LeoVegas Enters into Agreement to Buy Gaming Operator Royal Panda

LeoVegas enters an agreement to acquire rival operator Royal Panda for a maximum consideration of €120m.

Stockholm-listed mobile gaming specialist LeoVegas is going to acquire Royal Panda, a proprietary technical platform focused on online casino, for a purchase price of EUR 60 million with a possible earn-out payment of an additional EUR 60 million. The LeoVegas Group has obtained debt financing of EUR 100 million, of which EUR 40 million constitutes a revolving credit facility.

The expected date of completion of the acquisition to be transferred is the 1st of December 2017. LeoVegas board of directors has adjusted company’s financial targets. Royal Panda has the right to a contingent consideration to a maximum of EUR 60 million if certain financial milestones are met within 12 months after the closing. That’s why the total purchase price can reach a maximum of EUR 120 million.

In order for Royal Panda to be entitled to the maximum earn-out, the company must achieve at least EUR 50 million in Net Gaming Revenue (NGR) and EBITDA of at least EUR 15 million, at least EUR 34 million of NGR must be derived from the UK, and EBITDA from the UK must amount to at least EUR 5 million. The acquisition of Royal Panda is in line with LeoVegas strategy to continue growing on regulated markets.

LeoVegas has a strong cash position that has been used for the initial purchase price. In addition, LeoVegas has obtained a debt financing of EUR 100 million in order to act on future acquisition opportunities. Out of the EUR 100 million, EUR 40 million consists of a Revolving Credit Facility (RCF). The financing has a term of three years, and amortisation will commence in the second quarter of 2019 in the amount of EUR 10 million quarterly. The interest rate on financing is approximately 2 percent.

The launch looks promising and LeoVegas believes that the acquisition of Royal Panda is going to strengthen the company’s expansion in regulated gaming markets, especially in the UK. Royal Panda has just launched a sports book and works well with sport customers. Located in Malta, the company has around 60 employees at the moment.

Gustaf Hagman, Group CEO at LeoVegas, says, «Royal Panda has in a short time built up an efficient business with an exciting and strong brand. This is a major acquisition that we are carrying out following a carefully executed process. With the help of the strong symbolic value in the panda, the company has built a premium brand among gamers, and we will complement LeoVegas with Royal Panda. This gives us two great brands with global appeal, which makes the scalability in the continued growth strong while strengthening our position in the UK.»

Relive the highlights from our last show and stay tuned for this year’s SiGMA. Watch out for what we’re branding as the ‘iGaming Village’ this year.

Are you an operator looking for top affiliates? Are you a top affiliate looking for a nice treat with like-minded affiliates playing at the same level?

LeoVegas completes its first acquisition in group’s history

LeoVegas today has carried out their first acquisition in the company’s history with the purchase of the Italian gaming operator The Italian operator holds a licence for the Italian market which is currently the largest regulated gaming market in Europe according to data from H2 Gambling Capital. With this addition, it gives LeoVegas and established positioning there.

LeoVegas party held during SiGMA16

LeoVegas party held during SiGMA16

LeoVegas will acquire 100% of the company who in 2016, had a revenue of €8 million. The agreement includes a cash consideration of €6.1 million.

Winga, an organisation comprising of 33 employees, offers their customers a full product offering with 50 percent of their revenue being generated from Live Casino. This includes studio environment and their unique product which is broadcasted live on Italian TV as well as Sky TV. LeoVegas plans to gradually introduce their brand into the Italian market while Winga benefits from their data-driven marketing approach and strengths on the product side and mobile technology around the customer experience.

The purchase price to the seller of Winga which is Paf (Ålands Penningautomatförening) will be paid in two parts and expected to be finalised on 1st March 2017 subject to customary conditions and approval from the Italian authorities.

LeoVegas’ Group CEO Gustaf Hagman commented: “This is yet another milestone in LeoVegas’ development.”

He continued: “The acquisition of will enable rapid expansion in Italy, as we are acquiring a company with local knowledge and an established position. LeoVegas’ expansion strategy is to grow in markets that are either regulated or in the process of being regulated. Our focus on mobile gaming and our proprietary, flexible technology platform create the conditions for a successful acquisition.”

