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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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Betshield
Bets, vapes e a ilusão da proibição
A discussão sobre a proibição de apostas online no Brasil ressurge em um momento sensível do debate público, marcado por soluções simplistas para temas complexos.
Neste artigo, Thiago Iusim, fundador e CEO da Betshield Responsible Gaming, analisa os paralelos entre o mercado de cigarros eletrônicos e o setor de ‘Bets’, destacando como a tentativa de eliminar uma atividade por decreto tende a empurrá-la para a informalidade.
Para ele, a experiência brasileira mostra que proibir não extingue mercados — apenas reduz a capacidade de controle do Estado e amplia riscos para o consumidor.
O Brasil já viu esse filme antes.
Existe uma solução mágica que sempre reaparece no debate público brasileiro, normalmente em período eleitoral, quando um tema se torna politicamente incômodo: proibir.
A lógica é sedutora. No discurso, o “problema” desaparece. Na prática, ele apenas muda de endereço.
O caso dos cigarros eletrônicos mostra isso com clareza.
Os vapes nunca foram autorizados no país. São oficialmente proibidos desde 2009. Em teoria, portanto, não deveriam existir em terras tupiniquins. Na prática, estão por toda parte, sem controle sanitário, sem fiscalização efetiva e sem qualquer garantia sobre a procedência do produto.
A proibição não eliminou o mercado. Apenas eliminou a possibilidade de cercá-lo com regras.
Uma reportagem recente da CNN sobre o avanço das apreensões de cigarros eletrônicos ajuda a dimensionar esse fenômeno. O país não acabou com os vapes. Apenas empurrou esse mercado para um ambiente onde o Estado perdeu capacidade de controle.
O Estado proibiu. O crime organizado agradeceu e aplaudiu de pé.
Essa experiência ajuda a entender o momento atual do debate sobre apostas online no Brasil.
As bets já existiam antes da Lei 14.790/2023. Durante anos, o país conviveu com um mercado ativo, acessível pela internet e operando a partir do exterior, sem arrecadação, sem supervisão e sem instrumentos efetivos de proteção ao consumidor.
A atividade não surgiu com a lei. A lei surgiu porque ela já existia.
Regular foi a forma racional de trazer esse mercado para dentro de um ambiente controlável, com licenças, outorgas, identificação de usuários, prevenção à lavagem de dinheiro, regras de publicidade, mecanismos de proteção ao jogador.
Dezesseis meses depois, o debate público volta a flertar com a mesma solução simplista aplicada aos vapes: a ideia de que proibir faria a atividade desaparecer.
A essa altura, já deveríamos saber que não funciona assim.
No caso das apostas, o Brasil havia escolhido um caminho diferente: regular para controlar. Proteger o cidadão e a economia popular.
Voltar agora a discutir proibição como resposta para um mercado que já existe seria mais do que um erro regulatório.
Seria uma contradição histórica.
Ou, talvez, apenas a manifestação mais confortável de um certo moralismo público que prefere empurrar a atividade para a clandestinidade em vez de reconhecer sua existência.
No plano do discurso, a proibição pode soar vitoriosa. Na prática, ela serve apenas como embalagem moralmente confortável para soluções apressadas e politicamente convenientes.
Isso não passa de fantasia eleitoral. E, desta vez, ninguém poderá dizer que não conhecia o roteiro.
Thiago Iusim
Fundador e CEO da Betshield Responsible Gaming
The post Bets, vapes e a ilusão da proibição appeared first on Americas iGaming & Sports Betting News.
bets
Sports Betting, E-cigarettes and the Illusion of Prohibition
The debate over banning online betting in Brazil is resurfacing at a sensitive moment in the public discourse, marked by simplistic solutions to complex issues.
In this article, Thiago Iusim, founder and CEO of Betshield Responsible Gaming, analyzes the parallels between the electronic cigarette market and the ‘Bets’ sector, highlighting how attempts to eliminate an activity by decree tend to push it into informality.
According to him, the Brazilian experience shows that prohibition does not eliminate markets — it merely reduces the State’s ability to control them and increases risks for consumers.
Brazil has seen this movie before.
There is a magic solution that always seems to return to public debate, especially in election season, whenever an issue becomes politically inconvenient: ban it.
The logic is seductive. In the political narrative, the issue disappears. In real life, it simply moves elsewhere.
E-cigarettes make that point painfully clear.
Vapes have never been authorized in Brazil. They have been officially banned since 2009. In theory, they should not exist. In practice, they are everywhere, sold through social media, messaging apps, marketplaces, street vendors, and small retail shops, with no sanitary controls, no effective oversight, and no real guarantee of origin.
Prohibition did not eliminate the market.
It only eliminated the possibility of surrounding that market with rules.
A recent CNN report on the surge in e-cigarette seizures helps show the scale of the problem. Brazil did not get rid of vapes. It simply pushed the market into an environment where the state lost the capacity to control it.
The state banned it. Organized crime applauded.
That experience helps explain the current debate around online betting in Brazil.
Bets existed long before Law 14,790/2023. For years, Brazil lived with an active market operating online and from abroad, with no local tax collection, no regulatory oversight, and no effective consumer protection tools.
The activity did not emerge because of the law. The law emerged because the activity already existed.
Regulation was the rational response. It was the way to bring an already existing market into a controllable framework, with licenses, concession fees, user identification, anti-money laundering requirements, advertising rules, and player protection mechanisms.
And yet, just eighteen months later, public debate is once again flirting with the same simplistic solution applied to vapes: the fantasy that prohibition would make the activity disappear.
By now, Brazil should know better.
In the case of betting, the country had chosen a different path: regulate in order to control. Protect consumers. Protect the broader economy.
To now return to prohibition as a response to a market that already exists would be more than a regulatory mistake.
It would be a historical contradiction.
Or perhaps simply the most comfortable expression of a certain kind of public moralism that would rather push an activity into the shadows than acknowledge its existence.
In political discourse, prohibition can sound like victory.
In practice, it often functions as morally comfortable packaging for rushed and politically convenient decisions.
This is nothing more than electoral fantasy. And this time, no one will be able to say they did not know how the story would end.
Thiago Iusim
Founder and CEO of Betshield Responsible Gaming
The post Sports Betting, E-cigarettes and the Illusion of Prohibition appeared first on Americas iGaming & Sports Betting News.
Bichara e Motta Advogados
Los nuevos desafíos de la industria del iGaming en 2026
The post Los nuevos desafíos de la industria del iGaming en 2026 appeared first on Americas iGaming & Sports Betting News.
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