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LeoVegas AB Q3: Quarterly report 1 July– 30 September 2020

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LEOVEGAS PUBLISHES PROSPECTUS AND APPLIES FOR ADMISSION TO TRADING OF BONDS ON NASDAQ STOCKHOLM
Reading Time: 4 minutes

 

THIRD QUARTER 2020: 1 julY–30 september

  • Revenue increased by 1% to EUR 88.9 m (88.2). Organic growth in local currencies was 2%.
  • EBITDA was EUR 11.9 m (12.7), corresponding to an EBITDA margin of 13.4% (14.4%).
  • The number of depositing customers was 438,691 (347,464), an increase of 26%.
  • Earnings per share were EUR 0.04 (0.05) before and after dilution, while adjusted earnings per share were EUR 0.08 (0.09).

Events during the quarter

  • GoGoCasino and Livecasino.com launched in Finland. An international launch of both brands is in progress.
  • Operations in Sweden have been affected by the temporary restrictions that were introduced on 2 July as a result of Covid-19
  • LeoVegas increased its ownership in the e-sports betting operator Pixel.bet to 85% from 51% previously.
  • Operating profit for the quarter includes costs of EUR 0.5 m in organisational streamlining and optimisation measures. Yearly net savings from these measures is expected to total EUR 1.5 m starting next year.

Events after the end of the quarter

  • Preliminary revenue in October amounted to EUR 33.0 m (26.0), representing growth of 27%.
  • Royal Panda has relaunched in Finland on the Group’s proprietary technical platform.
  • LeoVegas has launched Bingo as new product category.
  • Ahead of the forthcoming regulation of the German market, effective 15 October a number of changes have been made that affect the customer offering. This had a slight negative impact on revenue in October. LeoVegas expects to receive nationwide licences for the German market once they are available.

 

COMMENT FROM GUSTAF HAGMAN – GROUP CEO

THIRD QUARTER 2020
Once again, we have shown our ability to quickly adapt to new, external circumstances, such as those related to the continuing pandemic and the constant regulatory changes in our various markets. During the third quarter we maintained a high pace of innovation and investment, which is strengthening our long-term position and growth prospects.

During the quarter our customer base again reached a new record level. The number of depositing customers grew 26% compared with the same period a year ago, which confirms the strong development of our business. This is partly attributable to the ongoing structural shift from land-based gaming to online, but above all to our focus on creating the best product and experience for our customers. We continue to optimise scalability and reduce complexity in the organisation. During the quarter, among other measures we realised synergies from previous acquisitions and instituted a clearer organisational and Group structure. This has led to a slight level of staff redundancy, and operating profit was charged with EUR 0.5 m for measures coupled to this. At the same time, we estimate that yearly net savings from these measures will amount to roughly EUR 1.5 m starting with next year. Our efficiency improvement work equips us for continued profitable growth and makes us – combined with greater diversification of the revenue base – more resilient to rapid fluctuations in individual markets.

MARKETS
We had a favourable development in most of our markets during the quarter, with our growing customer base as the main driver. Many markets had double-digit growth compared with the same period a year ago.

In Sweden we are seeing a troubling development in which the unlicensed market continues to grow unhindered. A growing number of operators without licences are actively targeting Swedish players, including those who have been barred by the self-exclusion tool Spelpaus. This has been confirmed by, among others, several organisations that provide help to people with a gambling problem. These organisations have noted that the majority of those seeking help are playing with the unlicensed operators. The problem is big and is shaking the foundation of the entire Swedish licence system. Quick and strong measures are now needed by Swedish politicians and authorities to ensure a well-functioning Swedish gaming market.

In Germany the federal states have agreed to introduce a licence system for gaming, which is expected to be implemented during the second half of 2021. We are looking forward with confidence to Europe’s largest market finally being regulated. Ahead of implementation of the licence system, it is expected that operators will carry out certain limitations in their respective customer offerings in advance. LeoVegas has already begun implementing such limitations, which will initially have a negative impact on revenue. Details on regulation of the German market are provided in the Legal update section in this report. LeoVegas today has a licence in the German state of Schleswig-Holstein and expects to receive nationwide licences once they are available. Germany generated approximately 17% of the Group’s total revenue during the third quarter.

technology and products
The quarter was intense for our technology and product organisation, with the completion of a number of major projects. For example, we implemented the German regulatory requirements on short notice and launched the GoGoCasino and Royal Panda brands in Finland on our proprietary platform. We also are seeing higher demand for broader entertainment games among our players and therefore recently launched our Bingo product.

comments on fourth quarter
Preliminary revenue for the month of October amounted to EUR 33.0 m (26.0), corresponding to annual growth of 27%. The changes introduced in the German market on 15 October have had a slightly negative impact on revenue.

With a positive start to the fourth quarter, a record-large customer base and many exciting initiatives I am looking forward to a strong end to the full year.

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: 2874453 or join at the web https://edge.media-server.com/mmc/p/budae7ar

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Play’n GO Music launches Piggy Blitz Disco Gold Visualiser

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Animated Music Video Released to Commemorate the launch of new slot title Piggy Blitz Disco Gold

Play’n GO, the world’s leading casino entertainment provider, has launched its first official music video, the Piggy Blitz Disco Gold visualiser – bringing Mr. Piggy Blitz and his iconic disco vibes to life like never before.

This exclusive three-minute video drops in conjunction with the release of the highly anticipated 6×4 Piggy Blitz Disco Gold online slot, inviting fans and players to groove alongside Mr. Piggy Blitz himself as he lights up the dance floor.

