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LeoVegas AB Q4: Quarterly report 1 October–31 December 2021

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LeoVegas Group to acquire game developer Push Gaming
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“Strong end to the year with many growth initiatives” – Gustaf Hagman, Group CEO

FOURTH QUARTER 2021: 1 OCTOBER – 31 DECEMBER

  • Revenue amounted to EUR 98.2 m (98.4). Revenues were unchanged compared with the same period last year. Excluding Germany and the Netherlands, revenues increased by 26%.
  • Organic growth in local currencies was -4%.
  • Net Gaming Revenue (NGR) from regulated markets and markets in which the company pays local gaming taxes was 74% (67) of total NGR.
  • EBITDA was EUR 11.6 m (11.5), corresponding to an EBITDA margin of 11.8% (11.7).
  • The number of depositing customers was 456,063 (461,983), a decrease of 1%.
  • Adjusted earnings per share were EUR 0.07 (0.08).

EVENTS DURING THE QUARTER

  • LeoVegas repurchased shares for EUR 2.1 m and distributed the third quarter dividend (EUR 3.9 m).
  • Following policy changes in the Netherlands, LeoVegas decided to stop providing its services in the country as from 30 September 2021. As such, the company had no revenue from the Netherlands in the fourth quarter (compared with 6% of the Group’s total revenue during the third quarter). The company will apply for a licence during the first quarter.
  • LeoVegas was granted renewed gaming licences by the Danish Gambling Authority.

EVENTS AFTER THE END OF THE QUARTER

  • Preliminary revenue in January amounted to EUR 35.5 m (32.5), corresponding to growth of 9%. Excluding Germany and the Netherlands, revenue increased by 24%.
  • The Board of Directors proposes an increased dividend of 5 percent to SEK 1.68 per share (1.60), to be distributed on four occasions over the course of the next 12 months.
  • LeoVegas applied for a gaming licence for the Canadian province of Ontario.
  • The establishment in New Jersey in the US is proceeding according to plan and the recruitment of a local team has begun.
  • In January, LeoVegas distributed the fourth dividend (EUR 3.8 m) of a total of four to the Parent Company’s shareholders.

COMMENT FROM GUSTAF HAGMAN – GROUP CEO

FOURTH QUARTER
I am proud of how we concluded 2021 and how we offset the revenue loss related to the ongoing regulatory changes in Germany and the Netherlands. In the fourth quarter, sales were unchanged compared with the preceding year. However, excluding the two abovementioned markets, growth was some 26%, which demonstrates our strong underlying growth.

Adjusted EBITDA improved somewhat year-on-year, despite ceasing to provide our services in the Netherlands while waiting for a gaming licence, which was previously one of our most profitable markets. At the same time, we have paid more gaming taxes than ever before during the quarter. The improved profit was achieved through good cost control and higher marketing efficiency.

During the quarter and the full-year 2021, we took several important steps as a company, which we expect to drive growth for many years to come. We increased our strategic focus on sport with the acquisition of the brand Expekt. The new launch of Expekt has been a major success, with sales increasing almost fourfold since the acquisition. We are now planning to expand into more markets. We have also commenced establishing operations in the US, where the online gaming market is still in its infancy. We are seeing significant potential for a smartphone-oriented casino expert like LeoVegas in North America, where we already hold a leading position in Canada. We also invested in our own gaming studio during the year. The first games are expected to be launched shortly and over 15 titles are planned for 2022. Our own contents provide us with a more unique gaming experience, greater customer loyalty and lower costs.

We demonstrate a high ability to adapt and continue to drive innovation even when faced with turbulent times. An increasing number of European countries are becoming regulated and some 74% of our revenue is currently regulated and/or taxed. The external market environment will remain erratic and turbulent in places, but we are well-positioned to manage this. Armed with all of our ongoing growth initiatives, I feel optimistic ahead of 2022.

MARKETS
Our underlying customer activity and growth remain favourable. In general, we are growing faster than our competitors in the markets that are not affected by major external events and where equal conditions apply for all operators. A good example of this is Sweden, where we reached a new record level during the quarter. LeoVegas is currently the largest private operator in the Swedish market, something we have accomplished with strong brands, the best product and data-driven marketing. We continue to see favourable growth prospects in Sweden.

As previously mentioned, a re-regulation period is ongoing in the Netherlands and in the Canadian province of Ontario. In the Netherlands, we decided to stop providing services to gamers from 30 September 2021 pursuant to the latest regulations. At the start of 2022, we have applied for licenses in the Netherlands and Ontario we applied for a license in Ontario and will apply for a license in the Netherlands during the first quarter. Our ongoing expansion in the US, with New Jersey as the first state, is proceeding according to plan. We have commenced recruitment of a local team and completed much of the technical development as well as initiated the certification process of LeoVegas’ proprietary technical platform (PAM, Player Account Management). We also began efforts for the expansion into additional US states.

