News
Europe gets new “unicorn” – LeoVegas reaches billion dollar valuation
GP Bullhound can now confirm that Sweden has gained a new tech “unicorn”, as the mobile gaming group LeoVegas – which GP Bullhound has supported from the onset, both as an investor and adviser – has now achieved unicorn status with a valuation of over USD 1 billion.
Swedish company LeoVegas AB (publ) is listed on Nasdaq First North Premier and was established in 2011 by entrepreneurs Gustaf Hagman and Robin Ramm-Ericson. Since the start, operations have been characterised by award-winning innovation and strong growth.
Of Europe’s 57 tech unicorns, Sweden – together with the UK and Germany – is at the top and can boast unicorns such as Spotify, Avito, King, Klarna, and now LeoVegas.
From its beginning, the mobile gaming group LeoVegas has been at the forefront of technical development in gaming. In just over five years LeoVegas has grown from zero customers and an entirely unknown brand to one of the leading e-gaming companies in Europe. LeoVegas was introduced on Nasdaq First North Premier in March 2016 in an IPO that was oversubscribed several times over and has now passed the USD 1 billion valuation mark.
Per Roman, Managing Partner of GP Bullhound, comments: “LeoVegas’ billion-dollar valuation can be credited to its two devoted founders and their laser-sharp vision on mobile gaming. It is a success story far beyond the ordinary in which GP Bullhound has participated since the start in 2012. As an early investor in the business and as an advisor we are very proud to have been part of this journey that has made the company the leading player in the European gaming industry.”
“With a compelling tech focus, great player experience and a fantastic team, LeoVegas has been on an incredibly exciting journey,” say Gustaf Hagman and Robin Ramm-Ericson, the company’s two co-founders and the entrepreneurs behind LeoVegas. “And it is a journey that has only just begun! Through our vision – ‘leading the way into the mobile future’ – we are taking new steps and striving to accelerate our development through the technical solutions that are leading the way in 2017, such as AI and machine learning.”
“We started LeoVegas with the conviction that mobile devices would rapidly transform the entertainment world, and our goal was that LeoVegas would lead this change,” say the founder pair Gustaf Hagman and Robin Ramm-Ericson. “But creating a unicorn requires more than just good analysis. It is just as much a team effort, and we truly want to give credit to our great employees, partners and investors – such as GP Bullhound – who dared to believe in us at an early stage.”
News
N1 Insights April’s iGaming Trends You Shouldn’t Miss
April reflects changes that began taking shape in iGaming back in the first quarter, but are only now becoming systemic. The market is gradually shifting away from short-term optimization toward more complex strategies, where performance sustainability, GEO diversification, and a reassessment of affiliate model efficiency play a key role.
In this issue of N1 Insights, N1 Partners experts analyze how traffic structures are evolving and which scaling approaches continue to deliver results amid increasing competition.
Part 1
1. Traffic and performance
1.1 Traffic sources most likely to show the highest volatility in April
The highest volatility is expected from Facebook, TikTok, and PPC channels, as they are directly affected by changes in moderation, algorithms, and competitive activity. Additional fluctuations are anticipated in Google UAC, where auction costs traditionally increase in April due to intensified brand activity following the end of the first quarter.
1.2 Will brands shift their priorities between traffic volume and quality in April?
In April, many brands will begin shifting their focus toward traffic quality, based on first-quarter performance insights. Priority will be given to deeper metrics – from FTD to deposits and LTV – rather than simply chasing registration volume and initial conversions.
At the same time, in certain high-growth GEOs, there will still be a willingness to invest in volume in order to capture market share more quickly, even at the expense of short-term efficiency.
1.3 What will be more challenging in April: finding new scalable setups or maintaining current volumes?
Most likely, maintaining current volumes will become more challenging, especially in highly competitive GEOs. After an active first quarter, many proven setups are already overheated, while traffic costs continue to rise.
Finding new setups remains possible; however, scaling them will take more time due to increased competition and higher requirements for traffic quality.