LeoVegas has evaluated around a dozen acquisition opportunities during the past year and having a cash position of over €55 million, they are in a position to continue with new strategic acquisitions moving forward.

This acquisition sees LeoVegas holding gaming licences in the UK, Denmark, Ireland, Malta and now Italy.


Are you a startup? Then apply for the SiGMA Startup Pitch 2017 and meet hungry investors. View Startup Pitch 2016 gallery here.

LeoVegas has been granted a ‘Remote Operator License’ in Ireland

Johan Styren, CEO of LeoVegas Gaming Ltd speaking at SiGMA16 Sports Conference

Johan Styren, CEO of LeoVegas Gaming Ltd. speaking at SiGMA16 Sports Conference

Award-winning leading European online mobile casino LeoVegas has announced to their investors and stakeholders that they have been approved a ‘Remote Operator License’ for sports betting by the Irish Revenue Commissioners, which is the regulatory body for all forms of gambling in Ireland.

The Stockholm Nasdaq-listed company next move will be to start marketing and advertising the relaunch of its betting services within the regulated Irish market which is expected to take place in the first quarter of 2017.

The estimated Irish market worth was around £800 million in 2016

according to H2 Gaming Capital. LeoVegas governance declared that they seek to become a leading brand within a competitive consumer marketplace increasing its profile and launching its full service for the Irish betting market. This is their first step towards achieving this vision.

LeoVegas party held during SiGMA16

LeoVegas party held during SiGMA16

LeoVegas launch in Ireland now sees them operating in a number of regulated markets which include the UK, Denmark and Malta, with their operations being based in Malta and technical development conducted in Sweden.

Group CEO and LeoVegas co-founder Gustaf Hagman commented: “LeoVegas continues to grow in regulated markets. The fact that we have in a short time been granted licences in two regulated markets shows that we are delivering in accordance with our expansion strategy. But it also shows that we have high capacity and quality in our organisation and in the work, we do. I am convinced that our market-leading sports product will contribute to strong growth in Ireland.” and Leicester Tigers enters partnership

Market leader in mobile casino LeoVegas is pleased to announce that they have made a sponsorship deal with Leicester Tigers, one of the most successful and decorated rugby clubs in the world.

The company has reportedly entered into an agreement for a three-year deal as the Official Betting and Gaming Partner for two-time European Cup winners and 10-time English league champions. The contract will include LeoVegas brand logo on the Tigers team uniform up until 2019, along with having them on the adult replica shorts for the 2017/18 and 2018/19 seasons.

This kit sponsorship will allow the brand to have visibility during the live broadcasts and highlight packages from both Premiership and European games.

The sponsorship commences from January 2017 and kicks off in time for Tiger’s home game against Glasgow Warriors on January 21st in the European Champions Cup being biggest sponsorship to date with the agreement including official partner accreditation, media space at Welford Road and match day hospitality.

Shenaly Amin of commented saying: “This sponsorship deal is with one of the biggest rugby teams in the world and is a major statement of intent from, which emphasises our commitment to becoming a leader in the sportsbook market.

“To be mentioned in the same sentence as of one of the most iconic names in rugby, let alone as a partner, is a complete honour and we’re looking forward to becoming part of the Tigers family.”

Tigers’ Commercial Director, Andrea Pinchen said: “We have had the chance to meet with LeoVegas at its Head Offices, and we were hugely impressed with the setup and its people. We firmly believe that it is the premium brand in betting, and to be able to welcome another partner to the Tigers’ family recognises the strength in the Tigers brand. We look forward to working with Leo Vegas immensely.”

Tigers’ Commercial Director, Andrea Pinchen: “We have had the chance to meet with LeoVegas at its Head Offices, and we were hugely impressed with the setup and its people. We firmly believe that it is the premium brand in betting, and to be able to welcome another partner to the Tigers’ family recognises the strength in the Tigers brand. We look forward to working with Leo Vegas immensely.”

LeoVegas Launches Silver Lion – New Lightning Box Games Slot

The new Silver Lion game from Lightning Box Games has been given an exclusive launch on LeoVegas.

