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LeoVegas AB Q2: Quarterly report 1 April – 30 June 2021

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“All-time-high in Sweden and a strong start for Expekt” – Gustaf Hagman, Group CEO

SECOND QUARTER 2021: 1 APRIL – 30 JUNE

  • Revenue decreased by 13% to EUR 96.8 m (110.7).
  • Excluding Germany, growth was positive 3%.
  • Adjusted EBITDA was EUR 10.6 m (23.0), corresponding to a margin of 10.9% (20.8%). Reported EBITDA was EUR 9.8 m (23.0).
  • The number of depositing customers was 460,697 (434,453), an increase of 6%.
  • Adjusted earnings per share were EUR 0.06 (0.19).

EVENTS DURING THE QUARTER

  • The acquisition of Expekt was completed and integrated on 19 May 2021. The start has been a success, and Expekt’s revenue and market share have nearly doubled in Sweden since the acquisition was carried out.
  • LeoVegas’ forthcoming expansion to the USA, starting in the state of New Jersey, is on track.
  • LeoVegas carried out share repurchases for EUR 4.9 m and paid out of the first out of four quarterly dividends to the Parent Company’s shareholders. The second quarterly dividend payment was made after the end of the period.
  • LeoVegas’ framework and routines for ensuring responsible gaming have been assessed by the independent agency eCOGRA. The external assessment shows that LeoVegas is in conformity with all relevant recommendations and requirements for responsible gaming published by the European commission.

EVENTS AFTER THE END OF THE QUARTER

  • Preliminary revenue in July amounted to EUR 32.8 m (30.7), corresponding to growth of 7%. Excluding Germany, revenue grew 23%.

COMMENT FROM GUSTAF HAGMAN – GROUP CEO

SECOND QUARTER
Most of our markets have continued to develop well, with high, double-digit growth in key markets like Italy and Spain. The development in Sweden is encouraging, with record-high revenue during the quarter. We are also growing rapidly in North America, which now accounts for 10% of consolidated revenue. However, re-regulation in Germany continued to negatively impact figures during the period. Excluding Germany, Group revenue increased by 3% to a new record level despite tough comparison figures from the start of the pandemic during the second quarter of 2020 and greater competition from other entertainment activities as societies are now opening up again. We expect to see positive growth for the Group on a yearly basis during the third quarter.

Our operating profit decreased compared with the same period a year ago, while we achieved stable earnings compared with the preceding quarter. This is despite a high level of investments and a number of important, strategic ventures, including our forthcoming launch in the USA, a stronger focus on sports with the acquisition of Expekt, and our new game studio. Marketing costs in relation to revenue were higher than the historic average, coupled among other things to the relaunch of Expekt and investments in a number of key markets in which we see high customer growth. Investments in marketing during the quarter weighed down earnings short-term but are driving value long-term and will also enable us to accelerate out of the revenue drop in Germany. As revenues increase, the share of marketing investment will decrease. At the same time, we have maintained good cost control, and our operating expenses have more or less been unchanged over the last three-year period.

THE NEW EXPEKT
In mid-May we consolidated the acquisition of Expekt, and shortly thereafter “the New Expekt” was launched with a large and attention-grabbing marketing campaign ahead of the Euro 2020 football championship. It was a successful start, and in a short time we nearly doubled Expekt’s revenue and market share in Sweden since completion of the acquisition.

GERMANY
The situation in Germany coupled to re-regulation, with strict product limitations, an extremely high gaming tax and a skewed competitive situation, is having a negative effect on the Group. Revenue in Germany decreased by 81% compared with a year ago and accounted for only 4% of Group revenue during the quarter. We believe it will take time to create a balanced and fair market climate and have therefore chosen to shift our investments to other, more profitable markets. Over the long term we still believe that Germany, with Europe’s largest population, offers great opportunities for the Group.

NORTH AMERICA
Our forthcoming expansion to the USA, starting with the state of New Jersey, is on track. We are currently working on adapting and certifying our technical platform, and during the autumn we will also begin establishing a local organisation. We expect to accept our first American customers during the first half of 2022.

The Canadian province of Ontario, which is home to roughly 40% of Canada’s population, is conducting preparations to introduce a local licence system for online gaming. LeoVegas has built up a strong brand along with a large and loyal customer base in Ontario and the rest of Canada, among other things with help from former hockey legend Mats Sundin. According to our assessment LeoVegas is one of the larger and most well-known casino actors in the Canadian market.

During the second quarter, North America accounted for 10% of the Group’s total revenue and grew 33%. In pace with our continued expansion in Canada and forthcoming launch in the USA, revenue from North America will increase. This is in line with the Group’s strategy to diversify our revenues.

COMMENTS ON THE THIRD QUARTER
Revenue for the month of July amounted to EUR 32.8 m (30.7), corresponding to positive growth of 7%. Adjusted for Germany, the Group’s growth in July was 23%.

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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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