1.4 Changes in testing strategies for new GEOs and traffic sources in April
Affiliates are likely to shift toward shorter testing cycles and reduce test budget volumes in order to adapt more quickly to changing market conditions.
“At the same time, interest in traffic source diversification will increase: beyond the classic Facebook and Google channels, we expect a growing number of tests in alternative social platforms,” comments Vlad Chernov, Deputy Head of Affiliates at N1 Partners.
1.5 Key metrics for scaling up or cutting caps
Key metrics will continue to include CR, ROAS, ARPU, retention, and player LTV, but their role in decision-making will become even more significant. Teams will increasingly shift from evaluating “input” metrics to analyzing audience quality and long-term value.
In particular, scaling decisions will be based on early LTV signals and user behavior patterns, rather than solely on FTD volume. This will allow teams to identify underperforming setups earlier and reallocate budgets toward more sustainable traffic sources.
2. GEO priorities
2.1 GEOs that may see the highest traffic growth in April
In April, several Tier-1 countries are expected to show the strongest growth, primarily Canada, Germany, and Australia, where demand for online gambling remains stable and major brands continue to increase their marketing budgets. Growth may also be observed in Latin America (Brazil, Peru, Chile).
At the same time, some affiliates will continue scaling in Eastern Europe and CIS countries, where competition is lower than in Tier-1 markets and it is easier to test new setups.
2.2 Will the approach to Tier-1 markets change compared to Q1 2026?
The approach to GEO selection will become more selective and pragmatic. Many teams will maintain their focus on Tier-1 markets, but with stricter ROI control amid rising traffic costs and decreasing predictability of results.
At the same time, a partial budget reallocation is expected in favor of GEOs with more favorable scaling conditions – lower competition and more affordable auction dynamics. As a result, strategies will increasingly balance between the stability of Tier-1 markets and growth opportunities in less saturated regions.
2.3 Regions where the cost of player acquisition is expected to change the most
The most noticeable increase in CPA is expected in Tier-1 markets – primarily Canada, Germany, and Australia. In these GEOs, player acquisition costs are likely to continue rising amid intense competition and increasing pressure from large media buying teams.
“An additional factor will be the concentration of budgets after the first quarter: major players are scaling more aggressively, which overheats the auction and reduces the effectiveness of standard traffic acquisition approaches,” notes Vlad Chernov, Deputy Head of Affiliates at N1 Partners.
As a result, the entry threshold for new campaigns is rising, and achieving target metrics will require more precise optimization and stronger setups.
2.4 Key GEOs for growth at the beginning of Q2
Key GEOs may include several Tier-1 markets such as Canada, Germany, and Australia, as well as a number of Tier-2 and Tier-3 countries, including Brazil, India, Turkey, Kazakhstan, and Chile.
These countries remain a priority for many brands due to strong purchasing power, higher player LTV, and stable demand for licensed products. Despite high competition and traffic costs, Tier-1 markets continue to attract large affiliate teams, as with proper optimization they offer the most sustainable long-term profitability.
3. Affiliate Marketing Dynamics
3.1 How will the balance between new partners and established affiliate teams change in April?
The market will continue to consolidate around large and experienced teams that have the resources for scaling, optimization, and rapid budget reallocation. Their advantage will strengthen due to accumulated expertise, access to data, and more stable traffic acquisition processes.
At the same time, new teams will continue to emerge; however, the barrier to entry will keep rising. Without access to unique traffic sources, technological advantages, or niche expertise, it will become increasingly difficult for them to compete with established players and reach comparable volumes.
3.2 Changes in affiliates’ approach to selecting partner brands
Affiliates are increasingly shifting their focus toward non-financial factors when choosing partners – primarily brand reputation, payment reliability, and transparency of statistics. These criteria are becoming critical amid rising risks and the instability of certain offers.
As a result, the trend toward long-term partnerships is strengthening: more teams are favoring sustainable collaboration models over short-term offers with potentially high but unpredictable payouts.
“This approach reduces operational risks and enables building a more stable long-term unit economics,” says Vlad Chernov, Deputy Head of Affiliates at N1 Partners.
