Tag Archives: Gustaf Hagman

LeoVegas hits back at Swedish regulations despite Q2 successes

Despite a series of regulatory changes across its core markets, LeoVegas AB has praised its ‘continued solid growth and profitability during a period of exceptional circumstances’ as it published its Q2 2020 results (period ending 30 June). The Stockholm-listed online gambling group noted that ‘the effects related to COVID-19 are judged overall to have had a positive impact on NGR …

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Swedish CEOs challenge ‘unrealistic demands’ against threat of igaming becoming obsolete

A consortium of Swedish online gambling companies have ‘unanimously contested’ the Ministry of Finance’s proposals to place further restrictions on online gambling licensees. In a joint statement issued by Swedish igaming trade body BOS, nine CEOs have called for the government to reconsider the ‘unrealistic proposals’, which are said to ‘play into the hands of the unlicensed market’. The statement …

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Strong Q1 opening sees LeoVegas recover lost ground

Delivering on key corporate restructuring initiatives, LeoVegas AB has detailed a strong opening to 2020 trading, recording a 4% increase in group revenues to €89 million (Q12019: €86m). The Stockholm-listed online gambling group completed the migration of its 12 UK brands onto its proprietary technology platform, vastly improving game offerings, payment services and engagement functionalities, while also reducing group operating …

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Swedish leaders warn Minister Shekarabi of channelisation consequences  

CEOs of Sweden’s leading igaming operators have warned health minister Ardalan Shekarabi not to ‘torpedo his own gambling regulations’, emphasising that further restrictions on the sector will result in an increase of punters betting via unlicensed operators. As health minister overseeing Sweden’s response to the coronavirus pandemic, Shekarabi has ordered Swedish parliament to adopt a series of temporary online gambling …

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Tough closing period weighs heavy on LeoVegas 2019 results

LeoVegas AB has detailed a tough closing period to 2019 trading, in which significant Q4 exceptional costs have impacted the firm’s full-year performance. Updating investors, the operator explained that it has booked €6 million attributed to restructuring costs, on top of a €10 million Royal Panda impairment charge. The expenses see LeoVegas post Q4 2019 operating losses of €2.5 million …

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LeoVegas outlines strategic changes for UK operations

Ahead of publishing its interim report for Q4 2019, online gambling group LeoVegas has outlined a number of strategic changes that it plans to make, which will impact its UK-facing brands and future strategy. LeoVegas has reiterated that it plans to ‘fully use economies of scale in technology, product and organisation’, and has confirmed that its planned relocation to new …

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LeoVegas hunts for new chairman as Mårten Forste takes COO role

Stockholm-listed LeoVegas AB has confirmed that Mårten Forste, current Chairman of the Board, will take the position of Group COO to oversee ‘overarching responsibilities’ of the firm’s Maltese operations. The appointment will see Forste maintain his Chairman role until LeoVegas’ next AGM planned for May 2020, where the firm’s Nominations Committee will announce a new corporate governance leader. Forste has …

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LeoVegas reports strong Q3 despite facing ‘greater regulatory complexity’

Mobile gaming group LeoVegas has reported a strong performance during Q3, with revenues increasing by 12%, despite the group continuing to face a ‘difficult-to-navigate’ regulatory environment. Publishing its quarterly report for the period 1 July – 30 September 2019, the group noted an increase in revenues from €78.6m in 2018 to €88.2m, while EBIDTA jumped from €8.96m to €12.75m.  LeoVegas …

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LeoVegas agrees €15m Authentic Gaming offload to Genting

Issuing a market filing this morning, the governance of Stockholm-listed LeoVegas AB has agreed to sell its live gaming vertical Authentic Gaming to Genting Group for €15 million (£13m). Updating investors, LeoVegas details that the transaction is undertaken on a ‘debt-free basis’ and represents a return of more than 100% on its investment in the live gaming enterprise. LeoVegas’ investment in Authentic …

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LeoVegas overturns Swedish licensing restrictions

Stockholm-listed online gambling group LeoVegas AB has re-established its five-year Swedish gaming licence, having won its appeal against gaming inspectorate Spelinspektionen. LeoVegas governance had challenged Spelinspektionen’s decision to limit its licence to a two-year operating period, in relation to committing UK advertising violations. Filing a challenge with the Swedish Administrative Court of Linköping, LeoVegas governance contested the decision by stating …

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