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LeoVegas AB Q3: Quarterly Report 1 July – 30 September 2019

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LeoVegas AB Q3: Quarterly report 1 July- 30 September 2020
Reading Time: 5 minutes

 

“We delivered EBITDA growth of over 40%, which clearly shows that our efficiency efforts are generating positive results.” Gustaf Hagman, Group CEO

Third quarter 2019: 1 july- 31 september 2019[1]

  • Revenue increased by 12% to EUR 88.2 m (78.6).
  • Organic growth in local currencies was 13%.
  • EBITDA increased with over 40% and amounted to EUR 12.7 m (9.0), corresponding to an EBITDA margin of 14.4% (11.4%).
  • The number of depositing customers was 334,042 (318,189), an increase of 5%.
  • The number of returning depositing customers was 199,023 (177,637), an increase of 12%.
  • Earnings per share were EUR 0.05 (0.13) before and after dilution.

Events during the quarter

  • LeoVegas was launched in Japan.
  • LeoVegas opted to not apply for a gaming licence in the recently re-regulated Swiss market, and therefore the business was closed on 1 July.
  • A key payment service provider has chosen to stop offering its service for certain gaming-related payments on the German market, which affected revenue and new customer acquisition during the quarter.

Events after the end of the quarter

  •  Preliminary revenue of EUR 26.5 m (26.1) in October, representing growth of 1%. October was affected by an exceptionally low game margin. With a normalized game margin, revenues had amounted to approximately EUR 28.5 m and a growth rate of 9 percent.
  • LeoVegas was initially granted a two-year gaming licence in Sweden – a decision that was appealed. The administrative court has now ruled in the company’s favour, increasing the licence period from two to five years.
  • LeoVegas has received a sanction by the Netherlands Gambling Authority. The decision is in line with the sanctions previously issued for other gaming companies.
  • The LeoVegas Group’s investment company LeoVentures has entered into an agreement to sell the subsidiary Authentic Gaming to Genting. The sales price is EUR 15 m on a debt-free basis.

COMMENT FROM GUSTAF HAGMAN – GROUP CEO

Third quarter 2019

We continued to show progress during the third quarter in a difficult-to-navigate environment and generated double-digit growth in both sales and operating profit. Greater regulatory complexity in several of our main markets has given rise to certain short-term challenges but is also raising the barriers to succeed in the sector which benefit established companies.

LeoVegas today has a much more even distribution of revenue across several markets and brands where half of our revenue is derived from locally regulated markets, which contributes to greater stability and lower business risk. Meanwhile, we continue our efforts to execute our strategy of innovation, expansion and profitability.

Revenue during the third quarter amounted to EUR 88.2 m (78.6), representing organic growth of 13%. Growth was favourable during the period in most of our markets, including Sweden where we are gaining market shares, but also in key markets such as Finland, Denmark and Italy. The UK is profitable at Group level but remains challenging, where Royal Panda in particular had poorer performance during the quarter. Excluding the UK, the Group’s organic growth was 27%. In total we invested less than planned in marketing during the quarter, which is coupled to our data-driven and ROI-based marketing model. We chose to not apply for a licence in Switzerland, where we stopped accepting business on 1 July based on commercial rationale. Meanwhile in Germany we are facing challenges related to the elimination of a key payment solution, which is affecting both our revenue and new customer acquisition during the quarter.

EBITDA for the third quarter totalled EUR 12.7 m (9.0), corresponding to an EBITDA margin of 14.4% (11.4%). We grew EBITDA by more than 40% during the quarter despite a higher burden from gambling taxes and greater regulatory complexity compared with previous years. Our focus on efficiency and cost control continues to generate the desired results. As a concrete example of our efficiency enhancement, our staffing has remained essentially unchanged for the past year despite greater business complexity, adding more markets and more brands, while we continue to generate good underlying growth. We continue to renegotiate our supplier agreements in gaming, payments, marketing and technology. Through scalability and efficiency we are creating scope to invest in growth combined with improved profitability.

Sweden

LeoVegas was initially granted a two-year gaming licence in Sweden – a decision that was appealed. The Administrative Court has now ruled in our favour, entailing that the licence period has been changed from two to five years. At the same time, our returning customers in Sweden are at all-time-high, which is proof that our focus on the product and customer experience coupled with a commitment to responsible gaming is paying off in a regulated environment.