3.3 Types of partners that will see the most active growth in April
Media buying teams working with paid traffic will continue to grow most actively, along with content affiliates and SEO-driven projects focused on long-term organic traffic acquisition. These models remain key due to their scalability and more predictable long-term economics.
At the same time, growth in alternative sources is accelerating – particularly influencer and Telegram traffic, which attract affiliates with help of flexibility, a lower barrier to entry, and the ability to test hypotheses more quickly.
3.4 What changes in partner behavior are likely to be most noticeable in April?
Partners will increasingly diversify their traffic sources and GEOs to reduce dependence on any single channel. More cautious scaling and deeper analysis of unit economics can also be expected, especially in light of first-quarter results.
Part 2
1. PR trends
1.1 Top PR trends in April 2026
In the second quarter, PR activity noticeably picks up: after revisiting strategies at the beginning of the year, brands start engaging more actively with media and building more structured communication. Against the backdrop of increasing competition, having a strong offer alone is no longer enough – what matters is how the brand presents itself and what it communicates.
“At the same time, formats are also evolving: traditional press releases are gradually taking a back seat, giving way to case studies, interviews, and more ‘authentic’ content,” says Maria Bobrovskaya, Team Lead PR, Event, Production at N1 Partners.
The market is saturated, so those who deliver real value and communicate with their audience not in abstract terms, but through experience and concrete results, are the ones who win.
2. Brand marketing strategy
2.1 Which aspects of marketing strategy should brands focus on in April amid increasing competition?
The key focus should be on differentiation through brand positioning, not just through offer terms. In a market saturated with similar propositions, partners begin to make decisions based not only on numbers, but also on trust and stability.
This is reflected in affiliate behavior: strong partners are more likely to work with brands that have a clear reputation and predictable processes.
2.2 What changes in marketing strategy should brands consider in April to maintain a competitive advantage?
Companies are gradually shifting their focus from short-term acquisition to long-term partner retention, strengthening efforts in content, PR, loyalty programs, and community development. This approach not only reduces dependence on a constant influx of new affiliates but also improves the quality of engagement with existing partners.
This shift is largely driven by market saturation: acquisition costs continue to rise, while competition for active affiliates intensifies.
“In such conditions, retaining and developing the existing partner base becomes strategically more effective than aggressively acquiring new partners, especially given the increasing demands for transparency, support, and level of service,” notes Maria Bobrovskaya, Team Lead PR, Event, Production at N1 Partners.
2.3 How can marketers find the right balance between short-term results and long-term brand development?
The balance is achieved through a combined strategy: performance drives immediate results, while brand communications ensure long-term stability. If a brand focuses only on short-term gains, it becomes vulnerable in a highly competitive environment.
2.4 The most effective approaches to marketing budget allocation in Q2
In the second quarter, many companies begin reallocating budgets toward a more diversified strategy. In addition to performance channels, there is increased investment in PR activities, content marketing, and event participation.
This shift is driven by the fact that relying solely on paid traffic is becoming less stable, prompting brands to seek ways to strengthen their organic presence and build trust.
- Marketing challenges
3.1 What new challenges may marketing teams face at the beginning of Q2?
The key challenge remains the growing competition for partner attention, making it increasingly difficult for brands to differentiate themselves amid similar terms and offers. In an oversaturated market, standard acquisition tools are no longer delivering consistent results.
As a result, marketing teams are forced to shift their focus from purely commercial terms to building reputation, improving communication quality, and shaping overall brand perception. This includes more systematic work with content, greater transparency in interactions, and the development of long-term relationships with partners.
3.2 Which marketing strategies may become less effective in April?
Approaches based solely on financial terms are gradually losing effectiveness. When many programs offer similar payouts, partners begin to pay attention to other factors – such as brand reputation, quality of support, and operational stability.
3.3 Will it become more difficult to attract strong partners amid the large number of affiliate programs on the market?
This is largely due to the fact that strong affiliates have already formed a stable pool of partners and have become significantly more selective when choosing new brands. Decisions are increasingly made not only based on terms, but also considering reputation, stability, and quality of interaction.
