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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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Stake, the world’s leading online casino and sportsbook, has today announced the launch of its latest Stake Originals title, Moles, a high-intensity arcade-style game designed to deliver fast decisions, escalating tension, and huge multiplier potential.
Stake has released Moles, a new addition to its gaming portfolio that adapts traditional carnival mechanics for a digital environment. The gameplay requires players to strike targets to accumulate multipliers, offering a choice between immediate cash-outs or continuing for higher potential rewards.
At its core, the game is built around a dynamic risk-reward system. Players choose how many moles appear on the board — from one to six — directly influencing both difficulty and potential payout. Fewer moles offer a higher risk and the chance of extreme multipliers, while more moles provide a steadier, lower-risk path.
The game operates on a rapid-fire sequence where each successful hit increments a player’s multiplier. Under the game’s mechanics, a single missed target results in the immediate conclusion of the round and the forfeiture of accumulated rewards.
Moles features a maximum win multiplier of 5,649,504.98x. This represents one of the highest potential payout ratios currently available within the Stake Originals portfolio.
Designed for speed, simplicity, and replayability, the game captures the essence of classic fairground entertainment while elevating it with modern mechanics, provably fair technology, and a smooth, responsive interface.
Stake’s Chief Marketing Officer, Akhil Sarin, said: “Moles is a perfect example of what Stake Originals is all about — taking a familiar concept and turning it into something fast, engaging, and highly rewarding for our players.We wanted to create a game that’s instantly recognisable but delivers that signature Stake intensity where every decision matters and every round builds that thrilling tension.With its massive win potential and simple yet strategic gameplay, we’re confident Moles will quickly become a fan favourite across our global community.”
The launch of Moles continues Stake’s momentum in expanding its Originals suite — a category that has become central to the platform’s identity, known for delivering innovative, in-house games that prioritise player control, transparency, and high engagement.
Built with a provably fair system and a 98% RTP, the game ensures both transparency and competitive returns, reinforcing Stake’s commitment to delivering premium gaming experiences.
Moles will be available globally on Stake from March 24, 2026, alongside a refreshed lineup of Stake Originals releases as the brand continues to push the boundaries of online casino entertainment.
About Stake
Stake is the world’s most popular online casino and sportsbook. Founded in 2017, Stake attracts over 80 million monthly visits, more than any other iGaming platform, and sees more than 100 billion bets a year. Stake is renowned for its innovation in crypto wagering as well as its growing expansion into regulated local-currency gaming markets in Italy, Denmark, Brazil, Colombia and Peru. It also boasts a roster of global sponsorships, including Canadian superstar Drake, X Games, Everton Football Club, and the UFC.
For more information and press enquiries, users can contact: [email protected]
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Stake
VeliTech is preparing to make its first-ever appearance in Brazil at BiS SiGMA South America 2026, taking place in São Paulo from April 6–9. Exhibiting at Stand i156, the company arrives with strong momentum, highlighted by a double awards shortlist and a casino content portfolio designed to make an impact.
The company has been shortlisted in two major categories ahead of the event:
- Best Platform for VeliTech
- Best Gaming Experience for VeliPlay
These nominations underline the strength of VeliTech’s ecosystem, with its core iGaming platform recognized for reliability and scalability, while VeliPlay gains attention for delivering fast-paced, high-energy gameplay through its growing portfolio of crash and instant games.
Casino Content Takes Centre Stage
For its Brazil debut, VeliTech is placing a clear focus on its casino offering. At the heart of the showcase is VeliPlay, featuring a lineup built around speed, immersion, and repeat engagement — key factors in today’s competitive iGaming landscape.
The portfolio has recently been strengthened with new releases, including Pinball Rush, which adds to its expanding catalogue of adrenaline-driven titles. This focus aligns with broader industry trends, where instant and crash games continue to gain traction among players seeking fast and dynamic experiences.
Complementing this is Heaven of 7, the group’s slot development arm, known for visually rich games and engaging mechanics. Its latest release, Coin Up: Rise, highlights the studio’s commitment to combining strong design with accessible gameplay, helping operators diversify their content mix.
Aggregation Power with VeliGames
Completing the offering is VeliGames, VeliTech’s aggregation platform, which has recently been recognised as an Industry Rising Star by SiGMA. Through a single integration, VeliGames provides operators with access to a wide portfolio of content alongside robust back-office tools.
This combination of aggregation technology and in-house content studios allows VeliTech to offer a fully connected casino solution. By bringing together instant games, slots, and scalable infrastructure, the company aims to help operators streamline operations while enhancing player engagement.
A Strategic Move into a High-Growth Market
Brazil is widely regarded as one of the most promising emerging markets in iGaming, making VeliTech’s debut particularly significant. As regulation evolves and competition increases, providers are looking to establish an early presence with strong, differentiated offerings.
Mats Lundin, Chief Sales Officer at VeliTech, said:
“Brazil is one of the most exciting markets in iGaming right now, so making our debut at BiS SiGMA South America is a big moment for us. We’re coming to São Paulo with a content lineup built to make an impact, from fast-paced crash and instant games to engaging slots, all backed by the power of VeliGames aggregation. To be shortlisted for both Best Gaming Experience and Best Platform ahead of our first event in Brazil makes this milestone even more exciting.”
Visitors attending BiS SiGMA South America can meet the VeliTech team at Stand i156 to explore how its integrated technology and content portfolio can support operators in building stronger, more competitive casino offerings.
The post VeliTech makes its Brazil debut at BiS SiGMA South America 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Gaming Laboratories International (GLI) has become the first international gaming lab to be accredited in Ukraine.
GLI Europe B.V. was appointed by Ukrainian regulatory authority, PlayCity, as both a testing/certification and inspection body for gambling equipment in the country and is currently the only foreign entity to be accredited.
GLI Europe B.V. will perform testing and certification of all gaming related hardware and software in accordance with the requirements of PlayCity and the Ukrainian gaming regulatory framework. GLI will deliver all Ukrainian certification services through its European operational hub, GLI Europe B.V., ensuring certification is conducted under GLI’s ISO/IEC 17025, 17020, and 17065 accreditations.
The company will work with both foreign and Ukrainian suppliers, whereas Ukraine is considered a regulated market, and suppliers will need to hold a certificate of approval from PlayCity in order to request certification for the market.
“We are grateful for the trust PlayCity has placed in GLI. At GLI, we work with regulators in more than 710 jurisdictions, and we will bring our global expertise to PlayCity and to suppliers who wish to enter the Ukrainian market, guaranteeing the highest levels of testing quality and compliance,” said James Boje, Managing Director, EMEIA.
The post GLI Becomes First International Gaming Lab to be Accredited in Ukraine appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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