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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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Partnership marks a new phase for the project in Feira de Santana and strengthens visibility, engagement and fan experience in Bahian football.
Superbet has signed a major partnership with Feira FC, a newly established football SAF based in Feira de Santana, Brazil. The betting operator will serve as the club’s main sponsor and will also acquire the naming rights of its home stadium.
As part of the agreement, Estádio Professor Jodilton Souza, known as Arena Cajueiro, will be renamed Superbet Arena — a move that marks a milestone in the club’s development strategy and reinforces its positioning as an emerging asset in Brazilian football.
Modern and established infrastructure
Located in Feira de Santana, the stadium was inaugurated in 2018 as part of a broader sports complex featuring athlete facilities, a gym, meeting spaces and an auditorium, positioning itself as a fully integrated football environment.
In the following years, it underwent expansions, including structural development in 2020 and a new stand in 2021, reaching an estimated capacity of around 7,000 spectators.
The venue has also hosted key matches, including the 2021 Bahia State Championship final involving interior clubs, highlighting its relevance in the regional football landscape.
Strategic partnership driving growth
With the agreement, Superbet Arena becomes directly integrated into Feira FC’s growth strategy, expanding opportunities for brand activation, visibility and fan engagement.
The partnership brings together a rising football project and an established global brand, creating a platform for experiences both on and off the pitch.
“The arrival of Superbet as naming rights partner of our arena represents an important step in consolidating Feira FC,” said Neto Lima, investor and face of the club.
“This is a strategic partnership that strengthens our assets, expands our visibility and creates new ways to connect with fans. It reinforces the seriousness and potential of the project.”
Alex Fonseca, CEO of Superbet in Brazil, also commented on the agreement:
“The naming rights of Superbet Arena and the main sponsorship are based on a shared vision between Superbet and Feira FC about the future of sport, combining sporting development with a digital and innovative approach.
This partnership goes beyond the pitch and represents an investment in visibility for the Northeast and in the strengthening of Bahian football.”
A step forward for Feira de Santana’s football profile
Beyond the name change, Superbet Arena symbolizes the evolution of a project built on innovation, digital strength and close fan engagement as pillars of growth.
The initiative also reinforces Feira de Santana’s role as a strategic football hub in Bahia’s interior, increasing the city’s visibility and consolidating the venue as one of the key stages of Bahian football.
The arena now goes beyond being the home of Feira FC and positions itself as a relevant asset for regional sports development.
SAF structure and leadership
Feira FC is a football SAF created and managed by businessman and lawyer Marcus Rios. The vice presidency is held by Mayara Correa, while Neto Lima acts as investor, ambassador and main public face of the club. Bruno Karttos also serves as one of the club’s ambassadors, strengthening its connection with fans and communication strategy.
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Lula vincula Novo Desenrola a un bloqueo obligatorio en plataformas de apuestas
La semana regulatoria en Brasil empezó con el anuncio del gobierno brasileño de una profunda reformulación del programa de renegociación de deudas, Novo Desenrola Brasil, introduciendo una medida que afecta directamente la operación de plataformas de apuestas online en el país.
El presidente Luiz Inácio Lula da Silva confirmó que cualquier ciudadano que se adhiera a la iniciativa para saldar deudas será automáticamente bloqueado del acceso a sitios de apuestas durante un año.
La medida entra en vigor el próximo lunes y tiene como objetivo evitar que el alivio financiero generado por descuentos de hasta el 90% y tasas de interés reducidas del 1,99% mensual vuelva al mercado de apuestas.
La decisión estuvo acompañada de un discurso enfático del presidente sobre el impacto de las apuestas en el presupuesto de las familias de bajos ingresos, con ingresos de hasta cinco salarios mínimos.
“No es justo que las mujeres tengan que trabajar aún más para pagar las deudas de apuestas de sus maridos”, afirmó Lula.
El bloqueo se aplicará únicamente a los 84 operadores autorizados por el Ministerio de Hacienda. Las loterías y los sitios ilegales quedan fuera del alcance de la medida.