In practice, this results in a longer onboarding cycle: new programs require more time to pass the evaluation stage and build trust. As a result, partnership launches slow down, and affiliate expectations become more demanding.
3.4 What signals in April may indicate that brands should reconsider their marketing strategy?
A decline in partner engagement, weak response to new products, and lack of brand visibility in the media are key signals.
“This is due to the fact that in a highly competitive environment, even a slight drop in activity quickly impacts a brand’s position,” says Maria Bobrovskaya, Team Lead PR, Event, Production at N1 Partners.
April confirms a key shift in the iGaming market: increasing competition and rising traffic costs are driving higher demands for quality, sustainability, and a more strategic approach to marketing. Quick tactics and short-term solutions are gradually giving way to more systematic efforts – with a focus on LTV, partner retention, and traffic source diversification.
Join the first tournament of the N1 Traffic Cups 2026 series – the N1 SEO Traffic Cup by N1 Partners!
Period: March 1 – April 30, 2026
Results: by May 10
Entry: from 20 FTD per brand
Why N1 Partners:
- 14+ casino and sportsbook brands with Reg2Dep up to 70%
- 10+ Tier-1 GEOs
- CPA up to €700 and RevShare up to 45% + NNCO for top partners + hybrid models
Be number one with N1!
News
Join N1 SEO Traffic Cup by N1 Partners: Only Performance Wins the Game
N1 SEO Traffic Cup – the first tournament in the N1 Traffic Cups series by N1 Partners is gaining momentum. Throughout 2026, N1 Partners’ affiliates can expect a full-scale competitive roadmap: from individual cups to a global championship. The traffic tournament series will expand opportunities for teams focused on systematic performance growth and scaling their results.
The season kicks off with the N1 SEO Traffic Cup is an exclusive tournament for SEO teams featuring a level-based system and brand coefficients. Drive SEO traffic to N1 Partners’ casino and betting brands, earn points, and level up in the tournament – because the higher your Level, the better the prizes!
Current N1 Partners affiliates already driving SEO traffic to brands within the portfolio are automatically enrolled and registered in the tournament – for full registration details, please contact your account manager.
New partners should register via the following link: https://n1.partners/traffic-cups
Tournament period: March 1 – April 30, 2026
Results: May 10, 2026
Participation requirement: generate at least 20 FTDs per product during the tournament period to be included in the list of participants.
Tournament Mechanics 👇🏼
- The N1 SEO Traffic Cup features a level-based system where rewards depend on your N1 Cup Score – the total number of points earned.
- The more brands you work with, the higher the coefficient – and the higher your final N1 Cup Score.
- N1 Cup Score = FTD × Brand Coefficient
- 1 point = 1 FTD
More brands – higher results 👇🏼
The number of brands affects the coefficient as follows: https://bit.ly/n1seotrafficcup_launch_europeangaming
- 1 active brand: coefficient 1x
- 2–3 brands: coefficient 2x
- 4–5 or more brands: coefficient 5x
Prizes & Rewards 👇🏼
There are 4 prize levels in total. Each team that earns the required number of points and reaches Level 1, 2, 3, or 4 will be able to choose a prize from the corresponding prize pool or receive its cash equivalent:
Level 1: 7,000+ points – €25,000 per team
Level 2: 3,500–6,999 points – €15,000 per team
Level 3: 1,500–3,499 points – €7,000 per team
Level 4: 500–1,499 points – €5,000 per team
Among the prizes: trips to the world’s top sporting events – from Formula 1 in Monaco to the 2026 FIFA World Cup matches in the USA, a zero-gravity flight experience, an all-inclusive dream vacation in the Maldives, BMW and Ducati bikes, Apple gadgets, Cartier jewelry, Rolex watches, and much more.
Attention: multiple teams can qualify within each level. This means your final result depends solely on your own performance – the volume of traffic generated and the number of brands you work with. Each team receives the reward assigned to its respective prize level.
Even if you don’t hit a prize level, you’re still in the game – three bonus prizes will be raffled: an iPhone, a PlayStation 5 Pro, and exclusive merch.
