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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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B2B Marketing
Beyond Season’s Greetings: GR8 Tech Unveils Strategic ‘Holiday Calendar’ for Operators
Editor’s Take
Why this matters: Most B2B holiday campaigns are fluff—digital greeting cards that get deleted instantly. GR8 Tech is taking a smarter approach by wrapping high-value strategic advice into a seasonal format. By focusing on 2026 goal-setting (tech upgrades, market wins), they are positioning themselves not just as a platform provider, but as a strategic partner for operators currently in their planning cycles.
The Full Story
GR8 Tech, the award-winning sportsbook and iGaming platform provider, has launched a new initiative designed to turn the holiday season into a period of strategic preparation for operators.
Dubbed the Holiday Calendar, the campaign is an exclusive newsletter experience that moves beyond standard festive greetings to deliver actionable, data-driven insights aimed at helping iGaming champions define and achieve their goals for 2026.
Unwrapping Strategic Insights The initiative runs as a 4-week series, consisting of eight curated email editions. Each edition focuses on a specific “iGaming wish”—ranging from stronger growth and smarter tech to smoother operations.
Instead of leaving these as abstract concepts, GR8 Tech pairs each goal with practical insights from its own data and technology stack, offering a roadmap for how operators can realistically achieve them in the coming year.
Management Commentary Yevhen Krazhan, CSO at GR8 Tech, explained that the campaign mirrors the ambitious mindset of their clients:
“Every operator has a vision for the year ahead: targets they want to hit, markets they want to win, experiences they want to deliver. The GR8 Tech Holiday Calendar is our way of celebrating ambitions and showing how the right insights and technology can turn them into reality.”
How It Works Operators can subscribe via the GR8 Tech website to receive the series. Each message “opens a new tile” on the digital calendar, revealing a specific insight designed to be applied to future business strategies.
The campaign effectively showcases GR8 Tech’s broader value proposition—including its Hyper Turnkey solution and ULTIM8 Sportsbook—by demonstrating how these tools solve specific operator challenges. It comes on the heels of a successful year for the provider, which recently secured the title of Platform Provider of the Year at the SBC Awards 2025.
The post Beyond Season’s Greetings: GR8 Tech Unveils Strategic ‘Holiday Calendar’ for Operators appeared first on Gaming and Gambling Industry Newsroom.
AML Compliance
ComeOn Group Fortifies C-Suite: Michela Tabone Valetta Named New CPO
Editor’s Take
Why this matters: In the current iGaming climate, “sustainable growth” isn’t just a buzzword—it’s a survival strategy. By bringing in a seasoned CPO like Michela Tabone Valetta (ex-Bally’s, Gamesys), ComeOn is signaling a focus on organizational maturity. Furthermore, the specific addition of a Country Manager for Ontario (Mark Cheeswright) suggests a deeper entrenchment in North America’s most competitive regulated market, moving beyond general expansion to targeted regional dominance.
The Full Story
ComeOn Group, the leading international iGaming operator, has announced a significant strengthening of its leadership structure, headlined by the appointment of Michela Tabone Valetta to its Executive Team as Chief People Officer (CPO).
The move is part of a broader recruitment drive that has seen the company fill critical senior roles across Compliance, IT Security, Commercial, and Market Management, positioning itself for a new phase of regulated market expansion.
New Chief People Officer Michela Tabone Valetta brings two decades of HR leadership experience, with nearly half of that time spent in the iGaming sector. Her resume includes senior tenures at major industry players such as Vera & John, Gamesys, and Bally’s Corporation. Most recently, she served at BoyleSports, where she supported a workforce of nearly 3,000 employees.
At ComeOn, Valetta will lead the People & Culture function, tasked with refining talent strategy and organizational development as the operator scales its global footprint.
Strategic Senior Appointments alongside the C-level addition, ComeOn Group confirmed four other key strategic hires made earlier this year to bolster its operational foundations:
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Mark Cheeswright (Country Manager, Ontario): A veteran with over 20 years in iGaming (LeoVegas, William Hill, BetVictor), Cheeswright is tasked with steering the company’s growth in the highly competitive Canadian province.
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Thomas Mifsud Tommasi (Head of AML): Joining from LeoVegas and BetClic Everest Group, Tommasi brings over a decade of financial crime compliance expertise to the group.
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Radek Ostojski (Head of Information Security): With a background in cloud architecture and DevOps at Swintt and KingMakers, Ostojski will lead the operator’s cybersecurity initiatives.
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Rebekka Rogers (Head of Commercial, Casino): Formerly of Evolution, Rogers will drive commercial performance and strategic growth within the company’s core Casino vertical.
CEO Commentary Juergen Reutter, Chief Executive Officer at ComeOn Group, emphasized that these appointments are about building depth for the long term:
“We are delighted to welcome Michela to our Executive Team. Her extensive expertise in people and culture, organizational development, and leadership strategy will be instrumental as we continue to grow and strengthen our operations globally.
“Earlier this year, we also welcomed Radek, Thomas, Mark, and Rebekka into key leadership roles… Their contributions are already reinforcing our strategic foundations, and together with Michela’s arrival, they significantly enhance the depth and capability of our leadership team.”
The post ComeOn Group Fortifies C-Suite: Michela Tabone Valetta Named New CPO appeared first on Gaming and Gambling Industry Newsroom.
243 Crystal Fruits
Tom Horn Gaming Unlocks New Markets with Major Alea Aggregation Deal
Editor’s Take
Why this matters: In the race for distribution, direct integrations are becoming less common for mid-sized studios. Partnering with a “super-aggregator” like Alea—known for its focus on API performance and data security—gives Tom Horn Gaming instant access to hundreds of operator brands without the technical bottleneck of individual integrations. This move signals a push to maximize the yield from their back catalog of 100+ games in both mature and emerging markets simultaneously.
The Full Story
Tom Horn Gaming, the omnichannel software supplier, has significantly widened its distribution capabilities by signing a new partnership with Alea, the award-winning iGaming aggregator.
The agreement sees Tom Horn’s entire portfolio of over 100 titles integrated into Alea’s aggregation ecosystem. This includes the supplier’s best-performing classic slots such as 243 Crystal Fruits and The Secret of Ba, as well as recent releases like Tao Tree Coins.
Technical & Strategic Fit For Tom Horn Gaming, the deal is a strategic lever to penetrate new jurisdictions more efficiently. By plugging into Alea’s centralized API, the studio gains immediate access to Alea’s extensive roster of operator partners. The collaboration focuses heavily on delivering “localized” content—games specifically tailored to regional preferences and regulatory requirements—without the friction of individual technical setups.
Management Commentary Both companies emphasized the role of compliance and technical reliability in the deal.
Ondrej Lapides, CEO of Tom Horn Gaming, commented on the strategic alignment:
“Partnering with Alea allows us to bring our games to even more operators and players in markets where we’ve long been committed to delivering tailored, reliable, and engaging content. Alea’s focus on compliance and seamless delivery perfectly complements our own ambitions for growth in both mature and emerging regions.”
Eduard Verdaguer, Partnerships Manager at Alea, highlighted the supplier’s reputation:
“Tom Horn Gaming has built a strong reputation for creating accessible, market-tailored content that players know and trust.”
This partnership marks the latest in a series of commercial expansions for Tom Horn Gaming in late 2025, reinforcing its status as a staple content provider for regulated markets.
The post Tom Horn Gaming Unlocks New Markets with Major Alea Aggregation Deal appeared first on Gaming and Gambling Industry Newsroom.
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