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



LeoVegas Group to acquire game developer Push Gaming
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“All-time-high in Sweden and a strong start for Expekt” – Gustaf Hagman, Group CEO


  • 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).


  • 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.


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


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.

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.

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.

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.

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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Sportpass and Euroleague Basketball Announce Partnership to Deliver Next-Generation Fan Engagement and Gaming Experiences to Fans



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Euroleague Basketball to amplify its gamification portfolio with Sportpass, a subsidiary of Animoca Brands

Euroleague Basketball and Sportpass, a fan engagement and gaming platform, are collaborating to reinforce Euroleague Basketball’s gamification strategy. Sportpass is a subsidiary of Animoca Brands, a global leader in gamification with a large portfolio of over 400 investments in Web3 projects.

The collaboration announced today will create a Euroleague-themed gaming platform targeting the Gen Z fanbase, merging the thrills and culture of sports in a digital offering with a number of game experiences, rewards, in-game collectibles and more.

Gamification has been one of the growth pillars of Euroleague Basketball’s digital strategy in recent seasons with 2023 seeing a triple-digit year-on-year increase on the fantasy games portfolio, reaching a community of 4.3 million engaged fans.

“We are delighted to join forces with Web3 leaders Sportpass to expand our gamification offering,” the Marketing and Communication Senior Director for Euroleague Basketball, Alex Ferrer Kristjansson, said. “The digital ecosystem is key to expanding the Euroleague brand and offer new ways for young fans to interact with the league. This collaboration marks an important step in growing our portfolio of gaming opportunities for fans to engage with the Euroleague in different and innovative ways.”

“Sportpass is the result of years of innovation in technology, gaming and sports, placing the fan squarely at the core of our offerings,” the Chief Executive Officer for Sportpass, Jordan Fogarty, said. “With a plethora of digital experiences including gaming, rewards and competitions, we are confident that Euroleague fans will find what they are looking for. Our collaboration with the Euroleague underscores our commitment to revolutionizing the sports entertainment landscape.”

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Online Casino Game Preferences in Latvia: A Comprehensive Study



Latvia has a regulated online gambling market, with licenses issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia ensuring fair and transparent gaming activities
Reading Time: 3 minutes


If you’re interested in online casino gaming, you may be curious about the preferences of players in Latvia. Latvia has a regulated online gambling market, with licenses issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia ensuring fair and transparent gaming activities. In this article, we’ll take a closer look at the player demographics and game preferences in Latvia’s online casino market.

Latvia’s online casino market offers a variety of games, including slots, live games, and lottery games such as Bingo, Sports Lotto, Scratchcards, and Interactive Games. In addition to game variety, safety and security are important factors for Latvian players when choosing an online casino. Opting for a reputable online casino in Latvia is not just a preference; it’s a necessity. Such an informed choice guarantees that your personal and financial information remains shielded from any unwarranted scrutiny or malicious intent.

Overall, understanding the gaming preferences of players in Latvia’s online casino market can help online casino operators tailor their offerings to better meet the needs and interests of Latvian players. Let’s dive deeper into the demographics and preferences of Latvian online casino players.

Key Takeaways

  • Latvia has a regulated online gambling market, with licenses issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia ensuring fair and transparent gaming activities.
  • Latvian players prefer a variety of online casino games, including slots, live games, and lottery games such as Bingo, Sports Lotto, Scratchcards, and Interactive Games.
  • Safety and security are important factors for Latvian players when choosing an online casino.

Overview of Online Casino Gaming in Latvia

If you’re a Latvian online casino gamer, you have a wide range of options to choose from. The country has a highly regulated online gaming market, which makes it imperative for players to choose a Latvian casino that holds a valid license. These licenses are issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia, a regulatory body that ensures all gaming activities are conducted in a fair and transparent manner.

When it comes to online casino game preferences in Latvia, the most popular games are slots, live games, and lottery games. In addition to the popular online casino games like Sweet Bonanza and other live games, Latvians also enjoy several lottery games, aligning with Latvia’s online gaming preferences. The Latvian National Lottery, known as “Latvijas Loto,” provides a variety of lottery games such as Bingo, Sports Lotto, Scratchcards, and Interactive Games.

