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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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Level Up in Barcelona: N1 Partners Puzzle Promo Grand Final Recap

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level-up-in-barcelona:-n1-partners-puzzle-promo-grand-final-recap

The N1 Puzzle Promo reached its highly anticipated conclusion in Barcelona, where N1 Partners hosted a spectacular grand final that quickly became one of the most talked-about events of iGB Affiliate Week. Held after the first day of the conference, the evening marked the official close of a year-long campaign that ran throughout 2025 and consistently engaged affiliates across the industry.

Designed as a large-scale finale, the event brought together a carefully curated audience of industry leaders, top-performing affiliates, and long-term partners. Demand exceeded expectations well ahead of time, with more than 2,000 registrations submitted and over 600 guests attending the closed-format celebration. The limited access and exclusive guest list helped create a sense of anticipation, positioning the event as a true highlight of the conference week.

First Impressions: Setting the Tone from the Start

From the moment guests arrived, the atmosphere set a cinematic tone. Paparazzi-style photographers welcomed attendees at the entrance, capturing arrival moments and immediately signaling that the night would be something special. Inside the venue, flight-attendant-inspired stewards guided guests through the space, reinforcing the event’s polished and immersive concept.

The venue itself was divided into multiple zones designed to balance entertainment and meaningful interaction. A signature cocktail bar served drinks crafted exclusively for the evening, while a dedicated VIP area offered a relaxed setting for private conversations, networking, and informal meetings that continued throughout the night.

When the Stage Took Center Stage

Live performances played a central role in shaping the energy of the evening. Rather than relying on a single format, the program unfolded through a dynamic sequence of acts that kept guests engaged from start to finish. High-energy dance performances set the pace early on, followed by unexpected contrasts, including classical compositions reimagined with a rock edge.

DJ sets bridged each segment, maintaining momentum and flow, while the appearance of the headline guest became a natural peak of the night. Carefully coordinated lighting and stage production elevated the experience, leaving a lasting impression long after the final performance ended.

As a personal finishing touch, guests were invited to visit a custom patch bar, where they could create and take home a unique souvenir commemorating their participation in the N1 Puzzle Promo grand final.

Honouring the Leaders of the N1 Puzzle Promo

At the heart of the evening was the award ceremony, dedicated to recognising the partners who defined the N1 Puzzle Promo throughout the year. N1 Partners highlighted affiliates who demonstrated consistent performance and strategic focus over time, securing top positions on the leaderboard through sustained effort rather than short-term spikes.

As the final results were announced on stage, the energy in the room was unmistakable. The winners shared their reactions moments after the ceremony, reflecting on the journey, the competition, and the significance of their achievements.

🥇 1st Place – Cash Splash

Main prize: Robinson R22 Beta II helicopter

The Cash Splash team shared their emotions following the announcement:

“The emotions are overwhelming—honestly at the highest level. The event itself was impressive, and winning the main prize among such strong peers feels truly incredible. For a long time, we were simply doing our job, and only closer to the end did we realise we could compete for first place and win the helicopter.

What mattered most was that this wasn’t just a promo or a prize. Throughout the campaign, it was clear that N1 Partners focus on long-term relationships and transparent partnership. We always understood what we were competing for, and that clarity was a huge motivation.”

🥈 2nd Place – Advertise.net

Prize: Aston Martin Aramco AMR24 F1 Simulator

Advertise.net reflected on their experience:

“The first emotion was pure excitement. Even reaching the top three already felt like a win. We worked on this for a long time, and seeing our company’s name on stage was incredibly emotional.

What stood out most was the transparency and fairness of the promo. We could track our results almost in real time and clearly understand how to influence the outcome. This wasn’t about luck—it was the result of real work.”

🥉 3rd Place – Traffic Squad

Prize: Rolex Sky-Dweller watch

4th Place: Seven Group
5th Place: Alfaleads Network

Each announcement was met with strong engagement from the audience, reinforcing both the competitive nature of the promo and the scale of its rewards. The ceremony underlined a core message of the campaign: long-term strategy, consistency, and commitment drive real success.