“N1 SEO Traffic Cup is not just a tournament, but a systematic growth tool for SEO teams. We set out to create a mechanic that rewards not only volume, but also a strategic approach to working with brands. The level-based system and brand coefficients allow partners to directly influence their results and scale them consciously. In 2026, we are focusing on performance, transparency, and long-term partnerships – and this tournament marks a new chapter in N1 Partners’ large-scale promotional strategy,” – Alexa Bond, Head of Affiliates at N1 Partners.
Tournament details and registration are available via the link: https://bit.ly/n1seotrafficcup_launch_europeangaming
N1 SEO Traffic Cup – only performance wins the game!
News
Join N1 SEO Traffic Cup by N1 Partners Only Performance Wins the Game
N1 SEO Traffic Cup – the first tournament in the N1 Traffic Cups series by N1 Partners is gaining momentum. Throughout 2026, N1 Partners’ affiliates can expect a full-scale competitive roadmap: from individual cups to a global championship. The traffic tournament series will expand opportunities for teams focused on systematic performance growth and scaling their results.
The season kicks off with the N1 SEO Traffic Cup is an exclusive tournament for SEO teams featuring a level-based system and brand coefficients. Drive SEO traffic to N1 Partners’ casino and betting brands, earn points, and level up in the tournament – because the higher your Level, the better the prizes!
Current N1 Partners affiliates already driving SEO traffic to brands within the portfolio are automatically enrolled and registered in the tournament – for full registration details, please contact your account manager.
New partners should register via the following link: https://n1.partners/traffic-cups
Tournament period: March 1 – April 30, 2026
Results: May 10, 2026
Participation requirement: generate at least 20 FTDs per product during the tournament period to be included in the list of participants.
Tournament Mechanics 👇🏼
- The N1 SEO Traffic Cup features a level-based system where rewards depend on your N1 Cup Score – the total number of points earned.
- The more brands you work with, the higher the coefficient – and the higher your final N1 Cup Score.
- N1 Cup Score = FTD × Brand Coefficient
- 1 point = 1 FTD
More brands – higher results 👇🏼
The number of brands affects the coefficient as follows: https://bit.ly/n1seotrafficcup_launch_europeangaming
- 1 active brand: coefficient 1x
- 2–3 brands: coefficient 2x
- 4–5 or more brands: coefficient 5x
Prizes & Rewards 👇🏼
There are 4 prize levels in total. Each team that earns the required number of points and reaches Level 1, 2, 3, or 4 will be able to choose a prize from the corresponding prize pool or receive its cash equivalent:
Level 1: 7,000+ points – €25,000 per team
Level 2: 3,500–6,999 points – €15,000 per team
Level 3: 1,500–3,499 points – €7,000 per team
Level 4: 500–1,499 points – €5,000 per team
Among the prizes: trips to the world’s top sporting events – from Formula 1 in Monaco to the 2026 FIFA World Cup matches in the USA, a zero-gravity flight experience, an all-inclusive dream vacation in the Maldives, BMW and Ducati bikes, Apple gadgets, Cartier jewelry, Rolex watches, and much more.
Attention: multiple teams can qualify within each level. This means your final result depends solely on your own performance – the volume of traffic generated and the number of brands you work with. Each team receives the reward assigned to its respective prize level.
Even if you don’t hit a prize level, you’re still in the game – three bonus prizes will be raffled: an iPhone, a PlayStation 5 Pro, and exclusive merch.
“N1 SEO Traffic Cup is not just a tournament, but a systematic growth tool for SEO teams. We set out to create a mechanic that rewards not only volume, but also a strategic approach to working with brands. The level-based system and brand coefficients allow partners to directly influence their results and scale them consciously. In 2026, we are focusing on performance, transparency, and long-term partnerships – and this tournament marks a new chapter in N1 Partners’ large-scale promotional strategy,” – Alexa Bond, Head of Affiliates at N1 Partners.
Tournament details and registration are available via the link: https://bit.ly/n1seotrafficcup_launch_europeangaming
N1 SEO Traffic Cup – only performance wins the game!
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