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LeoVegas AB Q4: Year-end report 2020
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“Yet another record year for LeoVegas with a strong close” – Gustaf Hagman, Group CEO
fourth quarter 2020: 1 october–31 december
- Revenue increased by 13% to EUR 98.4 m (87.1). Organic growth in local currencies was 14%.
- Adjusted EBITDA was EUR 11.5 m (9.2), corresponding to an adjusted EBITDA margin of 11.7% (10.6%). Reported EBITDA includes EUR -3.5 m (5.3) in items affecting comparability.
- The number of depositing customers was 461,983 (372,032), an increase of 24%.
- Adjusted earnings per share were EUR 0.08 (0.06).
Events during the quarter
- LeoVegas was the first company in the gaming industry to offer payments via Open Banking.
- During the quarter the Group’s unique and record-large jackpot was launched under the name LeoJackPot.
- LeoVegas secured long-term and diversified financing through a combination of a bank credit facility (RCF of EUR 40 m) and a bond issue of SEK 500 m under a total framework of SEK 800 m.
- During the quarter, LeoVegas repurchased its own shares for approximately EUR 5 million.
- Ahead of the forthcoming regulation in Germany, a number of changes were implemented. This led to lower revenue during the quarter, with the greatest effect during the month of December.
- LeoVegas has changed its interpretation of the calculation of gaming taxes in Denmark for earlier periods. This resulted in a self-correction, and a one-off cost of EUR 3.5 m has been charged against EBITDA.
- Decision has been taken to migrate the Royal Panda brand to the Group’s proprietary technical platform.
Events after the end of the quarter
- Preliminary revenue in January amounted to EUR 32.5 m (29.9), representing growth of 9%.
- The Board of Directors proposes a raised dividend totalling SEK 1.60 per share (1.40), an increase of 14%, to be paid out on four occasions during the year.
COMMENT FROM GUSTAF HAGMAN – GROUP CEO
STRONG CLOSE TO 2020
LeoVegas concluded the record year 2020 with its strongest fourth quarter ever. And we did this despite frequent changes to the gaming requirements in our markets in addition to finding ourselves in the midst of a global pandemic. I am proud of our ability to quickly adapt to changed conditions through a high capacity for innovation at the same time as we are building an increasingly solid and diversified business. It is a demonstration of strength that LeoVegas delivered adjusted EBITDA growth of 25% for the full year while the operating cash flow increased almost 90 %. This was achieved despite maintaining a high investment pace with launches of new brands, new markets and product improvements.
During the fourth quarter we increased our revenue organically by 14%. Growth was mainly driven by a continued rise in depositing customers, which grew 24% to a new record level. Adjusted EBITDA increased by 25% during the quarter to EUR 11.5 m. Reported EBITDA was charged with a one-off provision of EUR 3.5 m related to a changed interpretation of the calculation of gaming taxes in Denmark for earlier periods.
MarkETS
With the exceptions of Sweden and the UK, our core markets showed high double-digit growth during the quarter. Above all I want to highlight Italy, which has now become one of our five biggest markets. During the quarter we launched the Pink Casino brand in Canada. The launch is part of our multibrand strategy, where we are utilising existing resources and our technical platform to expand through scale.
In the German market, LeoVegas has implemented a number of changes ahead of the forthcoming licence system in July 2021. As expected, this affected revenue during the period. Operators in the market are acting differently with respect to the new restrictions, and at present necessary clarity is lacking in the ongoing transitional period, which unfortunately has led to a skewed competitive situation until the licence system has been fully implemented.
TECHNOLOGY AND PRODUCTS
During the quarter we carried out and launched several major projects and innovations. In particular I want to highlight our new exclusive jackpot – LeoJackpot – where our customers can win over SEK 50 m directly from their smartphones. We were also first in the industry to offer payments via Open Banking. This will benefit LeoVegas and our customers in many ways, including through more secure and faster payments and lower transaction costs.
