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Evolution Publishes Interim Report for the First Quarter of 2022

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Gambling technology supplier Evolution AB has published its interim report for the first quarter of 2022.

Highlights

  • Operating revenues increased by 38.6% to EUR 326.8 million (235.8)
  • EBITDA increased by 43.4% to EUR 229.7 million (160.1), corresponding to a margin of 70.3% (67.9)
  • Profit for the period amounted to EUR 197.7 million (132.0)
  • Earnings per share before dilution amounted to EUR 0.93 (0.62)

Events During the First Quarter of 2022

  • In the quarter, 747,000 own shares were acquired. A total of 1,905,865 shares have been acquired and the repurchase programme, announced on 3 December 2021, is thereby completed.
  • Launch of Lightning Roulette in New Jersey with other states to follow.
  • After the end of the period, Evolution went live with an extensive set of online casino services for multiple operators in the new regulated online gaming market in Ontario, Canada.
  • After the end of the period, the first tables are live in our new Madrid studio.

CEO’s Comments

“I’m very happy to see the great work of all Evolution employees producing yet another strong quarter. We continued the strong development from 2021 also during the first quarter of this year. Revenues in the quarter increased by 38.6 percent to EUR 326.8 million, supported by continued strong demand for Live Casino, and the EBITDA increased to EUR 229.7 million, which corresponds to an EBITDA margin of 70.3 percent.

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Looking back at the start of this year the developments outside of Evolution are very much in my thoughts. Even though we were happy to see the effects of the pandemic slowly subsiding in Europe and North America during the quarter our attention moved to the war and the humanitarian catastrophe in Ukraine created by the unprovoked invasion from Russia. At the start of the war Evolution had approximately 100 co-workers based in Kyiv. As for now, the war has limited direct financial impact on our business but emotionally it has affected us all. We will naturally continue to follow the development closely.

The first quarter for Live Casino has started very well with good momentum on most metrics resulting in a strong growth of 44.0 percent. We experienced exceptional growth in the first half of 2021 so the comparable figures are demanding. 2022 has started very well and the entertainment and excitement that Live games offer continues to drive new as well as existing customers to our games.

RNG growth of 1.8 percent year on year pro-forma is in line with our expectations. While structural efforts, such as the One Stop Shop and other cross sales activities are important elements, at the end of the day the key for improved growth is developing great games to all players. End-user satisfaction is always key and taking us there is not done overnight. The road to success will not be straight-lined but the focus and ambition is clear and I’m convinced that we will reach our growth ambitions over time.

The EBITDA margin of 70.3 percent is a step up from the same period last year and within our guidance of 69-71 percent for 2022. I’m happy with this delivery during Q1, especially considering the situation in the world with general cost increases not only relating to transport and energy. Looking ahead we see that the guidance of 69-71 percent EBITDA margin remains.

For us at Evolution, launching new games is what we live for. Creating new fantastic end-user experiences and simply put – to innovate! New games build loyalty among our existing players, introduce existing players to new games they have not played before and attract completely new categories of players. In Q1 we launched Bac Bo, a unique dice game which combines elements of the classic games Baccarat and Sic Bo. We also released Peek Baccarat which is another version of the classic Baccarat. In the quarter we also introduced new RNG titles such as Narcos Mexico and Knight Rider, as well as home grown brands like Doggy Riches Megaways and Zillard King. During the remaining part of the year, we have a very strong line up of new games both in RNG as well as in Live – a very exciting time indeed.

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There is a continued strong demand for online casino across the globe. In North America we continue to expand all our studios, with Connecticut as the next studio to be launched during 2022. In Asia we also continue to experience good growth, while the more mature European markets are, in general, in slower growth mode – some due to regulatory changes affecting operators. However, we still see growth opportunities in Europe. LatAm also offers good potential going forward and continues to develop with several markets in discussions regarding regulation of their market for online gaming.

As I write this we are in the final preparations of Go-Live in our new studio in Madrid and as you read this the first tables are just opening! Also, we are moving closer to open our Yerevan studio to add even more capacity to the Evolution network. A lesson learned during the pandemic years is to not be too dependent on any one studio. Today we can efficiently allocate our resources within our network of fifteen studios and shift resources from one site to another when needed, without any impact on our delivery capacity. As we add studios to the network this becomes even more of a strength benefiting our operators. As earlier communicated, we expect total investments in new studios to increase also in 2022.

We are well on our way into 2022, leaving the first quarter with good delivery and momentum. We strive to be better every single day, every single one of us, and we fight every day to increase the gap to our competitors. With our 88 new games 2022 we have shown what thousands and thousands of fantastic Evolution employees can achieve together. Evolution is a workplace where everyone is accepted and respected. Together, we hope for a brighter end of 2022 than the beginning.”

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Allaster Gair confirmed as Bacta’s Director of Communications

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UK trade association Bacta has announced the appointment of Allaster Gair to the position of Director of Communications, effective 7th July.

Gair, who replaces Executive Director George McGregor who announced in March that he would be stepping down from Bacta joins from global advisory consultancy the DGA Group where he spent 5-years most recently as Senior Associate.

Looking ahead to driving the trade association’s communications programme he stated: “I’m absolutely thrilled to be joining Bacta at such a pivotal time for the industry. It represents a sector with deep roots in local economies, and I’m looking forward to proactively championing its value and telling its story.”