The dynamic video showcases a mashup of the game’s upbeat soundtrack, featuring Mr. Piggy Blitz dancing in perfect sync with the music.

Packed with the neon-lit energy of the 80s and designed to captivate fans of both the game and retro music culture, the video serves as the ultimate soundtrack for Play’n GO’s latest release.

To watch the Piggy Blitz Disco Gold visualiser, go to playngo website

Piggy Blitz Disco Gold is an electrifying 6×4 online slot sequel, immersing players in a world of 80s disco fun. The game is filled with features like Cash Coins, Piggy Banks, and the Gold Piggy Feature, giving players endless opportunities to hit massive prizes, with potential wins up to x5,000 their stake.

Ebba Arnred, Chief Marketing Officer and Co-Founder of Play’n GO, said:

“The Play’n GO Music team has worked tirelessly to create something truly special for our fans, capturing the excitement and energy of Piggy Blitz Disco Gold in a way that will resonate with both iGaming fans and music lovers.

“The Piggy Blitz IP’s legendary retro style has never looked better – and we can’t wait for everyone to hit play, get grooving, and experience the thrill of the disco dancefloor.”

Play’n GO Music showcases the Swedish gaming giants Play’n GO’s soundtracks of their industry-leading games and produce new music all under the imprint Play’n GO Music.

Find out more about Play’n GO Music and Play’n GO, visit playngo website

 

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GamCare highlights new ways for banks to proactively screen transactional data to detect harmful gambling

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The gambling support charity GamCare is today highlighting ways that banks in the UK can protect their customers from experiencing harm from gambling, following a recent workshop it ran with experts from across the financial services sector.

GamCare’s Gambling Related Financial Harm project was established in 2019 and is a cross-sector initiative to share knowledge, develop resources, and enable firms to support customers who are affected by gambling harms.

In the workshop – which brought over 70 representatives from financial services, the debt advice sector and gambling support services – GamCare heard new ways in which some banks are beginning to take a more proactive role in protecting their customers.

During the session, participants heard from a speaker from Santander on how the bank was engaging with customers who were potentially at-risk, including better tools to review levels of gambling spend, more frequent push notifications about the support tools available, and signposting to support services after customers had spent large sums of money gambling in a 24-hour period.

Off the back of the session, the charity has recommended steps that banks can take to support those impacted by gambling.

These include analysing transactional data from customers to identify potential issues with gambling, such as high gambling spending compared to income, late night gambling transactions, or increased gambling activity around payday.

The charity is also calling on more banks to proactively refer customers at risk into third party expert gambling support, including services like the National Gambling Helpline, when transactional data indicates that the customer’s gambling may be becoming harmful and unaffordable.

Banks can also signpost to self-exclusion schemes like GAMSTOP and blocking software such as Gamban to offer customers extra protection, as well as their own support and tools, for example bank gambling blocks which most UK current account providers now offer.

Raminta Diliso, Financial Harm Manager at GamCare, said: “Last year, 72% of people who contacted the National Gambling Helpline disclosed financial difficulties. Banks are particularly well placed to detect harmful and unaffordable gambling through bank statements and transactional data, and provide more targeted support to their customers. We hope that more financial services firms will take a proactive approach and put the right steps in place to support customers who are experiencing financial difficulties related to gambling.”

Graeme Cunning, Vulnerable Customers Strategy Manager at Santander, said: “At Santander, we believe that the bank, although not responsible, does have a part to play in gambling harm prevention. We have built a suite of interventions, including letters and text messages, to provide timely signposting to support for customers at risk of financial detriment due to their gambling.”

To see the read the full report from this GamCare event, download ‘Transaction Monitoring for Harmful Gambling and Proactive Interventions’.

 

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Hilton Riyadh Hotel & Residences Named Official Main Partner for World Esports Championship 2024

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The International Esports Federation (IESF) is pleased to announce the Hilton Riyadh Hotel & Residences as the official main partner for the upcoming World Esports Championship 2024 in Riyadh, which begins on November 11.

This partnership unites Hilton Riyadh Hotel & Residences’ reputation with one of the most significant international Esports events, ensuring every participant has a world-class experience throughout their stay.

With over 480 athletes and teams from across the world, WEC24 will host competitors as honored guests of Hilton Riyadh Hotel & Residences, ensuring they have an exceptional environment to compete at their best and aim for the prestigious title of World Esports Champion.

“It’s exciting to work alongside a brand that deeply values our vision and understands the importance of a memorable experience for all of our athletes and participants. Together, we’re setting a new standard for Esports events and creating an unforgettable journey for everyone attending.” – said Ana Karakolevska, Chief Marketing Officer at IESF.

“At Hilton Riyadh Hotel and Residences, we are proud to be the main partner of the World Esports Championship 2024 in Riyadh. Our commitment to excellence aligns perfectly with this prestigious event, where we aim to provide every participant with a world-class experience that goes beyond expectations.

By partnering with the International Esports Federation, we are setting a new standard for Esports events, ensuring that WEC24 will be an unforgettable journey for all attendees. Join us as we elevate Esports and create moments that will be cherished for a lifetime.” – said Hans Schiller, General Manager at Hilton Riyadh Hotel and Residences.

The partnership reflects a shared commitment to elevating Esports and enhancing each attendee’s experience. Both IESF and Hilton Riyadh Hotel & Residences share the goal of making WEC24 one of the best Esports events to date, with the highest standard of care and support for athletes and fans alike.

 

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