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LeoVegas AB Q3: Quarterly Report 1 July – 30 September 2019
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
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: LeoVegas AB Q3: Quarterly Report 1 July – 30 September 2019
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S8UL Makes History at the Esports Awards 2025, Becomes First Indian Organisation to Win Two Major Honours
Reading Time: 3 minutes
S8UL wins Esports Content Group of the Year for the fourth time, Animesh “8Bit Thug” Agarwal crowned Esports Personality of the Year at the Oscars of gaming
S8UL Esports, India’s trailblazing force in gaming and creator-led entertainment, delivered a landmark moment at the Esports Awards 2025 in Las Vegas. The organisation celebrated a remarkable double win, lifting the Esports Content Group of the Year award for the fourth time, while Co-Founder Animesh “8Bit Thug” Agarwal was honoured as Esports Personality of the Year. The night became even more memorable as S8UL emerged as the first and only Indian organisation to win two separate titles at the Esports Awards, a milestone shaped by the team’s heart, dedication, and years of passion.
Often called the Oscars of the gaming world, the Esports Awards shine a spotlight on the finest global talent every year. For India, S8UL’s double win comes during a remarkable season in which the organisation also competed at the Esports World Cup, standing alongside some of the world’s most premier teams and creators while representing the country on one of esports’ biggest international stages. Winning Content Group of the Year again, in a category stacked with giants like T1, Sentinels, Team Liquid, and Fnatic, reinforces S8UL’s global standing and the strength of its storytelling, creativity, and community-first approach.
This year also marked a proud moment for Indian creators who featured among some of the world’s most competitive categories. Payal Dhare, widely known as Payal Gaming, was nominated for Streamer of the Year. She stood alongside some of the biggest names in global streaming including Kai Cenat, Marc “Caedrel” Lamont, Morgan “AngryGinge” Burtwistle, Felix “xQc” Lengyel, Nicholas “Jynxzi” Stewart, and Nick “Lacy” Fosco. The award was ultimately won by Darren “IShowSpeed” Watkins Jr, yet Payal’s presence in a lineup of this scale reflects the growing global footprint of Indian creators and the doors they continue to open. Snax also continued to represent India’s creator and competitive community across the year, contributing to S8UL’s global presence including its run at the Esports World Cup, where the organisation competed in some of the most challenging lineups internationally.
Raj Varma carried the Indian flag into the Esports Content Creator of the Year category, nominated alongside Marc “Caedrel” Lamont, Cody “Clix” Conrod, Alexandre “gAuLeS” Borba, Tarik “Tarik” Celik, Jack “NiceWigg” Martin, and Mark “Ohnepixel” Zimmermann. The award went to Nicholas “Jynxzi” Stewart, yet Raj’s nomination underscored the rise of Indian storytellers who are now being recognised at the highest level of global esports entertainment.
Reflecting on the landmark night, S8UL’s founders shared their thoughts.
Animesh “8Bit Thug” Agarwal, Co-Founder, S8UL, said, “This year’s esports awards nominations were already huge for us. Back to back nominations told us we were doing something right. But winning Content Group of the year, for the fourth time running, its just wild. Lets take a moment to celebrate the huge moment that it is! And ‘Esports Personality of the year’, that really is a shared victory! The nights our fans have spent watching us, cheering us and all the votes they cast, together we’ve made this happen. Honestly, if you are a wellwisher of Indian Gaming, its the time to rejoice. Seeing Indian Gaming here, its big. I always knew this can happen, but its surreal when it did. Going back home with so much more determination! “
Naman ‘Mortal’ Mathur, Co-Founder, S8UL, said, “This is a proud moment not just for S8UL, but for India. Year after year, our goal has been to show the world that Indian gaming creators can stand shoulder to shoulder with the best. These wins inspire us to push even harder and continue representing India globally.”
Lokesh “Goldy” Jain, Co-Founder, S8UL, said, “S8UL has always been about building a legacy rooted in creativity, collaboration, and community. Winning two awards tonight is a testament to the relentless efforts of our team and the unwavering love of our fans. We will continue raising the bar for Indian esports and creators worldwide.”
As S8UL celebrates a historic night, the moment stands as another reminder of how far Indian esports has come and where it is headed. With creators, teams, and leadership continuously raising industry benchmarks, S8UL’s journey continues to inspire millions across the country, proving yet again that world-class esports culture can grow from the heart of India’s gaming community.
The post S8UL Makes History at the Esports Awards 2025, Becomes First Indian Organisation to Win Two Major Honours appeared first on European Gaming Industry News.
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Red Bull Solo Legends National Final Set to Make Esports History at the Royal Opera House, Mumbai
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Red Bull Solo Legends is stepping into a new chapter as the tournament’s national finals arrive at the breathtaking Royal Opera House, Mumbai on 2nd December.