He noted: “The key challenge is changing outdated perceptions and I’ll be working hard to ensure stakeholders understand the modern, responsible nature of the industry and how it strongly contributes both economically and socially.

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“The sector needs to clearly and consistently influence opinion, build trust, and inform policy in what is a complex landscape. I see huge potential to go on the front foot and tell the sector’s positive stories. In particular I’m keen to highlight its beneficial impact, commitment to safer gambling, and its importance to the wider economy.”

Bacta’s outgoing President John Bollom said: “I am delighted to welcome Allaster who was without doubt the stand-out candidate.

“The comms challenges that we face are significant not least combatting the media onslaught that’s being directed at the Adult Gaming Sector and enhancing the ways in which Bacta engages with its members.

“I would like to place on the record my thanks to George McGregor who ends a 21-year association with Bacta.

“His knowledge and experience have been a great asset and he has been a source of wise counsel during what has been an extremely challenging period for the industry.“

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Incline Gaming Marketing strengthens executive team with internal promotions

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Incline Gaming Marketing, the provider of specialist digital marketing services for the global regulated gaming market, has strengthened its executive team with two internal promotions.

The first sees Joanne (Jo) Dennis become Chief Commercial Officer, having been Director of UK/EMEA for the past 14 months.

Jo became part of the Incline team after the business acquired Random Colour Animal, which she co-founded, bringing with her more than 25 years of experience in brand, marketing and commercial strategy.

As CCO, Jo has been tasked with overseeing business development, account management and partner success worldwide.

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She will lead the full commercial lifecycle for Incline’s suite of services, developing ambitious sales and growth strategies and overseeing their execution.

Her remit also centres on expanding Incline’s client portfolio across the globe and driving expert account direction to strengthen partnerships and deliver measurable value.

The second promotion sees Oren Langburt, former VP of CRM Marketing, promoted to Chief Marketing Officer, expending his remit to lead the CRM and User Acquisition divisions globally.

As part of the founding Incline team, Langburt has played a pivotal role in the company’s growth trajectory. He has been instrumental in scaling the agency’s CRM managed services business, shaping a best-in-class offering grounded in Incline’s deep industry expertise.

Langburt brings more than 15 years of marketing experience, including leadership roles at some of the biggest companies in the industry, including the likes of FanDuel.

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As CMO, he will focus on unifying performance strategy across acquisition and retention ensuring clients see the full impact of Incline’s integrated services model.

Jo DennisChief Commercial Officer at Incline Gaming Marketing, said: “It’s an exciting time to be taking on the CCO role and growth journey for the business.

“We have achieved huge success across The Americas, Europe, Africa and beyond with our user acquisition, CRM and creative design services, and are now taking this momentum to the next level. 

“We are the only digital marketing and creative agency that is focused on, and specialises in, the regulated global gambling industry. Our deep level of multi-market expertise, and operator-side experience within the Incline team, gives us the edge. 

“In the role of CCO, my focus is on providing even more value to our new and existing partners, driving performance-led success across our full suite of digital marketing and creative activities.” 

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Oren Langburt, Chief Marketing Officer at Incline Gaming Marketing, added: “I’m incredibly excited to step into this role and continue building on the momentum we’ve created at Incline. We have an exceptional team and I’m energized by the opportunity to help shape the future of how we drive further growth for our partners. My focus will be on empowering our teams, deepening client partnerships, and continuing to push the boundaries of what performance marketing in igaming can be.”

The appointments come ahead of the Canadian Gaming Summit, which takes place from 17 – 19 June, where Incline Gaming Marketing will be in attendance; as well as IGB Live in London from 2 – 3 July.

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Ezugi ups the tempo with EZ Speed Bingo 90, a fast-paced bingo experience

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Ezugi has unveiled EZ Speed Bingo 90, an innovative speed version of the classic bingo game with shortened wait time between rounds.

EZ Speed Bingo 90 stays true to the traditional 90-ball bingo format and rules, while each round plays out in just one minute (compared to a typical four to five minutes for standard EZ Bingo). Players place their bets on randomly generated virtual 3×5 bingo tickets. As numbers are generated, they automatically get marked on the tickets, creating a smooth, seamless and intuitive experience for players.

With multilingual number announcements and locally adapted versions, including regionally themed backgrounds, EZ Speed Bingo 90 allows operators to offer a culturally relevant and immersive experience for their players globally. EZ Speed Bingo 90 is available for direct integration via Ezugi or Evolution’s One Stop Shop (OSS) integration engine.

Pang Wee Goh, Chief Commercial Officer at Ezugi, said: “EZ Speed Bingo 90 is a great example of how we continue to refresh and re-energise classic game formats with player-focused innovation and technology. The game stays true to the essence of 90-ball bingo while offering faster and more exciting gameplay that meets today’s demand for rapid, engaging entertainment.”

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Goh continued: “During the soft launch, we received fantastic feedback from operators, especially on the localised versions that reflect player preferences across different regions. EZ Speed Bingo 90 reflects our core mission: to deliver smart, exciting and accessible gaming experiences that stand out. Whilst EZ Speed Bingo 90 is fast-paced and offers short, dynamic sessions, it’s easy to pick up. We are confident this modern twist on a classic game will be a big hit with traditional bingo fans and new generations of players.”

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