We estimate that channelisation of online casino in Sweden is far below the Swedish Gambling Authority’s goal of 90%. We therefore look positively upon the fact that the Gambling Authority to a greater extent has begun prioritising measures to curb unlicensed actors. This is needed to ensure that the market’s regulation is successful and results in greater consumer protection.

Markets

Thus far during the year LeoVegas has launched operations in five new markets, where Japan is the most recent addition. We want to especially highlight the launch in Spain, which so far has exceeded our expectations. The online growth in Spain is considerable, and we are highly confident that Spain can become one of our key markets.

During the quarter LeoVegas was issued a fine by the Netherlands Gambling Authority, in line with the fines that were previously issued to other gaming companies. The amount has been expensed in its entirely in the income statement. We are in compliance with the current regulations and will appeal this decision. We remain confident that we will be awarded a licence once the market is opened – mostly likely at the start of 2021.

LeoVentures

LeoVentures has entered into an agreement to sell the subsidiary Authentic Gaming for EUR 15 m on a debt-free basis. The buyer is Genting, one of the world’s largest land-based operators. Authentic Gaming generated approximately EUR 1 m in revenue during the third quarter, while the effect on EBITDA was neutral. The transaction shows how we can successfully invest in, grow and realize value in our portfolio companies. In connection with this sale we have also concluded our strategic evaluation of LeoVentures and will continue to develop the remaining portfolio companies Pixel.Bet and Casinogrounds.

Comments on the fourth quarter

Revenue for the month of October totalled EUR 26.5 m (26.1), representing growth of 1%. The gaming margin in October was lower than normal, with a number of large winners, while Germany is affected by payment limitations. Underlying growth during October remained solid, which is confirmed by a positive start in November. With a normalized game margin in October, revenues had amounted to approximately EUR 28.5 m, with a growth rate of 9 percent.

Our current assessment is that marketing costs will increase during the fourth quarter over the third quarter, both in relation to revenue and in absolute figures. This is in line with the seasonal pattern, where LeoVegas normally invests the most in marketing during the fourth quarter.

Finally, I want to remind about the half-yearly dividend payment of SEK 0.60 per share to our shareholders on 6 December.

Presentation of the report – today at 09:00 CET

  • To participate in the conference call, and thereby be able to ask questions, please call one of the following numbers: SE: +46 (0) 8 50 69 21 80, UK: +44 (0) 20 71 92 80 00, US: +1 63 15 10 74 95, Confirmation code: 9566914 or join at the web at https://edge.media-server.com/mmc/p/cgmbbfh8

 

About LeoVegas mobile gaming group:
LeoVegas’ vision and passion is to be “King of Casino”. LeoVegas is the premier GameTech company and is at the forefront of using state-of-the-art technology for mobile gaming. A large part of this success can be credited to an extreme product and technology focus coupled with effective and data-driven marketing. Technology development is conducted in Sweden, while operations are based in Malta. LeoVegas offers casino, live casino and sports betting, and operates two global and scalable brands – LeoVegas and Royal Panda – as well as a number of local brands in the UK. LeoVegas is a global group in which LeoVegas AB (publ) is the parent company. LeoVegas AB (publ) does not conduct any gaming operations; rather, operating activities are conducted by subsidiaries within the Group. The company’s shares are listed on Nasdaq Stockholm. For more about LeoVegas, visit www.leovegasgroup.com.

Source: LeoVegas Mobile Gaming Group

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The World of Electronic Game

