LeoVegas reported a second quarter revenue increase of 1% to EUR 98.0 m (96.8). Excluding the Netherlands, revenue increased 9%.

Adjusted EBITDA was EUR 9.0 m (10.6), corresponding to an EBITDA margin of 9.2% (10.9). The number of depositing customers was 442,647 (460,697), a decrease of 4%.

During the second quarter, the group’s revenue grew 1%. Excluding the Netherlands, growth was 9%. During the period, 79% of our revenue was locally regulated and/or taxed.

Growth of the proportion of regulated revenue is in line with our strategy and demonstrates our strength in operating in regulated markets with complex and locally adapted regulations. Adjusted EBITDA was EUR 9.0 m, which was charged during the period by items affecting comparability that were primarily attributable to the bidding process with MGM. Expenses related to the US expansion were charged to EBITDA with EUR 1.0 m. As we wrote in our previous report, we have increased marketing investments mainly connected to the re-regulation in Ontario. We also intensified initiatives in some other markets in which we noted good returns on our marketing.

It was an eventful quarter for the LeoVegas Group. LeoVegas was launched as one of the first operators on the newly regulated market in Ontario, Canada, and we released our first proprietary games through the gaming studio Blue Guru Games. We implemented major efficiency improvements through the automation of our CRM activities, which will also create a more individually tailored gaming experience. In the beginning of May, the US company MGM announced a takeover bid for all shares in LeoVegas. It seems likely that the bid will be accepted, which would lead to the company’s shares being delisted from Nasdaq Stockholm later in the year. Regardless of the outcome of the bid, business remains as usual and we are continuing to work relentlessly to create the industry’s premium gaming experience for our customers.

During the second quarter, the Group’s revenue grew 1%. Excluding the Netherlands, growth was 9%. During the period, 79% of our revenue was locally regulated and/or taxed. Growth of the proportion of regulated revenue is in line with our strategy and demonstrates our strength in operating in regulated markets with complex and locally adapted regulations. Adjusted EBITDA was EUR 9.0 m, which was charged during the period by items affecting comparability that were primarily attributable to the bidding process with MGM. Expenses related to the US expansion were charged to EBITDA with EUR 1.0 m. As we wrote in our previous report, we have increased marketing investments mainly connected to the re-regulation in Ontario. We also intensified initiatives in some other markets in which we noted good returns on our marketing. Our operating expenses increased during the quarter, partly driven by new recruitments in our technology organisation with the opening of two ne