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LeoVegas is set to launch its brand in New Jersey, USA, marking its entry into the US market. The company plans to accept its first customers in the first half of 2022 through a partnership with Caesars Entertainment. Utilizing its proprietary platform, Rhino, LeoVegas aims to deliver a competitive gaming experience. New Jersey's online gaming market is the largest in the US, generating over USD 1 billion in revenue in 2020. Rhino platform supports over 60 game integrations and is fully ported to Google Cloud.
LeoVegas reported an 8% increase in first-quarter revenue to EUR 96.7 million, with organic growth at 19% excluding Germany. Adjusted EBITDA rose by 22% to EUR 10.9 million, and the number of depositing customers reached a record 462,386, up 12%. The company acquired Expekt for EUR 5 million to boost its sports betting portfolio and listed shares on OTCQX in the USA. However, preliminary April revenue showed a 13% decline compared to the previous month. In addition, a SEK 2 million sanction from the Swedish Gambling Authority is pending appeal.
LeoVegas has launched its own game studio, Blue Guru Games, aiming to develop exclusive games for both its brands and other operators. LeoVegas holds an 85% stake in the studio, which boasts over 20 years of game development experience. The studio plans to release at least 20 new games within 24 months, enhancing LeoVegas' control over its game offerings. This initiative is part of LeoVegas' strategy to optimize its value chain in the gaming industry and follows its acquisition of sports betting company Expekt.
LeoVegas (OTCQX: LEOVF | Nasdaq Stockholm: LEO) has announced that CEO and Co-founder, Gustaf Hagman, will present live at VirtualInvestorConferences.com on April 29, 2021, at 1:30 PM ET. This interactive event allows investors to engage with the company in real-time. For those unable to attend, an archived webcast will be available. Recent highlights include the acquisition of Expekt and an investment in SharedPlay. Investors are encouraged to pre-register for updates. More details can be accessed at here.
LeoVegas, through LeoVentures, is investing EUR 1.1 million for a 25% stake in SharedPlay, a company focused on multiplayer casino gaming experiences. This investment highlights the growing trend of social interaction in gaming. SharedPlay aims to create engaging multiplayer experiences, transforming solitary gaming into shared excitement. CEO Gustaf Hagman noted that the investment aligns with current gaming behaviors, while SharedPlay's founder emphasized its potential in a rapidly evolving industry. The partnership aims to enhance social casino gaming.
On March 25, 2021, LeoVegas announced that its shares are now available for trading in USD on the OTCQX Markets under the ticker symbol LEOVF. This move is aimed at capitalizing on the increasing interest from US investors, who currently make up about 12% of the company's shareholders. The listing on OTCQX is expected to enhance accessibility to US capital markets and complement LeoVegas' existing presence on Nasdaq Stockholm. The company is committed to meeting high financial standards and best practices in corporate governance.
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