A pesar de la narrativa del gobierno que posiciona a las apuestas como un factor de endeudamiento de los hogares, datos recientes de la Secretaría de Premios y Apuestas y de LCA Consultoría Económica ofrecen una visión más analítica.
En 2025, el mercado regulado registró un GGR de R$ 37 mil millones, lo que representa apenas el 0,46% del consumo total de los hogares.
Con un 53,3% de los apostadores gastando hasta R$ 50 al mes, especialistas sostienen que el impacto financiero no justifica el diagnóstico de que el sector sea el principal responsable del 29,7% de los ingresos familiares comprometidos con deudas.
Brasil concluye reunión técnica de tres días sobre integridad deportiva
El gobierno brasileño concluyó en Brasilia el II Encuentro Técnico Nacional para el Combate a la Manipulación de Resultados Deportivos. El evento, de tres días de duración, reunió a los ministerios de Hacienda, Deporte y Justicia, consolidándose como el principal foro interinstitucional de políticas de integridad deportiva.
Uno de los puntos destacados fue el anuncio de un sistema de análisis de apuestas sospechosas desarrollado por la Policía Federal, destinado a organizar datos estratégicos y apoyar investigaciones complejas de fraude.
El gobierno también lanzó la segunda edición del Manual Nacional de Combate a la Manipulación de Resultados Deportivos.
La formalización de la Política Nacional de Prevención y Combate a la Manipulación (Portaria 1/2026) fue presentada como un resultado concreto del grupo de trabajo.
La secretaria Daniele Cardoso afirmó que la medida convierte la integridad en una política pública de Estado.
El encuentro también anunció el primer curso de educación a distancia sobre el tema, ofrecido por la Academia Nacional de Policía.
La presencia del director general de la Policía Federal, Andrei Rodrigues, y de representantes de la United Nations Office on Drugs and Crime subrayó la dimensión internacional del marco de cooperación.
ANJL cuestiona el bloqueo del Desenrola 2 y señala contradicciones
Un deudor con R$ 20.000 en deuda de tarjeta de crédito que apuesta R$ 50 al mes será bloqueado de las plataformas licenciadas bajo Desenrola 2, pero seguirá teniendo acceso a bancos y entidades financieras con tasas de interés aún más altas.
Esta asimetría está en el centro de las críticas de la Associação Nacional de Jogos e Loterias, que representa a los operadores licenciados en Brasil.
La asociación reconoce la intención del gobierno, pero señala lo que califica como contradicciones “extremadamente relevantes”.
Estudios de Pay4Fun y LCA Consultoría indican que el gasto en apuestas no se encuentra entre los principales factores de endeudamiento de los hogares en Brasil. Las causas principales, según la ANJL, son los intereses del crédito rotativo de tarjeta y del descubierto bancario, que no están restringidos por el Desenrola 2.
La preocupación más concreta de la entidad es operativa: los apostadores bloqueados en las 84 plataformas licenciadas tienden a migrar hacia los miles de sitios ilegales que aún operan en el país, fortaleciendo un segmento sin compromiso con la salud financiera o mental de los usuarios.
La ANJL afirma apoyar medidas que combatan la percepción de las apuestas como dinero fácil o inversión, pero sostiene que dichas iniciativas deben ser proporcionales a las causas reales del endeudamiento.
Abogados de LatAm se destacan en el principal evento jurídico del sector
Un panel con especialistas en derecho del juego de cuatro países fue uno de los puntos destacados de la International Masters of Gaming Law Spring Conference, celebrada del 29 de abril al 1 de mayo en el Ritz Carlton Pentagon City, en Arlington, Virginia (región de Washington).
La International Masters of Gaming Law es una asociación por invitación con más de 300 miembros, incluidos abogados en ejercicio, directores jurídicos de las mayores empresas globales de gaming y asesores de reguladores nacionales.
Sus conferencias semestrales son consideradas el principal foro de intercambio intelectual y networking en el derecho global del juego.
