Industry News
Evolution Publishes Interim Report for the Third Quarter of 2023
Evolution has published its interim report for the third quarter of 2023.
Highlights
Third Quarter of 2023
- Operating revenues increased by 19.6% to EUR 452.6 million (378.5)
- EBITDA increased by 22.1% to EUR 318.6 million (261.0), corresponding to a margin of 70.4% (69.0)
- Profit for the period amounted to EUR 272.8 million (221.3)
- Earnings per share amounted to EUR 1.28 (1.04)
January-September 2023
- Operating revenues increased by 26.1% to EUR 1,323.3 million (1049.3)
- EBITDA increased by 27.6% to EUR 930.5 million (728.9), corresponding to a margin of 70.3% (69.5)
- Profit for the period amounted to EUR 788.0 million (619.9)
- Earnings per share amounted to EUR 3.69 (2.91)
CEO Comments:
“In the third quarter, Evolution reports revenue of EUR 452.6 million and EBITDA amounting to EUR 318.6 million, corresponding to almost 20 percent top-line growth and 70.4 percent EBITDA margin. This is a good financial performance and the underlying growth drivers for the business remains solid. During the third quarter we released more games than during any earlier quarter. A strong development that I am pleased with as entertaining games and a flawless player experience are the absolute most important factors for our long-term success.
“Our Live Casino revenue grew to EUR 385.8 million for the quarter and we see a higher demand for our product than what we currently can deliver. That is a measure of the phenomenal traction our games have. However, it also means we are not expanding our studios at the right pace. However, it also means we are not expanding our studios at the right pace. We have faced delays, and in some cases not executed fully, in several of our planned studio projects for this year but even more importantly we need to increase the pace of recruitment both in existing studios as well as to support new studios. We are working hard to get back on track in our existing locations and we will continue to invest in our network of studios and add new locations. We opened a smaller studio in Colombia just after the end of the third quarter. We plan to open one new studio in Europe later this year and 3-4 next year in Europe, North America and LatAm.
“RNG revenues amounted to EUR 66.8 million and declined 1.9 percent compared to the corresponding quarter last year. Despite the step back in year-on-year growth it was a quarter when we made progress in our RNG operations. Our release pace is now where we want it to be and all new games are from the third quarter on OSS (One Stop Shop). We are methodically and systematically moving our RNG business forward. Our earlier communicated goal for RNG growth remains but at the moment we focus on showing step-by-step improvements.
“We are focused on factors that are within our control when explaining our financial result. However, this quarter the impact from external factors such as currency effects are more significant than ever. The strengthening of the Euro against most currencies has affected our top line growth negatively during this year. Players deposit and play in many different currencies with our operators, the resulting GGR is converted to Euro which is the base for our invoicing. In the third quarter we estimate 6-8 percentage points negative headwind on revenue growth from currency effects when comparing revenues to the same quarter last year.
“The group EBITDA margin is 70.4 percent during the third quarter. We maintain our guidance of 68-71 percent EBITDA margin for the year. Coming into the final quarter of the year I do expect us to be in the upper end of that interval even with a full focus on expansion.
“Our ability to deliver new and exciting player experiences is one of our main competitive advantages and I am pleased to say that we are on track to exceed our plan of more than 100 games released in 2023. In the third quarter we released 28 RNG titles and 8 Live games. We have had a continued strong development of our disco themed Funky Time which launched this spring, adding new dimensions to our popular Game Show portfolio. At the G2E show earlier in October we presented two new releases: Red Door Roulette — an innovative mash-up of Crazy Time and Lightning Roulette — and Video Poker, a Live Casino game offering the ultimate fusion of nostalgia and player-focused modern gaming technology. We also released many new and exciting slots, some of my personal favorites this quarter are The Crypt from Nolimit City and Max Megaways 2 from BTG. As stated, 2023 will be backend loaded in terms of releases both for Live and RNG and I am excited about what the last months of this year will bring from a product perspective.
“North America is a region that we expect to develop over many years as more US states regulate. The online casino market is still in an early stage of development. We continue to see growth for our Live product quarter to quarter in the existing states, while we in the past quarter take a step back in our RNG revenue compared to the second quarter. Together this results in a 9 percent growth in North America compared to same period last year but a slightly lower revenue in the third quarter compared to the second quarter. Asia and Latin America both grow 35 and 39 percent respectively from last year and Europe shows a steady 10 percent increase. The growth compared to third quarter of last year is organic in all regions as the latest acquisitions were included in the group then.
“In summary, the underlying growth drivers remain unchanged. We face a tougher macro climate today than one year ago and we are underserving the market at the moment, but we will continue to invest, optimize recruitment and, as always, push for growth through focus on product innovation. Our financial strength will continue to serve us well as we can continue to invest without interruption and grow. We remain committed to delivering new thrilling experiences to new and existing players and continue to strive to be just a little better every day. I look forward to the final months of the year and onwards into 2024.”
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Merkur Gaming is going to participate in this year’s Peru Gaming Show, taking place from June 18 to 19 at the Centro de Convenciones Jockey Plaza in Lima. Representatives from the company’s German headquarters and its local subsidiary, Merkur Gaming Peru, will be on site to present the latest product innovations and engage with customers and visitors alike. The main attraction at the Merkur Gaming stand will be the linked progressive jackpot system Clash Link. This system stands out for its wealth of unique jackpot mechanics, which keep the excitement level consistently high.