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The electronic game also known as a computer game or video game is an interactive form of a game that needs electronics to create an interactive game for players to play. This machine is operated thru video game arcades, video consoles, handheld games, or personal computers. It can also be played on smartphones and a platform connected to the smart television. Standalone systems can also be considered as video games such as slot machines. Handheld games like smartphones are part of an electronic game whether the player is playing video games online or wagering. Gambling is very common these days to people all around the world because of its convenience to wager using one’s gadget. The popularity of online casinos increases the demand for electronic games. A lot of casino sites are also gaining popularity nowadays like Allbonuscodes from Canada. The online site usually introduces new casino games with great incentives and perks such as no deposit free spins in Canada -which is truly great for gambling enthusiasts. Common Forms Electronic Game 1.Teletype Game Considered the early form of computer game. This type of game became popular in the early ’70s and it prints series of characters on paper which the player reads instead of a video display. 2.Electronic Handhelds This type of computer game is the earliest form of the dedicated console (a video game limited to one or more built-in video games distributed via ROM. Cartridges, disks, downloads, and other media). Interactive games can be played and characters are made smaller in handheld games. 3.Pinball machines An arcade game equipment on which pinball is played. Players use paddles to control one or two balls inside a pinball machine. Pinball machines are standalone system and it is glass covered completely with lights, targets, and designs inside. Players have to score many points by hitting the ball using the paddles before the balls drain down the exit. This type of arcade game became popular in the 1990s. 4.Redemption Games This type of machine is an arcade game that rewards the player proportionally to their score in the game. Its rewards are usually tickets and it is redeemable. The more skillful the player is, the more novelty tickets to win. 5.Slot Machines The all type favorite casino gambling machine which is very popular to the majority and it can be played at the land-based casino or sometimes amusement parks. It has three or four reels that spin when the button is pushed. When the object in the reel matches, then the player wins. 6.Video Games A video game is a type of game wherein the player has visual interaction towards the game that they are playing. Examples are arcade games, handheld games, or games that can be played thru a personal computer. 7.Computer Video Games Also, refer to as PC Game, it is considered as the modern type because players can play video games thru their personal computer with the aid of a stable internet connection. The player can play internet games alone or with other players. Final Insight: Electronic games have gone a long way, from the Teletech Game to the kind of mobile games that we now know. E-Games will continue evolving and entertain people.
Reading Time: 2 minutes

 

The electronic game also known as a computer game or video game is an interactive form of a game that needs electronics to create an interactive game for players to play. This machine is operated thru video game arcades, video consoles, handheld games, or personal computers. It can also be played on smartphones and a platform connected to the smart television.

Standalone systems can also be considered as video games such as slot machines. Handheld games like smartphones are part of an electronic game whether the player is playing video games online or wagering. Gambling is very common these days to people all around the world because of its convenience to wager using one’s gadget. The popularity of online casinos increases the demand for electronic games.  A lot of casino sites are also gaining popularity nowadays like Allbonuscodes from Canada. The online site usually introduces new casino games with great incentives and perks such as no deposit free spins in Canada -which is truly great for gambling enthusiasts.

Common Forms Electronic Game

1. Teletype Game

Considered the early form of computer game. This type of game became popular in the early ’70s and it prints series of characters on paper which the player reads instead of a video display.

2. Electronic Handhelds

This type of computer game is the earliest form of the dedicated console (a video game limited to one or more built-in video games distributed via ROM. Cartridges, disks, downloads, and other media). Interactive games can be played and characters are made smaller in handheld games.

3. Pinball machines

An arcade game equipment on which pinball is played. Players use paddles to control one or two balls inside a pinball machine. Pinball machines are standalone system and it is glass covered completely with lights, targets, and designs inside. Players have to score many points by hitting the ball using the paddles before the balls drain down the exit. This type of arcade game became popular in the 1990s.

4. Redemption Games

This type of machine is an arcade game that rewards the player proportionally to their score in the game. Its rewards are usually tickets and it is redeemable. The more skillful the player is, the more novelty tickets to win.

5. Slot Machines

The all type favorite casino gambling machine which is very popular to the majority and it can be played at the land-based casino or sometimes amusement parks. It has three or four reels that spin when the button is pushed. When the object in the reel matches, then the player wins.

6. Video Games

A video game is a type of game wherein the player has visual interaction towards the game that they are playing. Examples are arcade games, handheld games, or games that can be played thru a personal computer.

7. Computer Video Games

Also, refer to as PC Game, it is considered as the modern type because players can play video games thru their personal computer with the aid of a stable internet connection. The player can play internet games alone or with other players.

Final Insight:

Electronic games have gone a long way, from the Teletech Game to the kind of mobile games that we now know. E-Games will continue evolving and entertain people.