Neil Montgomery, del estudio Montgomery, uno de los nombres más reconocidos en derecho de iGaming en la región, compartió el panel con Tomás Enrique García Botta, Luis Portela de Carvalho, Jaime Rivera-Emmanuelli y Juan Camilo Carrasco, representando a Argentina, Portugal, Puerto Rico y Colombia.
Montgomery calificó la recepción como positiva.
“Muy satisfecho de ver que el panel en el que participé fue aclamado por el público”, afirmó tras la sesión de cierre. “Fue una excelente conferencia. Gracias a los organizadores por otra experiencia impecable. Nos vemos en París.”
El protagonismo de un bloque latinoamericano en el IMGL refleja el creciente peso regulatorio de la región en el debate global. Brasil, Colombia y Argentina concentran algunos de los procesos de licenciamiento más activos del mundo en los últimos 24 meses, y sus especialistas legales comienzan a ocupar espacio en foros históricamente dominados por voces europeas y norteamericanas.
La próxima conferencia del IMGL se celebrará en París.
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SCCG Management, a leading global advisory firm specializing in the gaming industry, is pleased to announce the appointment of Ivo Dimitrov as Vice President of Strategy and Operations, effective immediately.
Ivo brings over 18 years of professional experience spanning sports betting, product management, trading, operations, and commercial strategy. He joins SCCG from Pragmatic Play Sports, where he served as Senior Sportsbook Operations Manager and established a new cross-functional role at the center of the company’s B2B sportsbook business. In that capacity, he built and led operational readiness processes, managed a portfolio of third-party vendor relationships, and drove measurable commercial impact through cost optimization, reporting improvements, and stronger alignment between product, trading, and finance.
Prior to Pragmatic Play, Ivo held product and operations leadership roles at Sportradar, where he spent over six years as a Product Owner and Product Manager across the company’s Managed Platform Services division. He led product launches across multiple jurisdictions and channels, managed the company’s omnichannel sportsbook solution, and drove retail innovation across international markets. Earlier, he served as Managing Director and Head of Online at a leading sports betting operator in South-East Europe, where he delivered a threefold increase in online business through digital marketing, customer acquisition strategy, and international expansion across the region.
Ivo’s earlier career includes roles in strategic consulting at Affinia Volo in New York and equity research at GLG Partners, a leading Mayfair-based hedge fund in London, giving him a grounding in commercial strategy and capital markets that he brings to his work in gaming today.
In his new role at SCCG, Ivo will focus on strategic advisory, go-to-market execution, and partnership development for SCCG’s client-partners across established and emerging regulated markets. A core part of his mandate will be driving the implementation of Operational AI across SCCG’s advisory practice, helping client-partners leverage intelligent automation, predictive analytics, and AI-driven tools to improve decision-making, streamline operations, and unlock new revenue opportunities across their sports betting and iGaming businesses.
Operating from SCCG’s European base, Ivo will strengthen the firm’s global presence while supporting its growing portfolio of sports betting and iGaming ventures.
“Ivo is exactly the kind of leader we need as SCCG continues to expand its global reach,” said Stephen Crystal, Founder and CEO of SCCG Management. “He combines deep sportsbook expertise with sharp commercial instincts and real operational credibility. He has built products, managed vendors, launched in new markets, and driven commercial results at every stage of his career. That end-to-end experience is rare and valuable. I am thrilled to welcome him to the team at a moment when SCCG is moving faster than ever.”
“SCCG’s ability to connect the right people, products, and opportunities across the global gaming ecosystem is unmatched, and the breadth of what the team is building right now is exactly the environment I want to contribute to,” said Ivo Dimitrov. “I am excited to bring my operational and strategic experience to the team and to help SCCG’s client-partners navigate the next wave of growth in sports betting, iGaming, and beyond.”
Ivo holds a BSc (Hons) in Economics and Management from Aston University, UK, and has completed the Software Product Management specialization from the University of Alberta.
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