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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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game-launch
From Game Launch to Player Discovery: Why the Slot Market Has a Distribution Problem
The online slot market has no shortage of new content. The harder question for suppliers and operators is whether players will ever find it.
Game studios continue to release new titles at a rapid pace, while aggregators make it easier for operators to add broad portfolios through a single technical integration. The result is a market where access to content is becoming less of a differentiator, but visibility inside increasingly crowded casino lobbies is becoming far more important.
Recent launches illustrate the scale of the issue. Caesars Entertainment became the first online casino operator to introduce a group of Aristocrat Interactive slot titles in West Virginia in March, bringing games including 5 Dragons and Fu Dai Lian Lian Panda to several Caesars-operated products in the state. Elsewhere, Spinmatic has expanded its content on Stoiximan in Greece, while suppliers continue to announce new Hold&Win releases, jackpot formats, branded games and feature-led titles across regulated markets.
For operators, adding games is relatively straightforward. Ensuring those games are discovered, understood and played is more difficult.
A typical online casino lobby can now contain thousands of titles from dozens of suppliers. Players may arrive looking for a specific provider, a familiar mechanic such as Hold&Win or Megaways, a progressive jackpot, a themed release, or simply the game they saw promoted elsewhere. Most will not browse through a catalogue at random for long enough to find a newly launched title.
That creates a distribution problem for game studios. A launch can be technically successful, reach multiple operators and appear across several markets, but still struggle to gain meaningful attention once it enters a live casino environment.
The challenge is not unique to slots. Streaming platforms, app stores and digital marketplaces all face similar issues when supply outpaces the attention available to any individual product. In iGaming, however, the situation is complicated by market-specific certification, different operator partnerships, responsible gambling rules and the commercial importance of keeping players engaged without overwhelming them.
Aggregators sit at the centre of that process. Their original value proposition was simple: give operators access to large volumes of casino content through one integration. That remains important, particularly as operators seek faster launch cycles and broader supplier coverage.
However, portfolio size alone is no longer enough. An operator that adds hundreds of additional games does not automatically create a better customer experience. Without effective lobby design, filters, recommendation tools and promotional placement, a larger library can make discovery harder rather than easier. The issue becomes one of curation: which games should be surfaced, to whom, and at what moment?
That is increasingly shaping how operators think about game launches. Featured placements, provider takeovers, seasonal campaigns, jackpot races and personalized recommendations are now part of the commercial path between studio and player. A new slot may need more than a prominent position in the “new games” section to gain traction, particularly when it is competing with established titles that already have recognition, search demand and a record of player engagement.
Slot tournaments have become one useful part of that visibility mix. A tournament can give an operator a reason to place a particular title, supplier portfolio or game mechanic in front of players for a defined period, while creating an event around the release rather than relying only on standard bonus messaging.
The format is not a replacement for game quality. A weak title will not become a lasting success because it appears in a leaderboard campaign. However, tournaments, prize drops and network promotions can help solve the initial discovery problem by directing players towards games they may otherwise never encounter in a crowded lobby.
Suppliers are also responding by building more recognisable product identities around their releases. Rather than marketing every new game as a completely separate proposition, studios increasingly develop recurring mechanics, sequel formats and branded families that give players a reference point before they enter the casino lobby.
Hold&Win games are a clear example. The mechanic has become widely used across the market, but suppliers continue to differentiate their versions through theme, volatility, jackpot structures, bonus features and visual presentation. That gives operators more ways to group, promote and recommend games, while giving players a clearer idea of what to expect.
Land-based recognition can play a similar role in regulated online markets. Caesars’ Aristocrat Interactive launch in West Virginia showed how established retail brands can become part of an online product strategy, with familiar titles providing an immediate reference point for players who already know the games from physical casino floors.
The same principle applies to supplier brands. Where players recognise a studio’s catalogue, a provider page or promoted collection can become more useful than a generic list of newly added games. For smaller developers, however, that makes distribution more difficult, because the strongest lobby placements often go to suppliers that already have a record of performance.
This is where operators, aggregators and affiliates increasingly overlap. Operators control the live product environment. Aggregators influence how easily content can be integrated and managed. Suppliers need commercial pathways for their games to reach the right audiences. Affiliates and comparison platforms, meanwhile, often shape discovery before a player even reaches an operator’s lobby.