During the quarter we began the migration of Royal Panda to our joint technical platform. As a result, in 2021 all brands will be operated on the same platform. The migration will lead to cost synergies such as lower platform and product costs and a more efficient organisation. The decision has also resulted in impairment of intangible assets attributable to Royal Panda’s platform, which was charged against EBIT in the amount of EUR 1.9 m.
FINANCING AND INVESTMENTS
At the end of the year we secured the Group’s long-term financing needs through the combination of a renewed bank credit facility of EUR 40 m and a newly issued corporate bond of SEK 500 m.
Stable financing combined with a strong balance sheet gives us a solid base for continued expansion, both through organic initiatives and potential acquisitions. During the fourth quarter we carried out share repurchases for approximately EUR 5 m. In addition, the Board of Directors proposes an increase in the dividend to SEK 1.60 per share.
COMMENTS ON FOURTH QUARTER
Revenue for the month of January amounted to EUR 32.5 m (29.9), corresponding to annual growth of 9%. In January revenue was fully impacted by the changes carried out in Germany ahead of the forthcoming regulation.
On the tailwinds of a strong 2020 we are now looking forward to a year with many exciting growth initiatives and an even stronger customer offering.
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Soft2Bet releases TopBet.ro in Romania with a motorsport‑inspired identity tailored to local fans
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Soft2Bet has launched TopBet.ro, a new Romanian sportsbook designed to cater to local habits and preferences. Built with a clear focus on motorsport and match-day culture, the brand combines competitive odds and fast mobile journeys with an auto-themed identity that resonates with local fans.
From launch, TopBet.ro has been tuned to the way Romanians follow sport. Football and motorsport are front and centre, with timely markets, match-day boosts and content that reflects supporters’ weekly rituals. Romania’s proximity to major European circuits and easy short-haul travel make it a natural home for motorsport fans, and TopBet.ro responds with creative campaigns, themed missions and seasonal offers built around grand prix weekends. The same care is evident throughout the interface: clear navigation, quick bet placement, and a clean, mobile-first design.
Yoel Zuckerberg, Chief Product Officer at Soft2Bet, said: “With TopBet.ro, we set out to create a brand that feels Romanian from the first tap, then added MEGA missions and challenges that turn derby days and grand prix weekends into journeys people return to. What we prove on our own brands becomes the toolkit we offer partners, combining culturally tuned products with measurable engagement and the ability to scale with minimal integration effort.”
Brand representative from TopBet.ro commented: “TopBet.ro is designed for Romanian fans who want more from every match. Together with Soft2Bet, we built a platform that connects sport, competition, and rewards in a way that feels natural and exciting. Our goal is to give every player the chance to experience the game like a champion.”
Alongside sports, TopBet.ro offers a comprehensive casino lobby for quick breaks or a change of pace, featuring popular slots, live dealer tables, and sports-themed titles, all delivered in a mobile-first format with clear navigation and quick load times. The experience is powered by Soft2Bet’s performance-first platform, which delivers speed, stability, and smooth gameplay, along with responsible play tools tailored to local requirements. A key part of this is MEGA (Motivational Engineering Gaming Application), the engagement engine that turns play into progress through missions, challenges and quests that unlock rewards and keep sessions fresh.
The approach has already proved successful in Romania, where seasonal quests and local events are firm favourites among players. By turning everyday actions into clear milestones and rewards, MEGA lifts session depth and repeat visits, helping first-time players become long-term customers.
The post Soft2Bet releases TopBet.ro in Romania with a motorsport‑inspired identity tailored to local fans appeared first on European Gaming Industry News.
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ELA Games beckons players to step into a shadowy realm of sorcery and mystery with its newest release: Witches’ Book
Bathe in the magic as a powerful coven of three witches conjures their spells across the reels, revealing mysterious rewards and surprises. Each spin is a step toward ultimate strength, where massive riches and bubbling magic await.
