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Evolution – Interim Report Jan-Sept 2020
Third quarter of 2020 (Q3 2019)
- Operating revenues increased by 48% to EUR 140.0 million (94.7)
- EBITDA increased by 87% to EUR 90.7 million (48.5), corresponding to a margin of 64.8% (51.2)
- Profit for the period amounted to EUR 79.4 million (39.8)
- Earnings per share amounted to EUR 0.44 (0.22)
January-September 2020 (9M 2019)
- Operating revenues increased by 48% to EUR 383.5 million (259.0)
- EBITDA increased by 86% to EUR 235.9 million (127.1), corresponding to a margin of 61.5% (48.9)
- Profit for the period amounted to EUR 204.0 million (102.9)
- Earnings per share amounted to EUR 1.12 (0.57)
Summary of the third quarter and the first nine months of 2020
Comments from CEO Martin Carlesund:
I’m happy to report strong results for the quarter. Revenue amounted to EUR 140 million, an increase of 48 percent compared with the third quarter of 2019. EBITDA amounted to EUR 91 million with a margin of 64.8 percent. The past quarter has also been a period of exceptionally high activity operationally within Evolution and after the end of the quarter we are live with our first tables in both Pennsylvania, USA and Kaunas, Lithuania. We are still dealing with the limitations imposed by Covid but we are slowly coming back towards pre-Covid levels in number of tables.
Our new game show style game – Crazy Time – was launched globally on July 1st and has been a great success. Players enjoy the groundbreaking game format and possibility of big wins. It is our most successful game launch to date. Instant Roulette was also launched during the quarter and coming up in Q4 is the launch of Craps. We continue to build our portfolio of unique innovative games both within traditional table games as well as game shows.
Germany is on its way to be the next regulated market in Europe. Licenses for Online Casino, which includes Live Casino, and Online Slots, are planned to be issued from July 2021. Until then a transition will take place where some operators will not offer Live Casino. Revenue related to German players make up 5-10% of our current total revenues. While we expect a negative effect on our German revenue during the transition the effect on the Evolution group as a whole is limited. Long-term we view the move towards regulation in Germany as positive for Evolution.
We continue to stay focused on further strengthening our North American footprint and it makes me proud to say that we now are live in Pennsylvania. Also important for the North America expansion is that we, during the third quarter, have signed several new customers for the US market and more are to come. Regardless of the timing for regulation in additional states we know that Evolution is well positioned and that the US market is a long-term project with very high potential.
We experience high demand for our games all over the world and thus we continue to invest in additional studio capacity to meet the total demand. During this week we also launched the new medium sized Lithuanian studio. It has been our fastest and most efficient build so far. Together with the latest expansion in Tbilisi, the new build in Pennsylvania, expansion in Malta, expansion in New Jersey and the coming build in Michigan we look forward to a very hectic expansion in the coming period.
During the period we have also updated our corporate brand to Evolution. The new branding better reflects the diversity of our operations. In addition to our gaming offerings, we are also active within areas such as software development, technology innovation and state-of-the art broadcast studio design.
With increased studio capacity together with a continuous development of the very best products and services, we are well positioned to increase our market leadership within Live Casino going forward. During the fourth quarter we look forward to close the deal with NetEnt. We see a fantastic potential in combining the two companies and continuing to deliver the best playing experiences for players across the globe. As I said in the beginning of this report we have a hectic Q3 behind us and now we look forward to an even more hectic Q4. We will continue to work relentlessly on all fronts to continue to better every single day.
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Buffalo 250 Anniversary
ICONIC21 launches Buffalo 250 Anniversary slot themed around US 250th
Fourth of July-themed release reflects the studio’s push for market-specific content in regulated US-facing iGaming.
ICONIC21 has launched Buffalo 250 Anniversary, a Fourth of July-themed slot created to mark the United States’ 250th anniversary.
The game is centered on a buffalo and set against Independence Day fireworks, using imagery associated with US identity and the country’s upcoming semi quincentennial.
ICONIC21 said the release reflects its focus on building content around themes and player preferences that resonate in specific markets, with the US described as an increasingly important market for its partners and a key source of player engagement. The company develops live casino, RNG and slots content for regulated operators.