The Final Piece of a Year-Long Story

The N1 Puzzle Promo Grand Final was never intended as a standalone celebration. Instead, it served as the natural conclusion of a campaign that unfolded throughout the year. By combining immersive production, a clear narrative, and meaningful recognition of partner achievements, N1 Partners delivered a finale that felt both earned and deeply relevant to the affiliate industry.

Alexa Bond, Head of Affiliates at N1 Partners, shared her perspective on the campaign’s conclusion:

“The N1 Puzzle Promo Grand Final in Barcelona became the culmination of everything achieved throughout the year. Bringing our partners together to celebrate their results highlighted the commitment, consistency, and long-term effort behind this journey.

This finale was our way of showing that we’re not just working side by side, but building long-term partnerships based on trust and shared goals. Seeing our partners celebrate, share emotions, and connect with each other confirmed that we created something truly meaningful for the affiliate community.”

The event also attracted strong attention from industry media, with representatives from leading iGaming and affiliate outlets in attendance. Their presence extended the reach of the grand final beyond the conference floor and reinforced the broader industry relevance of the N1 Puzzle Promo.

As the night came to a close, the message was clear: the promo was ultimately about long-term collaboration, shared success, and celebrating achievements together within the iGaming community.

N1 Partners expressed their appreciation to all guests who attended and helped turn the N1 Puzzle Promo Grand Final into one of the most memorable moments of iGB Affiliate Week.

Be number one with N1 Partners.

The post Level Up in Barcelona: N1 Partners Puzzle Promo Grand Final Recap appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Barcelona

Level Up in Barcelona: N1 Partners Puzzle Promo Grand Final Recap

Published

on

level-up-in-barcelona:-n1-partners-puzzle-promo-grand-final-recap

The N1 Puzzle Promo journey reached its culmination in Barcelona, where N1 Partners hosted a grand final event that became one of the standout events of the iGB Affiliate week. Taking place after the first day of iGB Affiliate in Barcelona, the evening marked the official conclusion of a year-long campaign that ran throughout 2025 and consistently engaged partners across the industry.

Designed as a large-scale finale, the event brought together a carefully selected audience of industry leaders, top-performing affiliates and long-term partners. Interest in the final exceeded expectations well in advance, with more than 2,000 registrations submitted and over 600 guests attending the closed-format celebration. Limited access and a curated guest list helped shape an atmosphere of anticipation and made the night one of the most discussed gatherings of the conference week.

Where the Final Began: First Moments of the Night

From the moment guests arrived, the tone of the evening was clear. Paparazzi-style photographers welcomed attendees at the entrance, capturing arrival moments and setting a cinematic pace for what followed. Inside, flight-attendant-inspired stewards guided guests through the venue.

Multiple zones were designed to balance entertainment and conversation. A signature cocktail bar served drinks created specifically for the night, while a dedicated VIP area offered a comfortable setting for private discussions, networking and informal meetings that continued throughout the evening.

When the Stage Took Over the Night

The stage program played a central role in shaping the atmosphere of the night. Rather than relying on a single format, the evening unfolded through a sequence of performances that kept guests engaged from start to finish. Energetic dance acts set the pace early on, followed by moments of contrast, including classical compositions reimagined in a rock-driven style.

DJ sets carried the momentum between performances, while the appearance of the event’s headline guest became a natural high point of the program. Combined with lighting design and stage production, the performances created an experience that stayed with guests long after the evening came to a close.

As a final personal touch, guests were invited to visit the custom patch bar, where they could take home a souvenir marking their participation in the N1 Puzzle Promo grand final.

Celebrating the Leaders of N1 Puzzle Promo

At the core of the evening stood the award ceremony, recognising the partners who defined N1 Puzzle Promo throughout the year. N1 Partners highlighted those who consistently maintained a strong pace across the campaign and secured top positions on the leaderboard through long-term performance rather than short-term spikes.

As the final results were announced on stage, the emotions in the room spoke for themselves. The winners of N1 Puzzle Promo shared their reactions moments after the ceremony, reflecting on the journey, the competition and what the victory meant for their teams.