The Power of the Book
In the Witches’ Book, magic shimmers in every spin. Players aim to collect enchanted pages and experience the power of each witch’s most mythical spells.
Once players gather enough enchanted pages, they complete the spellbook and choose their witch and symbol to unlock the magical Free Spins. As the witches’ power grows, every symbol has the chance to transform into a Jackpot, turning ordinary spins into powerful, enriching moments.
A medium volatility level and 94.9% RTP ensure that wins are frequent even on the base game. Additionally, multiple surprise features can arise and spread across the 5×3 reel format, making each spin a potion of excitement.
ELA Games’ Magical Touch
Witches’ Book is an enchanting embodiment of ELA Games’ philosophy regarding creative innovation and a focus on engaging gaming experiences. The games’ animations, sound design, and dynamic mechanics blend to create an atmospheric game that will have players a part of the incantation.
Marharyta Yerina, ELA Games’ Managing Director, commented on the release, “With Witches’ Book, our goal was to create a title that emphasises the visually-rich aesthetics that embody the atmosphere of the brooding festive season. Every feature and design element was meticulously crafted to keep players engaged and deliver value for our partners. Witches’ Book is an example of our development approach: leverage creativity to entertain players while driving meaningful performance results for operators.”
Discover Enchanting Riches Now
Players can dive into the mysterious world of magic and spells today, with powerful gameplay and immersive experiences.
Finish your incantation and cast a powerful, lucrative spell today.
The post ELA Games Casts Its Latest Spell with Witches’ Book appeared first on European Gaming Industry News.
Reading Time: 2 minutes
Lisbon’s streets set the pace for Season 2 of GR8 Tech’s Bet It Drives — the drive-time podcast where iGaming’s most interesting voices speak freely, in motion. Hosted by Yevhen Krazhan, Chief Sales Officer at GR8 Tech, each episode captures raw insight, candid stories, and the kind of energy you can only find on the road.
Episode 2 puts the spotlight on Tiago Pereira, Head of Portugal at LeBull.pt, the executive who helped turn a logo and a bull into one of the fastest-growing brands in Portugal’s regulated iGaming market. With more than 20 years in sports betting, affiliates, and casino operations at Placard.pt, Betano.pt, bet.pt, and Sportingbet, Tiago has led market entries, compliance frameworks, sponsorships, and full-funnel digital growth.
During the ride, Tiago opens up about:
- How he found his path and his journey from architecture and computer science to marketing.
- The history of LeBull.
- Portugal vs. Brazil: same language, different mindset: why copy-paste doesn’t work and true localization is key.
- The idea behind the LeBull Night Show, a weekly late-night comedy event.
- His failed marketing project.
- Trusting younger generations.
- His previous approach to marketing when he joined Betano in 2017.
- Why the Portuguese sports betting market relies on the casino vertical.
- The next chapter for affiliation.
- Network or Not Work: mascots, localization, and keeping support teams local.
- A small personal detail that’s still quietly visible online for those who know where to look.
- His Champion Rule: move forward with an “I need to get this done” mindset. Whatever happens, don’t stop. Stay consistent, keep moving forward, and the results will follow.
“Tiago showed us how to win a new market with discipline, curiosity, and the courage to keep moving forward,” said Krazhan.
Watch or listen to Season 2, Episode 2 with Tiago Pereira on:
Bet It Drives Season 2 kicked off with Rasmus Sojmark and keeps the pace with upcoming episodes featuring Kyrylo Korobka and Kelly Kehn. Buckle up. Lisbon’s just getting started.
The next chapter of iGaming belongs to those who play smart and play bold. Meet GR8 Tech at booth 5028-2 during SiGMA Central Europe 2025 in Rome, November 3–6, and discover the Heavyweight Rulebook built for operators ready to scale, localize, and win.
The post GR8 Tech’s Bet It Drives Hits the Portuguese Fast Lane with Tiago Pereira of LeBull.pt appeared first on European Gaming Industry News.
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