PENN Entertainment has launched a new PGA TOUR-branded Blackjack game in New Jersey and Ontario. PGA TOUR Blackjack, now available via online Hollywood Casino in New Jersey and theScore Casino in Ontario, is the first iCasino game featuring PGA TOUR branding across any platform. PGA TOUR Blackjack, created by PENN’s in-house game development studio, PENN Game Studios, offers classic blackjack gameplay, plus poker and pairs side bets. The golf-themed table features official PGA TOUR logos, custom playing cards, chips and golf-themed celebrations. The new title is available on the standalone Hollywood Casino and theScore Casino platforms and is also accessible through ESPN BET in New Jersey and theScore BET in Ontario.
International Game Technology PLC announced the launch of IGT PlayDigital’s MEGA VAULT offering – a new innovation on its player engagement solution. Powered by the IGT PlayDigital Engagement Platform, a customisable suite of player engagement tools, MEGA VAULT brings together its industry-renowned engagement tools—Prize Drops, Leaderboards, Marketing Jackpots and more—into a single promotional experience. Designed to maximise excitement, engagement and rewards, MEGA VAULT aims to deliver seamless high-impact campaigns that captivate players and drive long-term retention.
Partnerships
Zitro has installed its revolutionary CONCEPT cabinets at the Casino La Cima in Mérida, Yucatán. The CONCEPT cabinets feature the Magic Lighting system, which syncs lights and sound with gameplay for a fully immersive experience, and the largest Screen Deck button panel on the market, offering unmatched comfort and ease of use for players and operators. This launch is backed by some of Zitro’s most successful titles — Fortune Legacy, Legendary Sword and King Fu Frog — all proven crowd favourites known for their engaging mechanics and strong performance.
Aristocrat Interactive, under NeoGames US, signed a six-year contract with the Michigan Lottery to provide its full solution of iLottery product offerings, reaffirming its leadership in the U.S. iLottery industry. Under the contract, from July 2026, Aristocrat Interactive will provide services to the Michigan Lottery for six years, with six additional one-year extension opportunities. The relationship with the Michigan Lottery began in 2014 with the launch of its iLottery programme using NeoGames’ iLottery platform and games. This new deal will provide the Michigan Lottery with eInstant games, draw-based games and add-on offerings produced by Aristocrat Interactive’s NeoGames Studio, along with continuing to leverage the company’s iLottery technology. Aristocrat Interactive will also provide the Michigan Lottery with a new website and mobile application services with Gambyt – a software company specialising in the lottery, casino and sports betting industries.
The post Gaming Americas Weekly Roundup – June 2-8 appeared first on European Gaming Industry News.
The European Gaming and Betting Association (EGBA) has announced that this year’s European Safer Gambling Week will take place from November 17 to 23.
European Safer Gambling Week is an annual collaborative initiative to raise awareness about safer gambling in Europe and foster a strong culture of player protection. Organised by EGBA, the initiative serves as a platform to inform citizens about safer gambling and promote information and best practice-sharing between stakeholders across Europe’s gambling sector, including operators, regulators, technology providers, support organisations and experts-by-experience.
This year will be the fifth edition of the initiative and follows the unprecedented success of 2024, which saw 195 partners participate in a social media campaign across 26 countries reaching 3.1 million social media users with important safer gambling messages. There were also 20 events held during the week that gathered 3000 attendees.
Building upon this momentum, the 2025 edition will be underpinned by a social media campaign and an array of insightful workshops. These will aim to raise awareness about safer gambling, share best practices and tips, signpost crucial resources and services, and facilitate meaningful discussions about the latest developments in regulation and research.
Maarten Haijer, Secretary General of EGBA, said: “We’re pleased to announce the dates for European Safer Gambling Week 2025 and are excited to build on the exceptional momentum of last year’s campaign. The initiative has become Europe’s leading platform for safer gambling awareness and last year brought together a record coalition of 195 partners across 26 countries to promote player protection. This is a shared commitment and we invite organisations across the industry to join us for this year’s edition and help us foster a strong culture of safe and sustainable gambling in Europe.”
The post EGBA Announces Dates for This Year’s European Safer Gambling Week appeared first on European Gaming Industry News.
Evoke, one of the world’s leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, announced the establishment of a new Technology Committee of the Board effective immediately.
The Committee will be chaired by Independent Non-Executive Director Susan Standiford. Non-executive Directors Limor Ganot and Ori Shaked will also be members of the Committee.
The Committee will provide Board-level oversight of evoke’s major technology investments and initiatives, ensuring alignment with business strategy, risk management and operational effectiveness.
Jon Mendelsohn, Chairman of evoke, said: “In a world where technology is evolving at break-neck speed and in an industry where technology leadership is a core driver of sustainable success, our Technology Committee will play an important role in strengthening the Board’s governance and long-term strategy development. The Committee will focus on providing transparency and insight across our product, technology, data and operational initiatives as well as informing the Board and executive leadership on technology trends with the potential to shape the Group’s long-term competitive advantages.”
The post Evoke Announces the Establishment of a New Technology Committee appeared first on European Gaming Industry News.
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