“The Fourth of July is one of those occasions that is recognised far beyond the United States, and the country’s 250th anniversary makes it especially significant,” said Edvardas Sadovskis, Chief Product Officer at ICONIC21. “The theme combines a distinctly American symbol with a moment that has real cultural relevance for players and operators alike.”
ICONIC21 added that it works with operators to shape its roadmap around player data, market demand and local relevance, and that it assesses follow-on titles using internal views, performance data and operator feedback. The provider said it has expanded beyond a classic casino portfolio — including roulette, baccarat and blackjack — into RNG and slots while keeping a market-specific focus for regulated environments.
The post ICONIC21 launches Buffalo 250 Anniversary slot themed around US 250th appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Betsson CEO Pontus Lindwall
Gaming in the Nordics launch event sets annual Copenhagen conference from 2027
Invite-only Copenhagen event at Better Collective HQ featured Nordic regulators and operators discussing compliance and channelisation.
Gaming in the Nordics has set plans for a full-size annual conference in Copenhagen starting in June 2027, following an invitation-only launch event held at Better Collective’s HQ in Copenhagen.
The launch event focused on the Nordics’ role in Europe’s iGaming market, with sessions on regulation and compliance. Morten Ronde, CEO of the Danish Online Gambling Association and Partner at Nordic Legal, said the region’s “pragmatism and willingness to be early adopters” could make Nordic jurisdictions the first to deploy “the next generation of innovative iGaming regulation.”
Anders Dorph, Director of Danish regulator Spillemyndigheden, discussed operator compliance, the role of Big Tech, and player monitoring. On the benefits of a regulated market, Dorph said Danish-licensed operators “are all very eager to be compliant. The industry [in Denmark] wants to be compliant. And that is a fact.”
From an operator perspective, Betsson CEO Pontus Lindwall and Immense Group CEO Jesper Kärrbrink addressed market channelisation and player protection. Lindwall outlined three prerequisites for a healthy market with high channelisation: “1) a competitive product; 2) meaningful player protections; and 3) real enforcement.” He added: “We are in a business where there is harm,” and argued that protecting players requires channelisation because “We also need to be able to reach these players, which we can only do if they are inside of the regulated system.”
Gaming in the Nordics founder Willem van Oort said: “I think the Gaming in the Nordics Launch Event was a fantastic success… I am very much looking forward to repeating this experience next year on a larger scale.” Other speakers listed by the organiser included Better Collective co-founder and co-CEO Jesper Søgaard, Birgitte Sand (Birgitte Sand & Associates), Pekka Ilmivalta (Nordic Legal – Finland), Josh Hodgson (H2 Gambling Capital), Daniel Valiollahi (BOS), Rasmus Kjaergaard (Mindway AI), Jeffrey Haas (Blask), and day chair Peter-Paul de Goeij (QuodBonum.se).
The post Gaming in the Nordics launch event sets annual Copenhagen conference from 2027 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Africa
PopOK Gaming sponsors Botswana’s TT Cup Challenge horse racing event
Organisers say the annual community race drew more than 3,500 spectators, with Botswana Gambling Authority and the Ministry of Sport and Arts involved.
PopOK Gaming has sponsored Botswana’s annual TT Cup Challenge Horse Racing Event, backing the community race as it drew what organisers described as its biggest crowd to date.
The company said this year’s TT Cup Challenge attracted more than 3,500 spectators from neighbouring villages. The event is positioned as a community sports fixture celebrating Botswana’s horse racing tradition.
PopOK Gaming said it worked alongside long-standing partners including the Botswana Gambling Authority and the Ministry of Sport and Arts, and with TT Cup founder Mr. Tymon and other sponsors, to support delivery of the event.
The company also used the event for stakeholder engagement, saying its team met with Mr. Kemorwale, CEO of the Botswana Gambling Authority, and the Hon. Minister of Sport and Arts, Jacob Kelebeng. PopOK Gaming said discussions covered the future of Botswana’s gaming sector, industry development, and opportunities for collaboration.
PopOK Gaming said the sponsorship forms part of its wider strategy to build partnerships in regulated markets while supporting community engagement and responsible industry development.
The post PopOK Gaming sponsors Botswana’s TT Cup Challenge horse racing event appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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