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Week 37/2021 slot games releases

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Week 37/2021 slot games releases
Reading Time: 6 minutes

 

Here are this weeks latest slots releases!

Yggdrasil, the leading worldwide publisher of online gambling content, has struck gold in its newest Infinity Reels™ hit from Bad Dingo, supplied in partnership with ReelPlay. Bad Dingo’s Golden Haul Infinity Reels™ sees players follow a friendly miner deep underground in search of glittering veins of wealth, as he blasts his way to unimaginable riches. Unique to Bad Dingo, landing the new Infinity Wild symbol extends the wild symbol across multiple reels. Hitting multiple Infinity Wild symbols at once provides for an incredible visual as the dynamite cart driving miner extends across the reels, explosions in his wake.

Yggdrasil and ReelPlay team up for Bad Dingo’s Golden Haul Infinity Reels™

 

Nolimit City is gearing up to release yet another one-of-a-kind slot gaming experience, this time travelling back in time with a blast from the past. Still feeling the effects from their most recent release, Mental, they are now ready to throw their players into a warzone where the battle for gold is in the harsh depths of a sea that swallows anything alive- Das xBoot. Das xBoot presents a 234432-reel set layout, with close to unlimited ways-to-win and a total simulated max payout of 55,200x. The game features the studio’s powerful mechanic, xWays®, along with the comeback of their renowned and perfectly fitting xMechanics, xBomb® and xNudge®.

Nolimit City traverses the dark abyss with the release of Das xBoot

 

 

AvatarUX has exclusively rolled out its eight PopWins™ hit, taking players to the plush world of the most glamourous pigs in town. Set in a glitzy, casino-style setting, PiggyPop™ sees the supplier’s iconic PopWins™ mechanic return, with each win ‘popping’, before the reel height increases and two more symbols take their place. The feature allows the reels to expand to up to six symbols in base play, and eight in the free spins mode.

AvatarUX rolls out eighth PopWins™ hit PiggyPop™

 

 

Spearhead Studios unveils a new visual identity for one of the company’s most popular titles. The Pirates of the Mediterranean has gotten a well-deserved visual makeover and is ready to greet players with an updated look & feel. Pirates of the Mediterranean Remastered is a 5X3 videoslot with ten paylines which is set to bring entertainment levels up. Players will encounter the adventurous pirate captain and his sea maiden in their quest to recover the huge riches contained inside the pirate’s coveted treasure chest. The base game includes random Walking Wilds, which can appear on any of the five reels, and which can also re-trigger.

Spearhead Studios reveals Pirates of the Mediterranean Remastered

 

1X2 Network is taking players deep underground to a mine located at the earth’s core where a team of Dwarves are harvesting rare gems and coins in Dwarven Gems Megaways™, the latest slot to leave its production line and built on the state-of-the-art GECKO framework. The long anticipated first game on Iron Dog Studio’s new framework shows the smooth gameplay and enhanced user interface that 1X2 Network’s teams have talked about in the lead up to this release. The robust and flexible framework is set to form the basis of the portfolio for a long time to come and has been built from the ground up with the end user in mind. Dwarven Gems Megaways™ showcases the best of the framework well and is sure to leave operators and players excited for more content built upon it.

Mine for big wins in Dwarven Gems Megaways™

 

On September 15, 2021, True Lab’s new circus-themed slot made its public debut.
Inspired by carnival vibes, the game is pulsing with flashy visuals, taking players into a careless atmosphere of celebration. The slot offers 243 cascading pay ways, impressive potential winnings of up to x10,000 the bet, and a variety of authentic features. Joining in cascades, the symbols disappear into thin air, like the greatest acrobats and masters of illusion, repeating the act until the last combo on the reels.

New game: Circus Fruits by TrueLab

 

 

Playson has made a scorching addition to its Timeless Fruit Slots portfolio with the launch of Hot Burning Wins. This nostalgic 3×3 title features the classic five paylines which pay from left to right, delivering a relaxed and simplistic playing experience that is appealing to a wide audience. The fruit machine style slot has a premium front-end design with photorealistic fruit symbols that players are accustomed to with Playson’s Timeless Fruit Slots portfolio. The game is packed with quality drawings of watermelons, grapes, plums, lemons, oranges and cherries, along with its top-paying symbols BARs, golden bells and iconic red Sevens.