The slot game will only be available to players until it goes to general release on December 7th.

The 5×4 reel, 1024-way slot features tribesmen and animals such as zebras, hippos, and meerkats, and takes players on a safari across the sweeping plains of the African Savannah in search of the mythical Silver Lion. Players can expect bonus rounds when the lion appears through the undergrowth, along with opportunities to win big prizes.

Designed and built in premium HTML5 for desktop and standard HTML5 for mobile, the game comes with graphics and soundtracks that transport the players to the heart of the wilderness.

Commenting on the game, Lightning Box Managing Director and Co-Founder Peter Causley said: “Silver Lion is a beautiful game which offers players big prizes by multiplying their stacked wins by up to 27 times. The math model behind the game ensures players are engaged and entertained in equal measure.

“It is a great addition to our growing portfolio, and the result of months of hard work from everyone here at Lightning Box Games. We are sure players on LeoVegas will enjoy playing the game as much as we enjoyed making it.”

Head of Casino at LeoVegas, Karolina Pelc, commented on the launch of the game: “We’re very pleased to once again deliver on LeoVegas’ promise of being the first with the latest. We’re confident that Silver Lion will be one of those popular games with all our players.”

Lightning Box Games also recently struck a trio of deals with online casino operators in the UK, with its Stellar Jackpots-Chilli Gold x2 title launching with bet365, Coral and Ladbrokes simultaneously.

Follow us on Facebook and Twitter for more updates.

LeoVegas Publishes Strong Third Quarter Results

Swedish mobile gaming company and online casino provider LeoVegas has announced its third quarter report ending 30th September, posting its highest ever revenue so far of €39.7 million, up 76% year-on-year.

The Nasdaq First North-listed company reported EBIDTA of €9.8 million – a margin of 25% – attributed to reducing its marketing-to-revenue ratio from 60% to 36% over the quarter, as planned in the company’s second quarter report earlier in the year.

With deposits from customers reaching €39.7 million – an increase of 87% compared to the 23% in the second quarter – the growth is considered to be entirely organic.

Gross profit for the third quarter increased to €31.1 million, corresponding to a gross margin of 78.3%.

Announcing its long-term goals, LeoVegas said that it is determined to reach €300 million in revenue by 2018. The operator also wants to achieve an EBIDTA margin of 15% within the same year.

LeoVegas CEO and Co-founder Gustaf Hagman commented: “The launches of LeoVegas Sport and LeoVegas Live Casino have laid the foundation for strong growth in new customers and gave us considerable momentum into the autumn and third quarter.”

LeoVegas will also be showcasing at Malta’s biggest upcoming gaming event of the year next week between the 16th and 19th of November. If you’re interested in joining SiGMA16, click here to register.

Follow us on Facebook and Twitter for more updates.

Lucky LeoVegas player wins Mega Fortune and Malta trip

Leading mobile casino has created yet another winner. A lucky player has hit the jackpot playing the popular Mega Fortune Dreams game. She also gains a luxury trip to Malta along with her jackpot win as part of the casino’s Leo Masters promotion.

The winner, Ingrid from Sweden won over €62,000 on the LeoVegas mobile app game Mega Fortune Dreams with a stake of only 41 cents on the game before going on to take the five-figure jackpot.

She will now enjoy an all expensive paid trip to Malta where she will take part in the Leo Masters Grand Final in a battle of the slots for a chance to win more money, the €10,000 prize.

Ingrid has already started planning on how she will spend her winnings with thoughts of buying a new car and booking a tropical vacation.

The Swedish winner had this to say: “I didn’t believe I’d won at first! I was at home watching TV while playing on my mobile so it was a great feeling when I realized I’d won the jackpot.”

“I felt even better when I found out I’d won an all-expenses paid trip to Malta for the chance to win an extra €10,000. I can’t wait.”

The Leo Masters is LeoVegas mobile casino search where they find the most impressive roulette, blackjack and slots players. Twelve fortunate players during the months of September and October won the opportunity to battle it out in Malta while being treated to the VIP LeoVegas experience with one of their lucky friends in November.

UK Country Manager at LeoVegas Shenaly Amin stated: “We are delighted to have another big jackpot winner and to hear how they’ll benefit from the money.”

