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LeoVegas fined £600k for misleading advertising and its handling of problem gamblers

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LeoVegas fined by UKGC
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Online gaming company LeoVegas has been fined £600,000 by the UK Gambling Commission for misleading advertising and its handling of problem gamblers.
The Gambling Commission says that it identified and sanctioned 41 misleading adverts, but also proof of ill treatment of customers at the end of their self-exclusion period.

The Gambling Commission found that LeoVegas didn’t return funds to 11k customers after thet chose to self-exclude and also to close their accounts.

It let 413 previously self-excluded customers gamble without speaking to them first or applying a 24-hour “cooling off period” before letting them play again.

The outcome of this case should leave no one in any doubt that we will be tough with licence holders who mislead consumers or fail to meet the standards we set in our licence conditions and codes of practice. We want operators to learn the lessons from our investigations and use those lessons to raise standards,” said Neil McArthur, Gambling Commission chief executive.

LeoVegas has reported year-on-year growth across a number of key financials for the three months to March 31.

Revenue for the first quarter came in at €77.4m ($92.9m), up 76% on €43.9m in the corresponding period last year.

Organic growth for the quarter stood at 40%, while organic growth excluding the markets closed in 2017 hit 61%.

Adjusted earnings before interest, tax, depreciation and amortisation amounted to €9m, up from €6.2m, with a margin of 11.6%.

The number of depositing customers at LeoVegas increased from 172,338 to 302,014, while the number of new depositing customers was also up from 75,017 to 146,063.

However, while LeoVegas said that operating profit fell from €5.5m to €3.8m, adjusted operating profit was up from €5.7m to €7.9m.

As such, earnings per share before and after dilution fell from €0.05 to €0.02, but the adjusted figure for this result was up from €0.05 to €0.07.

Gustaf Hagman, group chief executive and co-founder of LeoVegas, said: “We got off to a flying start to the year with the acquisition of Rocket X, which has a strong footprint in the UK market with a local multibrand strategy and the market’s most effective customer acquisition model.
We followed this up with the acquisition of gambling licences in Germany, which will enable better local payment solutions and allow us to market sports betting throughout Germany.

Hagman also spoke about the company’s performance so far in the second quarter: “April has begun strong with net gaming revenue of €29.3m, corresponding to a growth rate of 77%.

“Marketing in relation to revenue for the group in the second quarter of 2018 will be higher than the average for 2017, which was 42.3%.
Due to the marketing opportunities surrounding the World Cup, the total amount of marketing is more difficult than usual to anticipate in advance.
“LeoVegas will act opportunistically with marketing on the opportunities we see.

 

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Fast Track welcomes PolarLotto: taking online lotto in Sweden to new heights

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Malta, 28th March 2024 – PolarLotto, a leading provider of lotto betting services in Sweden, has just announced a strategic partnership with Fast Track, a leading provider of CRM solutions designed specifically for the iGaming industry. This collaboration aims to propel PolarLotto’s expansion from offline to online offerings, bringing the excitement of the world’s biggest lotteries to Swedish players in a safe and responsible manner.

PolarLotto prides itself on its commitment to transparent and ethical gaming practices, with a focus on player safety and responsible gaming. By teaming up with Fast Track, PolarLotto aims to leverage cutting-edge technology to expand its business model from traditional to online, ensuring a seamless and engaging experience for its customers.

Commenting on the partnership, Benjamin Burstein, CEO of PolarLotto, expressed enthusiasm about the possibilities ahead, stating, “We are excited to embark on this journey of transforming our business with the latest technology and automation tools provided by Fast Track. As we transition to the online space, we are confident that Fast Track’s expertise in custom segmentation, real-time data capabilities, and personalised experiences will enable us to better serve our players and achieve our business objectives.”

Fast Track also expressed confidence in the partnership, highlighting the potential for exceptional results through its Singularity model, which uses AI and machine learning to deliver tailored content to players, at the right time and through the most effective channel. “We are thrilled to partner with PolarLotto and support their online expansion,” said Simon Lidzén, CEO and co-founder of Fast Track. Our tools are designed to empower lean teams to achieve remarkable results, and we look forward to helping PolarLotto maximise their online presence and engagement.”

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Red Bull Gaming premieres ‘Memories of CS:GO’ documentary highlighting the game’s early years

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As the CS2 PGL Major in Copenhagen is set to kick off, Red Bull Media House will unveil a captivating feature-length documentary, “Memories of CS:GO – The Early Years,” an ode to one of the most influential games ever made.

This film takes viewers on an immersive journey through the origins and evolution of Counter-Strike: Global Offensive (CS:GO), featuring personal accounts and defining moments from several of the most legendary figures of the game.

The 90-minute documentary, narrated by Counter-Strike commentator Henry “HenryG” Greer, chronicles the remarkable trajectory of CS:GO, from its grassroots beginnings to becoming a global esports phenomenon.

Produced by Red Bull Media House, the film captures the essence of the game through the eyes of its most well known players, including Olof “olofmeister” Kajbjer Gustafsson, Patrik “f0rest” Lindberg, Richard “shox” Papillon, Gabriel “FalleN” Toledo, and Jarosław “pashaBiceps” Jarząbkowski, among others.

The documentary’s release is timed to precede the playoff stage of the PGL Major Copenhagen, scheduled for March 26, 2024. It will premiere on Red Bull Gaming’s YouTube channel at 21:00 CEST, offering viewers worldwide an insider’s perspective on the beloved game.

Event Details:

  • What: Premiere of “Memories of CS:GO – The Early Years”
  • When: March 26th, 2024, at 21:00 CEST
  • Where to watch: Red Bull Gaming’s Youtube Channel
  • The “CS:GO Memories” documentary can be viewed shareit.redbull.com

 

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Ten Square Games ready for a new development opportunities in 2024

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2023 ESPI package

The following documents in pdf format are equivalents of the official Consolidated Financial Statement which were reported in ESPI (download in the zip file above)

2023 Consolidated Financial Statement

2023  Management Board Report on Activities

Independent Auditor’s Report on the Audit of Annual Consolidated Financial Statements

Link to the stream

Link to the chat with individual investors

Presentation

Factsheet

Financial data

Transcription of the conference and Q&A session

For complete press release visit tensquaregames.com

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