1st place – Cash Splash, winner of the main prize: a Robinson R22 Beta II helicopter

The winning team, Cash Splash, shared their impressions after the announcement of the results:

“The emotions are overwhelming, honestly at the highest level. The event itself was impressive, and winning the main prize among such strong peers feels truly incredible. For a long time, we were simply doing our job, and only closer to the end did we realise we could compete for first place and win the helicopter.

What mattered most for us was that this was not just a promo or a prize. Throughout the campaign, it was clear that N1 Partners focus on long-term relationships and transparent partnership. We understood what we were competing for, and that level of clarity was a strong motivation.”

2nd place – Advertise.net, awarded an Aston Martin Aramco AMR24 F1 Simulator

The second-place team, Advertise.net, shared their perspective on the promo and the competition:

“The first emotion was pure excitement. For us, even making it into the top three already felt like a win. We worked on this for a long time, and seeing our company’s name on stage was an incredibly emotional moment.

What mattered most in this promo was transparency and fairness. We could track our results almost in real time and clearly understand how we could influence the outcome. This was not a vote or a matter of luck, it was the result of real work.”

3rd place – Traffic Squad, winner of a Rolex Sky-Dweller watch

4th place – Seven Group
5th place – Alfaleads Network

Each announcement was met with strong engagement from the audience, reinforcing the competitive nature of the promo and the scale of its rewards. The ceremony underscored a key message of the campaign: consistency, strategy and commitment over time were central to success.

The Final Piece of a Year-Long Story

The N1 Puzzle Promo Grand Final was not positioned as a standalone celebration, but as the natural conclusion of a campaign that unfolded throughout the year. By combining immersive production, a strong narrative arc and tangible recognition of partner achievements, N1 Partners delivered a final that felt both earned and relevant to the industry.

Alexa Bond, Head of Affiliates at N1 Partners, shared her thoughts on the campaign finale:

“The N1 Puzzle Promo Grand Final in Barcelona became the culmination of the entire campaign and a reflection of what was achieved over the year. Bringing our partners together to celebrate their results highlighted the commitment, consistency and long-term effort behind this journey.

This finale was our way of showing that we are not just working side by side, but building long-term partnerships based on trust and shared goals. Seeing our partners celebrate their achievements, share emotions and connect with each other confirmed that we created something truly meaningful for the affiliate community.”

The grand final also attracted strong interest from industry media. Representatives of leading iGaming and affiliate outlets attended the event, capturing its atmosphere and engaging with partners throughout the evening. Their presence reinforced the broader industry relevance of the N1 Puzzle Promo finale and extended its visibility beyond the conference floor.

As the evening came to a close, the grand finale reflected what the promo was ultimately about: long-term collaboration and a shared moment of celebration with the iGaming community.

N1 Partners expressed appreciation 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.

Be number one with N1 Partners.

The post Level Up in Barcelona: N1 Partners Puzzle Promo Grand Final Recap appeared first on Americas iGaming & Sports Betting News.

Continue Reading

Latest News

Level Up in Barcelona: N1 Partners Puzzle Promo Grand Final Recap

Published

on

The N1 Puzzle Promo journey reached its culmination in Barcelona, where N1 Partners hosted a grand final event that became one of the standout events of the iGB Affiliate week. Taking place after the first day of iGB Affiliate in Barcelona, the evening marked the official conclusion of a year-long campaign that ran throughout 2025 and consistently engaged partners across the industry.

Designed as a large-scale finale, the event brought together a carefully selected audience of industry leaders, top-performing affiliates and long-term partners. Interest in the final exceeded expectations well in advance, with more than 2,000 registrations submitted and over 600 guests attending the closed-format celebration. Limited access and a curated guest list helped shape an atmosphere of anticipation and made the night one of the most discussed gatherings of the conference week.

Where the Final Began: First Moments of the Night

From the moment guests arrived, the tone of the evening was clear. Paparazzi-style photographers welcomed attendees at the entrance, capturing arrival moments and setting a cinematic pace for what followed. Inside, flight-attendant-inspired stewards guided guests through the venue.