Playson unveils a classic with Hot Burning Wins

 

 

Blueprint Gaming has unveiled its latest slot Eternal Phoenix Megaways™ that includes the popular Power Play mode, allowing players to have more control over their Megaways experience. For an additional cost, players of this slot adventure are guaranteed a minimum number of Megaways™, offering the chance to experience bigger wins, greater cascades and a higher frequency of triggering the bonus.

Blueprint Gaming gets fired up with Eternal Phoenix Megaways™

 

 

Yggdrasil, the leading worldwide publisher of online gambling content, has partnered with 4ThePlayer to release its latest unique YG Masters creation 10x Rewind™. The title is set to blast players back to the past with the Rewind Time Win Spin mechanic, which reverses time to repeat previous wins. To trigger this unique mechanism, three Win Spin scatter symbols must land, only appearing on reels 1, 3 and 6. Past wins are taken to a new level during this feature, boosted by an increasing win multiplier. Where previous wins do not exist, random wins will be generated.

Yggdrasil and 4ThePlayer transition to a new dimension with time-travelling slot 10x Rewind™

 

Fans of the Dead Series are in for a treat with Play’n GO’s latest release, Ghost of Dead. Ghost of Dead introduces us to the living spirit, Akh. Ancient Egyptians believed that, in death, vitality and soul combine to create Akh, who can take on any form and is free to roam the world. Now, Pharoah Unas’s spirit has been resurrected. Unas uses his new-found magic to guide worthy mortals to his hidden treasure. Players of the Dead Series will see familiarities throughout the game. Ghost of Dead is a classic 5×3 slot; the expanding symbol seen in previous games takes its place here too. This is a game with huge potential as players can win up to x10000 their bet.

Play'n GO awaken Akh as the Dead Series continues

 

BGaming starts the autumn festive season by celebrating Oktoberfest! Fruit Million – the first shapeshifter slot in the brand’s lineup – has converted into a Bavarian-style game! Arranged in the 19th century for the first time, Oktoberfest is still one of the most famous and captivative festivals on the globe! Every year it brings together millions of beer-lovers who have fun on the Munich streets. Due to a pandemic, the open-air Oktoberfest-2021 was canceled but it’s not a reason to miss a bright holiday! BGaming invites players to celebrate it with the Fruit Million slot!

Celebrate Oktoberfest with BGaming: Fruit Million slot changes its look to Bavarian!

 

Pragmatic Play, a leading content provider to the IGaming industry, has cast a line deeper than ever before and snagged a real catch with new release, Bigger Bass Bonanza. A continuation of its hugely popular predecessor, Bigger Bass Bonanza provides players with an extended set of reels and the opportunity to win up to 4000x their stake, virtually doubling the original game’s maximum multiplier value. Based in a neon-lit harbour with tropical surroundings resembling Miami, players will need to keep an eye out for various rewards and prizes. As before, three or more scatter symbols during base play will trigger the Free Spins feature and 10 spins, with any additional scatter symbol adding five spins to the count.

PRAGMATIC PLAY HEADS OUT TO DEEP WATERS IN BIGGER BASS BONANZA

 

 

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Compliance Updates

Northern Ireland Gambling Amendment Bill Reaches Assembly

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New regulations for the gaming industry in Northern Ireland have been introduced this week in the country’s Assembly, significantly amending the current laws.

The Betting, Gaming, Lotteries and Amusements (Amendment) Bill creates new offences in permitting children to play gaming machines and provides powers to impose a statutory levy on gambling operators.

It establishes a mandatory code of practice for licence holders, broadens the definition of cheating to include attempted cheating, makes gambling contracts enforceable in law and permits bookmakers and bingo clubs to open on Sundays and on Good Friday.

The minimum age for minors to play a gambling machine is now 18 and it will become an offence to invite a person below that age to play. Previously, it was not an offence to permit an under-age person to gamble.

The statutory levy on gambling operators will be employed in a manner similar to the practice in England, where the money raised is used for community projects and treatment of problem gamblers.

An overhaul of online gambling legislation will form a second phase of the changes to Northern Ireland’s gambling scene and will follow after discussions.

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