Q1 revenues increased by 8% to \u20ac96.7m (\u20ac89.4m Q120) with organic growth in local currencies of 8%. Adjusted EBITDA was \u20ac10.9m (\u20ac9m Q120) with adjusted margins of 11.3% (10% Q120). Adjusted earnings per share were \u20ac0.07 (0.06 Q120). The number of depositing customers grew 12% YoY to 462,386 (413,269).<\/p>\n
Germany continues to impact operators. Excluding that market, LeoVegas\u2019 organic growth was 19% during Q1. Preliminary revenue for April came to \u20ac32.7m (\u20ac37.5m Q120), a 13% drop YoY, excluding Germany, revenue grew 4% during the month.<\/p>\n
Home on the Reichweite: <\/strong>Revenues from Germany for LeoVegas more than halved in the first-quarter with the percentage of total revenues from the country down to 6% from 15% in Q120. The problems continued into the current quarter; preliminary revenue in April was down 13% for the group but excluding Germany it achieved growth of 4%. CEO Gustav Hagman said Germany was now a \u201cmassive black market.\u201d<\/p>\n \u201cAt the moment it\u2019s the Wild West there, 70-80% of the players have shifted to the black market\u201d, Hagman told analysts on the earning call. <\/em><\/p><\/blockquote>\n The company is pinning its hopes on the long arm of\u00a0the German tax authorities once the Interstate Treaty kicks in on 1 July. \u201cFrom 1 July the legislation will be enforced by the tax authorities\u201d who are expected to be aggressive in their enforcement actions and \u201cthere is also talk of blocking payments, which is a good sign\u201d.<\/p>\n German offset: <\/strong>The drop in Germany was offset by strong growth in Italy, Spain and Canada, Hagman said.\u00a0The group is active in discussions over sports-betting regulation in the province in Ontario, these \u201care highly promising, the legislation seems fair and healthy and we want to get licensed.\u201d In Sweden, it said the strength of the brand had enabled it to grow on a yearly basis \u201cfor the first time since the temporary Covid-19 restrictions were implemented in July 2020\u201d.<\/p>\n Great Expektations: <\/strong>Sports-betting will be a major focus for Leo Vegas with major acquisition drives planned for the Euros, Copa America and Tokyo Olympics. The group is confident Expekt will perform well in the Swedish target market thanks to its history and brand awareness there. For Expekt, CEO Gustaf Hagman did not set a specific growth or revenue target, \u201cbut with 9% of our revenues currently coming from sports and with us launching such a great brand we wouldn\u2019t be surprised if the figure reached double digits fairly soon.\u201d LeoVegas will complete the acquisition this month and migrate all its betting activities onto the Kambi platform to launch in time for Euro 2020.<\/p>\n In-house rules:<\/strong> The migration of online casino Royal Panda onto the group player account management system has completed, while the launch Blue Guru games studio and the LeoVentures investment in SharedPlay will see even more focus on in-house games development. The group didn\u2019t provide guidance and said it was part of utilising its experience and knowledge in the casino vertical \u201cto gain a larger share of the value chain, this is important for future revenues.\u201d It will also develop B2B revenues with the division, the first game is expected to go live in Q4 and \u201c20 more games will be launched in the next 24 months,\u201d Hagman added.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The top line Q1 revenues increased by 8% to \u20ac96.7m (\u20ac89.4m Q120) with organic growth in local currencies of 8%. Adjusted EBITDA was \u20ac10.9m (\u20ac9m Q120) with adjusted margins of 11.3% (10% Q120). Adjusted earnings per share were \u20ac0.07 (0.06 Q120). The number of depositing customers grew 12% YoY to 462,386 (413,269). Germany continues to […]<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[337,324],"tags":[630,633,676],"class_list":["post-1990","post","type-post","status-publish","format-standard","hentry","category-analyst-notes","category-news","tag-aspire-global","tag-everi","tag-leovegas"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=1990"}],"version-history":[{"count":2,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1990\/revisions"}],"predecessor-version":[{"id":1993,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1990\/revisions\/1993"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=1990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=1990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=1990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Additional articles available today on Earnings + More:<\/h3>\n
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