TEN YEARS
At the beginning of 2022, LeoVegas turned ten years old. The company, our product and the entire industry has developed enormously since my co-founder, Robin Ramm-Ericson, and I, started LeoVegas. Today, the industry is much more complex with more stringent requirements and tougher competition. At the same time, LeoVegas has taken tremendous strides and matured in many areas, making us stronger than ever before. We always aim to be at the forefront of customer focus, technology and data-driveness, but also continue to continually challenge ourselves to be better in all areas. I can affirm that LeoVegas with all its employees will continue to drive the industry forward with the mobile gaming experience in the spotlight. We are continually making progress as we stand on the starting line of ten more intense and exciting years!

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Wizard Games brings back unique pay-as-you-see mechanics in Digipays

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Wizard Games brings back unique pay-as-you-see mechanics in Digipays
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NeoGames S.A subsidiary Wizard Games has brought back its fan-favourite visible payout mechanics where combinations of digits are awarded, in the latest release Digipays.

The 3×3 slot offers extremely basic payout mechanics, with no paying symbols on the reels apart from blank diamonds or numbers. Two consecutive digits on the same payline will award the number that it reflects. For example, if the numbers 0 and 1 land on the last two reels, players will win 1x. If 1 lands on the first column, followed by two 0s, they will win 100x.

Digipays offers a respin feature if the golden coin lands on the third reel. This awards three respins, where any number landing becomes sticky for the duration. Wins are awarded after every respin, without the count resetting.

In addition, players can boost their chance of triggering the respins via an increased stake feature. The title is the latest by Wizard Games to use this unique and popular mechanics, following high-performing Teddy’s Tavern and Bier Haus Riches.

Megan Easey, Director of Operations at Wizard Games, said: “This visible digits combination pay mechanics has proven to be a firm favourite with players, with its incredibly easy to understand payouts ensuring that every spin triggers excitement.

“With our respins mode offering significant chances of big wins on all three reels, we’re confident that Digipays will be another bold, popular addition to our slot offering.”

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Uncover the gold in 3 Oaks Gaming’s 3 Clover Pots: Hold and Win

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Distributor unleashes Magic Pots feature in Irish-themed title

3 Oaks Gaming, an established distributor of iGaming content, has unveiled its latest slot, 3 Clover Pots: Hold and Win, featuring an Irish-inspired makeover of its popular 3 Pots mechanic.

In this 5×3 title players will be greeted by the friendly Leprechaun, serving as the game’s Wild Symbol. The path to big wins is illuminated by the shimmering Gold Clover Bonus Symbols; amassing a minimum of six of these symbols sets the stage for the Hold & Win round.

The powerful Magic Pots feature is poised to transform respins into a cascade of epic rewards. As the Red, Green, and Purple Special Bonus Symbols land they fill the corresponding clover pot metres. When full, players will be transported to the Bonus Round with a matching booster – Double, Mystery, or Collect – with the potential to activate all three simultaneously.

During the Hold and Win round’s respins, Mystery Symbols could unveil a Jackpot – Mini, Minor, and Major. To claim the coveted x5,000 Grand Jackpot, players must fill the entire screen with Clovers.

Players can trigger the Free Spins game with three Scatter Symbols, during which Wild Symbols carry a x2 multiplier.

Yuriy Muratov, Chief Commercial Officer at 3 Oaks Gaming, said: “With mesmerising graphics and meticulous attention to detail, 3 Clover Pots is designed to captivate and immerse players with a wide range of features.

“We’re excited to introduce this latest addition to our collection and eagerly anticipate its success amongst our esteemed partners.”

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Wazdan grows in Bosnia and Herzegovina with Admiralbet

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Wazdan grows in Bosnia and Herzegovina with Admiralbet
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Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, is set to raise its profile in Bosnia and Herzegovina after partnering with leading brand Admiralbet.

The first batch of Wazdan’s high-performing slots to have gone live with the operator includes player-favourites such as Sizzling Moon™, 9 Coins™, 9 Coins™ Grand Gold Edition, and Magic Spins™ with further titles to be announced in the coming months.

Admiralbet players are now able to enjoy a much-strengthened selection of games that offer Wazdan’s engagement-boosting mechanics, including Cash Infinity™, Collect to Infinity™ and Hold the Jackpot.

This latest European expansion follows several similar partnerships for Wazdan in a first quarter which has seen a significant level of commercial growth following its recent rebrand and consistent game release roadmap.

Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “Bosnia and Herzegovina is the latest territory to see us grow our influence in.

“We’re enjoying an incredible rate of growth now, backed by a rock-solid games portfolio and welcoming major partners like Admiralbet just elevates that success. We’re confident we have the best possible ally in the country thanks to this development.”

Admiralbet’s Online Casino Manager, Nikola Zakic, said: “Admiralbet is a company that strives for constant improvement and development to keep up with world standards.

“Gaining access to Wazdan’s products furthers that strategy fantastically well. It gives us a range of games that we know our players will enjoy and maintains our place as a leader in Bosnia and Herzegovina.”

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