Enlabs Reports Revenue Increase in 4Q2020

Enlabs experienced another record quarter with active customer count increasing by 15% quarter to quarter and 88% year over year.

Another Record Quarter After Acquisition of Global Gaming in Q3

Estonia-based operator Enlabs has published their financial results for 2020, including the fourth quarter of the year. Revenues for the period January 1 – December 31 2020 totaled EUR50.5 million, a 27% increase.

Revenues for the period October 1 – December 31 2020 amounted to EUR20.3 million an 82% YoY increase. Total active customers during the last quarter increased by 88% to reach 77,357. Deposits stood at EUR67 million, a 99% increase.

Organic revenue was up 19% quarter to quarter and 20% year over year. Organic iGaming growth in the Baltics, Enlabs core region, amounted to 22% quarter to quarter and 32% year over year. Adjusted EBITDA during the quarter increased to EUR6.6 million with a 32% margin.

Following the successful acquisition of Global Gaming in Q3, the company reported yet another record quarter. All of the operator’s markets posted quarter to quarter growth in activity and revenue. During the last quarter of 2020, the main focus was the integration of the Global Gaming team into Elabs structure.

Another highlight was the launch of casino games from Blueprint, Yggdrasil, Skywind, Stakelogic and Oryx. The operator also revoked its old Swedish license voluntarily in Q42020. The company said it is preparing a “competitive product which will afterwards undergo regulatory certification and then file a license application”.

Also, in the beginning of 2020, Enlabs’ shareholders received a public offer from Entain. Enlabs will have until March 18, 2021 to decide whether it wants to accept a SEK2.8 billion acquisition offer from Entain.

Sweden to Remain Core Market for Enlabs in 2021

Enlabs is the largest iGaming operator in the Baltics region with estimated market share of approximately 25%. The region has a huge growth potential and will remain a focus in the strategy of Enlabs. The company will aim to increase its market share in the Baltics to 28-30% by the end of 2021.

Ukraine is another country on the radar of Enlabs. The company estimated the online gaming market to be around EUR500 million. Enlabs will enter the market with a Ninja Casino brand focused on entertainment and trustworthiness.

Belarus is estimated to have a EUR50 million online market and is another priority on Enlabs’ list. Currently there are four online operators in the market. The company plans to enter there towards the end of 2021 with the Optibet brand and department store concept.