“It’s great to hear that Ingrid is looking forward to her trip to Malta with Leo Masters and we wish her the best of luck as she battles it out to win €10,000 on the slots.”

LeoVegas granted gaming licence in Denmark

Mobile gaming operator LeoVegas has announced that they have been granted a gaming licence for Denmark. The operator will now be able to provide their products to Danish players making them the first mobile operator to have operations in the local market. The launch is forecasted to take place during this autumn season.
LeoVegas has been focusing their energy on expansion and providing the best gaming experience and this expansion into another locally regulated market precedes this vision.

LeoVegas approach to their growth relies heavily on local, business-oriented teams which will set up the ideal prospects for a long-term and successful growth. This entrance in Denmark will be conducted with no major expansion of their current organisation. A local team has been put together in Denmark of industry experts in digital marketing and the Danish gaming market who will be responsible for the company’s operations there.

Group CEO and LeoVegas co-founder Gustaf Hagman states: “LeoVegas expansion continues, and it is gratifying to see how we grow in new markets. Our strategy to enter regulated markets or markets that are facing regulation seems like a winning concept. I am convinced that our market-leading mobile gaming product, data-driven marketing approach, and a strong, local team will help ensure a successful launch in Denmark, where no one has yet taken the mobile position.”

According to the data from H2 Gaming capitol, the Danish online gaming market has been estimated to be worth DKK 4.6 billion in 2016.

Currently, LeoVegas also holds licences in Malta and the UK.

LeoVegas Reports Strong Customer Growth in Q2 2016

LeoVegas, award-winning mobile gaming casino, has announced its second ever set of interim results as a Stockholm-listed corporation.

Detailing a revenue increase in Q2 of 67% to €31 million, compared to the €18.5 million in the same period last year, the iGaming operator was pleased with its 2016 momentum, recording a player activity increase on its products as the quarter’s customer deposit hit the + €100 million mark.

While competing in the Nordic and UK iGaming markets, the company’s corporate focus remains on growing its customer base, after reporting a period of heavy acquisition with a gain of 109k new customers.

Raised marketing costs during the period would see LeoVegas report an operating margin of -7.9 recording EBITDA of -€2.2 million in Q2 2016.

Commenting on the company’s performance in Q2 2016, LeoVegas CEO and Co-founder Gustaf Hagman said:

“LeoVegas’ strategy is to prioritise growth. In connection with the launch of LeoVegas Sport, we will increase our investments in marketing and act upon the new opportunities during this major year in the world of sport. This venture represents an exciting growth opportunity and the addition of new customers, even though we will likely see a decrease in profitability in the near term. Our investments in LeoVegas Sport and Live Casino should be viewed from a long-term perspective.”

The considerable investments made during the period as well as the great success achieved by LeoVegas Sport and Live Casino have resulted in a strong start to Q3 for the company. The revenue for July alone totalled €12.8 million, which shows a growth rate of 68%. In addition, the number of newly created accounts and active customers was constantly growing.

LeoVegas will also be showcasing at SiGMA16, Malta’s biggest upcoming event of the year. If you would like to come and watch all the exhibitors at this iGaming summit in November, click here to register.

Johan Styren

Johan Styren’s main experience comes from the online and mobile gaming industry. He has a wide experience in building and managing the complete sales funnel for online and mobile including marketing, payments and conversion. With over six years mid-high level management experience and two years at C-level management, Johan Styren’s specialities include:

Online Marketing
Business Development
Betting and Casino

LeoVegas has quickly come to be market leader in mobile casino for the Swedish market and is now expanding across Europe. There are currently more than 20 employees and growing fast.

As CEO of LeoVegas, Johan Styren’s mission is to create and increase growth in line with aggressive targets set up by the board. This includes managing and overseeing all parts of the business including marketing, business development, customer support, VIP management, customer loyalty and fraud management.

Relive the highlights from our last show and stay tuned for this year’s SiGMA. Watch out for what we’re branding as the ‘iGaming Village’ this year.

Are you an operator looking for top affiliates? Are you a top affiliate looking for a nice treat with like-minded affiliates playing at the same level?