying passive in it can hardly be called a winning strategy. By participating in the Golden Boomerang Awards 2026, affiliate teams gain a structured opportunity to test their capabilities in a visible, high-pressure environment.

At the same time, the benefits are clear for all participants. For experienced affiliates, it’s a way to benchmark themselves against strong competitors and gain recognition. For newer players, it’s an opportunity to accelerate learning and better understand what high-level performance looks like.

There’s also value in being part of a professional community – exchanging experience, observing others, and staying aligned with market dynamics.

So the real question becomes not “is it worth it?”, but “what do you miss by not participating?” – especially in a year with this level of competition and opportunity.

The post Anton Eshtokin, Chief Marketing Officer at Boomerang Partners: Winning Golden Boomerang Awards is a meaningful professional marker within the industry appeared first on Americas iGaming & Sports Betting News.

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