Multiple zones were designed to balance entertainment and conversation. A signature cocktail bar served drinks created specifically for the night, while a dedicated VIP area offered a comfortable setting for private discussions, networking and informal meetings that continued throughout the evening.

When the Stage Took Over the Night

The stage program played a central role in shaping the atmosphere of the night. Rather than relying on a single format, the evening unfolded through a sequence of performances that kept guests engaged from start to finish. Energetic dance acts set the pace early on, followed by moments of contrast, including classical compositions reimagined in a rock-driven style.

DJ sets carried the momentum between performances, while the appearance of the event’s headline guest became a natural high point of the program. Combined with lighting design and stage production, the performances created an experience that stayed with guests long after the evening came to a close.

As a final personal touch, guests were invited to visit the custom patch bar, where they could take home a souvenir marking their participation in the N1 Puzzle Promo grand final.

Celebrating the Leaders of N1 Puzzle Promo

At the core of the evening stood the award ceremony, recognising the partners who defined N1 Puzzle Promo throughout the year. N1 Partners highlighted those who consistently maintained a strong pace across the campaign and secured top positions on the leaderboard through long-term performance rather than short-term spikes.

As the final results were announced on stage, the emotions in the room spoke for themselves. The winners of N1 Puzzle Promo shared their reactions moments after the ceremony, reflecting on the journey, the competition and what the victory meant for their teams.

1st place – Cash Splash, winner of the main prize: a Robinson R22 Beta II helicopter

The winning team, Cash Splash, shared their impressions after the announcement of the results:

“The emotions are overwhelming, honestly at the highest level. The event itself was impressive, and winning the main prize among such strong peers feels truly incredible. For a long time, we were simply doing our job, and only closer to the end did we realise we could compete for first place and win the helicopter.

What mattered most for us was that this was not just a promo or a prize. Throughout the campaign, it was clear that N1 Partners focus on long-term relationships and transparent partnership. We understood what we were competing for, and that level of clarity was a strong motivation.”

2nd place – Advertise.net, awarded an Aston Martin Aramco AMR24 F1 Simulator

The second-place team, Advertise.net, shared their perspective on the promo and the competition:

“The first emotion was pure excitement. For us, even making it into the top three already felt like a win. We worked on this for a long time, and seeing our company’s name on stage was an incredibly emotional moment.

What mattered most in this promo was transparency and fairness. We could track our results almost in real time and clearly understand how we could influence the outcome. This was not a vote or a matter of luck, it was the result of real work.”

3rd place – Traffic Squad, winner of a Rolex Sky-Dweller watch

4th place – Seven Group
5th place – Alfaleads Network

Each announcement was met with strong engagement from the audience, reinforcing the competitive nature of the promo and the scale of its rewards. The ceremony underscored a key message of the campaign: consistency, strategy and commitment over time were central to success.

The Final Piece of a Year-Long Story

The N1 Puzzle Promo Grand Final was not positioned as a standalone celebration, but as the natural conclusion of a campaign that unfolded throughout the year. By combining immersive production, a strong narrative arc and tangible recognition of partner achievements, N1 Partners delivered a final that felt both earned and relevant to the industry.

Alexa Bond, Head of Affiliates at N1 Partners, shared her thoughts on the campaign finale:

“The N1 Puzzle Promo Grand Final in Barcelona became the culmination of the entire campaign and a reflection of what was achieved over the year. Bringing our partners together to celebrate their results highlighted the commitment, consistency and long-term effort behind this journey.

This finale was our way of showing that we are not just working side by side, but building long-term partnerships based on trust and shared goals. Seeing our partners celebrate their achievements, share emotions and connect with each other confirmed that we created something truly meaningful for the affiliate community.”

The grand final also attracted strong interest from industry media. Representatives of leading iGaming and affiliate outlets attended the event, capturing its atmosphere and engaging with partners throughout the evening. Their presence reinforced the broader industry relevance of the N1 Puzzle Promo finale and extended its visibility beyond the conference floor.

As the evening came to a close, the grand finale reflected what the promo was ultimately about: long-term collaboration and a shared moment of celebration with the iGaming community.

N1 Partners expressed appreciation 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.

Be number one with N1 Partners.

Continue Reading

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