For the first time ever, the century-old cultural landmark will host an esports event, bringing competitive gaming into a space that has witnessed some of India’s most celebrated artistic performances.
This is a powerful moment for Indian esports. What began in community rooms, cyber cafés, and online lobbies now enters one of the country’s most majestic stages, celebrating the growth of gaming as a modern cultural force.
The journey to the finals has been equally ambitious. Red Bull Solo Legends is a multi-phase tournament, featuring both online and on-ground stages, uniting tens of thousands of solo BGMI players from every corner of the country. From grassroots talent to seasoned pros, competitors battled through a pure solo queue format, proving their instincts, consistency, and clutch ability. Each round brought them closer to the opportunity of facing India’s top BGMI professionals at the finals. The champion of Red Bull Solo Legends will walk away with the title of India’s strongest solo BGMI player along with an exclusive international Red Bull Racing experience.
With 64 of the country’s finest solo BGMI contenders taking the stage, 32 qualified finalists, 24 top-tier pros, and 8 Chaos Agents, the Royal Opera House will echo with a new kind of intensity.They will compete across 5 matches to determine the first-ever Red Bull Solo Legends champion. As spectators walk in, they’ll be part of a one-of-a-kind atmosphere where strategy, instinct, and pure solo skill unfold inside one of Mumbai’s most exquisite architectural treasures.
Red Bull Solo Legends will feature some of India’s prominent BGMI athletes including Jonathan Amaral (Jonathan Gaming), Tanishk Singh (Admino), Rudra B (Spower), Sahil Jakhar (Omega), Raghuraj Singh (Slug), Mohammed Owais Lakhani (Owais), Sohail Shaikh (Hector), and Paridhi Gupta (Noob Pari) and many more. These players, known for their exceptional skills, will compete against each other, bringing their unique strategies and gameplay styles to the forefront. Esports thrives on pressure, audience energy, and unforgettable moments. The Royal Opera House, known for its grandeur and legacy, offers a stage worthy of the stakes. The contrast is striking in the best way, with ornate balconies and vintage chandeliers watching over India’s sharpest digital athletes as they fight for the title of the country’s strongest solo BGMI player.
Built between 1909 and 1915 and inaugurated by King George V, the Royal Opera House is India’s only surviving opera house, restored lovingly after decades of closure. From theatre to classical music to film screenings, its stage has embraced every form of performance. On 2nd December, it will embrace competitive gaming for the very first time, welcoming India’s esports community into its history.
Red Bull Solo Legends has been created to celebrate individual excellence in BGMI. Every rotation, every fight, every decision rests on the player alone. Hosting the finals in a venue that represents mastery, legacy, and performance adds a rare emotional depth to the competition, turning every clutch into a moment that will be remembered long after the final circle closes.
Tickets will be exclusively live on Swiggy Scenes 21st November onward.
Matches will also be broadcast live on the Red Bull Game On YouTube channel for fans from across the country: youtube.com/@RedBullGameOn
The post Red Bull Solo Legends National Final Set to Make Esports History at the Royal Opera House, Mumbai appeared first on European Gaming Industry News.
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eGaming Integrity Shortlisted for Tech Supporter of the Year Award
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eGaming Integrity has been shortlisted for the Tech Supporter of the Year award at the Digital Isle Tech Awards 2025, which recognise organisations making a significant contribution to the Island’s technology sector through collaboration, capability-building, and practical support.
eGaming Integrity provides compliance and internal audit services that help digital businesses strengthen their regulatory readiness and operational resilience. Its integrity-as-a-service model combines monitoring tools, risk assessments, and regulatory guidance to support both new and established operators. The firm also contributes to broader industry development by delivering workshops, best-practice resources, and advisory support aimed at helping early-stage and growing companies navigate compliance and security requirements.
Companies working with eGaming Integrity report improvements in governance, data protection, and audit preparedness, along with increased confidence when launching products or expanding into new markets. The firm’s partnerships with accelerators, incubators, and industry bodies have helped foster a more open and collaborative environment across the Island’s tech community.
Emma Shilling, Director of eGaming Integrity, commented: “We’re delighted to be shortlisted. Our focus has always been to support licence-holders and technology businesses in meeting the Island’s high standards. This recognition reflects the hard work of our team, the value of expert led technical solutions and the value of clear, practical guidance for organisations across the sector.”
Public voting for the awards is now open and closes at 2pm on 27 November 2025.
Members of the public can vote by selecting a finalist in each category at: digitalisleofman.com/tech-awards/
Winners will be announced at the Digital Isle 2025 event on 27 November.
The post eGaming Integrity Shortlisted for Tech Supporter of the Year Award appeared first on European Gaming Industry News.
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