Latvia is often called a hub for iGaming in Europe because of its liberal gambling legislation and relatively low tax rates. This has resulted in many international online casinos entering the Latvian market, providing players with a diverse range of options to choose from. The top 10 online casinos in Latvia are ranked based on the quality of games, bonuses, and promotions, customer support, and payment options.

Overall, the Latvian online casino gaming market is highly regulated, safe, and offers a wide range of options for players to choose from. Whether you’re a fan of slots, live games, or lottery games, you’re sure to find something that suits your preferences in the Latvian online casino gaming market.

Player Demographics and Game Preferences

Latvia has a thriving online casino industry, and the country’s players have their own unique preferences when it comes to gaming. The following subsections explore the age and gender distribution of players, the most popular casino games, and preferred gaming platforms.

Age and Gender Distribution

According to a report by Statista, the majority of online casino players in Latvia are between the ages of 25 and 34, with 30% falling within this age range. The second-largest group of players are aged between 35 and 44, making up 25% of the player base. The report also notes that the gender distribution of players is relatively even, with 55% of players being male and 45% being female.

Most Popular Casino Games

Latvian players have a diverse range of casino games to choose from, but some games are more popular than others. According to Online Casino Rank, the top three most popular casino games in Latvia are:

  1. Slot machines
  2. Blackjack
  3. Roulette

Latvian players enjoy the thrill of slot machines, which offer a wide variety of themes and gameplay styles. Blackjack and roulette are also popular due to their simple rules and the potential for high payouts.

Preferred Gaming Platforms

Latvian players have a range of gaming platforms to choose from, including desktop and mobile devices. Players in Latvia prefer online casinos that offer a seamless and enjoyable gaming experience on both desktop and mobile devices. This allows players to enjoy their favorite games on the go, without sacrificing quality or functionality.

In conclusion, Latvian online casino players have their own unique preferences when it comes to gaming. These preferences are shaped by factors such as age, gender, and the availability of different gaming platforms. By understanding these preferences, online casino operators can tailor their offerings to better meet the needs of Latvian players.


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Fairplay Exchange signs as new sponsor of Stephen Hendry’s Cue Tips



Reading Time: 2 minutes

Fairplay Exchange — the peer-to-peer cashless betting app — has partnered with one of the most iconic names in snooker by agreeing to sponsor a new challenge series on the Stephen Hendry’s Cue Tips YouTube channel.

Hendry is one of the most decorated snooker players of all time, with the Scotsman’s glittering career returning seven World Championship titles, 18 Triple Crown titles and 36 ranking titles in total, along with a staggering record of 471 weeks as world number one.

In each episode of the new series, Stephen will compete against a fellow player or figure from the worlds of snooker or other sports in a series of challenges to test their all-round skills and technique. The first episode of the new series features three-time world snooker champion Mark Williams; the epic snooker skills battle between the two greats can be seen here.

Since launching in April 2023, Fairplay Exchange has built a young, engaged, sports-focused audience who can set up real-money wagers on anything they want with their friends; the winnings are guaranteed to be paid in full and on time, saving players the trouble of chasing their peers for cash.

Billy Gowing, Fairplay Exchange’s Co-founder and Managing Director, said: “We are delighted to have the opportunity to sponsor this exciting new format on the Stephen Hendry’s Cue Tips channel; hosted by one of the most legendary figures in the history of the sport.

“Snooker is one of our most popular sports for players to bet on, so this is a perfect fit for us. The Fairplay Exchange app allows people to bet on casual games of snooker just like the ones you see in Stephen Hendry’s Cue Tips, and we are very excited to make the most of the opportunities this partnership presents.”

Stephen Hendry said: “Up and down the country, players in snooker clubs love to have a friendly wager on games between friends, and Fairplay Exchange gives players a platform to do that without having to chase each other for cash.

“It’s fantastic to have Fairplay Exchange on board as a partner for the new Challenge series format, and we hope the audience love the series as much as we do.”

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