The company did note, however, that excluding Germany and the Netherlands, revenue increased by 26%.

Net Gaming Revenue (NGR) from regulated markets and markets in which the group pays local gaming taxes was 74% of total NGR, while organic growth in local currencies was -4%.

EBITDA amounted to €11.6m, while the number of depositing customers was 456,063, a 1% decline from the prior-year period.

LeoVegas highlighted many events within the quarter, including the company being granted renewed gaming licences by the Danish Gambling Authority. The group also repurchased shares for €2.1m and distributed the third quarter dividend.

Events after the quarter meanwhile include the application of a gaming licence for Ontario. Furthermore, the establishment of its presence in New Jersey is proceeding as planned, with the recruitment of a local team already underway.

“During the quarter and the full-year 2021, we took several important steps as a company, which we expect to drive growth for many years to come,” said Gustaf Hagman, Group CEO.

“We demonstrate a high ability to adapt and continue to drive innovation even when faced with turbulent times. An increasing number of European countries are becoming regulated and some 74% of our revenue is currently regulated and/or taxed. The external market environment will remain erratic and turbulent in places, but we are well-positioned to manage this.

“Armed with all of our ongoing growth initiatives, I feel optimistic ahead of 2022.”