On the consumer side, this has made independent sources covering online slots increasingly relevant. Players are not only comparing welcome offers; they are looking at provider coverage, game libraries, promotions, payment methods and whether a platform actually carries the types of slots they want to play.
That does not mean every game launch requires a major promotional campaign. Some titles will gain momentum through strong performance data, word of mouth or a place in a popular provider catalogue. However, as the supply of games continues to grow, the market is likely to reward operators and suppliers that treat discovery as a product discipline rather than an afterthought.
The slot market’s next competitive advantage may not come from who can add the most games. It may come from who can help players find the right ones.
The post From Game Launch to Player Discovery: Why the Slot Market Has a Distribution Problem appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
CS2 tournament
LEON announces LEON.bet Masters, a new CS2 tournament in Portugal
LEON continues to strengthen its presence in esports with the launch of LEONBET Masters, a new Counter-Strike 2 tournament set to take place from September 24 to 27 at the SAW Esports Arena in Vila Nova de Gaia, Portugal.
The tournament will bring together 16 teams competing for a €30,000 prize pool and valuable VRS points, which play a key role in qualification opportunities for major international events, including the Singapore Major later this year.
LEONBET Masters will feature a group stage with four groups of four teams, followed by playoffs that will determine the tournament champion. The event is expected to attract some of the strongest Tier 2 and Tier 3 teams looking to improve their rankings and continue their path toward the highest level of professional Counter-Strike competition.
The launch of LEONBET Masters marks another step in LEON’s long-term commitment to esports. Over the past few years, the company has actively supported the competitive gaming ecosystem through partnerships with prominent organizations and by hosting its own tournaments across multiple disciplines. Previous initiatives include the LEON Masters Dota tournament, the LEON Masters Deadlock competition, and the LEON Esports Cup Free Fire, further demonstrating the brand’s investment in developing competitive gaming.
LEON currently partners with German esports organization GamerLegion, supporting both its Counter-Strike 2 and Dota 2 rosters. The company also partners with teams such as SAW, one of Portugal’s most recognizable esports organizations, and FlyQuest, further strengthening its presence across key international esports markets.
By creating LEONBET Masters, LEON aims to provide emerging teams with additional opportunities to compete at a high level, gain valuable ranking points, and showcase their talent on a larger stage.
Additional information about the participating teams, tournament format, broadcast talent, and where to watch the event can be found on the official tournament page here:
About LEON
LEON is an international sportsbook and online casino brand with over 17 years of industry experience. The company actively supports esports through strategic partnerships, sponsorships, and competitive gaming initiatives, working with organizations and communities across multiple regions worldwide.
The post LEON announces LEON.bet Masters, a new CS2 tournament in Portugal appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Asia
The UAE Lottery joins SAGIP outreach with Philippine Consulate and Infinite Communities
The UAE Lottery, operated by The Game LLC (a Momentum Group company), participated in the SAGIP community outreach initiative on 28 June, 2026 at the Philippine Consulate General in Dubai, alongside the Philippine Consulate General in Dubai and Northern Emirates and Infinite Communities.
SAGIP—“Rescue” in Filipino—was positioned by organisers as an immediate support programme for Filipino community members navigating difficult circumstances. The session combined career coaching, counselling and wellness assessments, alongside distribution of essential grocery packs.
The programme also drew voluntary support from local Filipino businesses, HR practitioners, medical and healthcare professionals, psychologists and community volunteers, according to the organisers.
Consul Aleah Marie Gica said: “The Filipino community in the UAE has always demonstrated resilience and unity during difficult times. Community outreach programs such as SAGIP reflect the strength of collaboration between institutions and community organisations working together to support those most in need.”
Elena C. Cruz, Founder and CEO of Infinite Communities, said: “Through our Good Neighbour initiative and our collaboration with The UAE Lottery and the Philippine Consulate, we hope to create a safe and supportive environment where individuals feel seen, supported, and empowered to move forward with dignity and confidence.”
Suzan Kazzi, Associate Director of CSR at Momentum – The UAE Lottery, added: “At a time when many members of the Filipino community are facing various challenges, we aim to provide not only immediate relief through grocery pack distribution, but also pathways toward resilience and renewed opportunities. Through our HR specialists who volunteered their time and expertise, the career coaching sessions were designed to help beneficiaries navigate uncertainty, regain confidence, and reconnect with employment opportunities through practical advice and guidance.”
The post The UAE Lottery joins SAGIP outreach with Philippine Consulate and Infinite Communities appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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