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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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N1 Faces Polina Bogatko — Performance vs Partnership
What matters more in affiliate marketing: performance or partnerships? At first glance, the answer seems obvious. But in reality, one rarely exists without the other. Sustainable growth is built on trust, transparent communication, and a shared commitment to moving forward together.
In this new edition of N1 Faces, Polina Bogatko, Affiliate Manager at N1 Partners, shares how she quickly found her place in the industry, why stress management remains one of the most underrated skills in affiliate marketing, and what truly separates a strong partnership from just good cooperation.
How did you get into affiliate marketing, and when did you realise this was the industry you wanted to grow in?
I entered affiliate marketing from an Account Manager position. It was a completely new industry for me, so I set myself an ambitious goal: to dive in as quickly as possible and understand how everything worked.
I spent a lot of time diving into industry content, watching interviews, talking to colleagues, and absorbing new knowledge every day. Within just a month, I had grown into the Affiliate Manager role.
That was the moment I realised I had found the right industry for me. I enjoy the combination of analytics and communication, the challenge of solving complex problems, and the opportunity to work with different people. I’ve also always loved starting from scratch and pushing myself beyond my comfort zone – those challenges are what keep me motivated.
What brought you to N1 Partners, and why did the opportunity seem so attractive?
I’ve always been drawn to companies where you’re not just completing tasks but continuously learning and growing. When the opportunity to join N1 Partners came up, I was immediately impressed by the strength of the team, the business scale, and the company’s reputation within the industry.
What stood out most was the culture. Initiative, expertise, and professional growth are genuinely valued here, and that’s exactly the kind of environment where I wanted to build a long-term career.
Looking back at the start of your career, what turned out to be completely different from your expectations? And what advice would you give yourself during your first month on the job?
At the beginning, I assumed affiliate marketing was all about moving fast and seeing results quickly if you worked hard enough.
In reality, every meaningful achievement is backed by consistent, systematic work. It takes time to fully understand a product, build trust with affiliates, and develop a real feel for the market.
If I could go back to my first month, I would tell myself one simple thing: don’t rush and don’t stress if everything doesn’t click immediately. Success in this industry isn’t about quick wins — it’s about consistency, patience, and showing up every day. The more comfortable you are with the learning process, the faster you’ll get where you want to be.
What changes in affiliate marketing do you consider the most significant over the past few years?
In iGaming, one of the biggest shifts has been the impact of AI on advertising platforms and on the way traffic moderation works
Facebook and Google have become much more precise in analysing user behaviour, creatives, and campaign setups, which has significantly affected both PPC and Facebook traffic acquisition.
A few years ago, scaling campaigns through proven approaches and rapid testing was relatively straightforward. Today, algorithms identify risky patterns much faster, accounts face stricter restrictions, and moderation standards continue to tighten.
As a result, traffic acquisition has become more expensive, while finding stable, scalable campaign setups requires far more resources and expertise.
On one hand, this has made life more challenging for affiliates. On the other hand, the industry has become more mature and professional. Today, the biggest winners are those who can analyse data deeply, test hypotheses methodically, and build long-term strategies rather than simply chasing volume.
What separates a truly strong partnership from simply good cooperation?
A strong affiliate partnership isn’t just about everything running smoothly. It’s about both sides being genuinely invested in achieving a shared outcome.
A great affiliate manager doesn’t simply reply to messages — they understand what’s happening with the traffic, identify growth opportunities, and help solve challenges when they arise. At the same time, successful affiliates don’t jump between offers every few days; they give campaigns enough time to optimise and reach their full potential.
Trust, commitment, and ongoing collaboration are the foundations of any lasting partnership.
Has there been a person, case study, or experience that significantly influenced the way you work with partners?
For me, that person was my first team lead, Vlad Chernov, Deputy Head of Affiliates.
He laid the foundation for how I approach affiliate management today.
One of the most valuable lessons he taught me was to evaluate traffic objectively, without emotions or bias, and rely on data and logic instead.
His communication style also had a huge impact on me. He always emphasised providing structured, actionable feedback rather than opinions or gut feelings.
Most importantly, he taught me not to be influenced by promises or pressure and to stay focused on actual performance.
What do you consider the most underrated part of an affiliate manager’s job?
Stress management. From the outside, the role may seem like a combination of chats and calls, but in reality, you’re constantly balancing the interests of partners, products, and internal performance expectations.
The industry moves incredibly fast, and maintaining a clear head during periods of pressure or fluctuating KPIs is essential.
This is one of those professions where long-term success depends not only on knowledge and experience but also on your ability to stay mentally resilient.
What mistakes most often prevent long-term relationships from developing?
One of the most common mistakes is avoiding difficult conversations.
Instead of discussing challenges openly and finding solutions together, people often stay silent with frustration building over time.
In long-term partnerships, that’s especially dangerous. Any uncertainty or lack of transparency quickly turns into distrust.
It’s always more effective to address issues openly, even when the conversation is uncomfortable, and work toward a solution together.
What helps you stay energised and avoid burnout in an industry that changes every single day?
Energetic affiliates give me a lot of motivation.
There are partners I regularly speak with through calls and chats, and those conversations are always dynamic and engaging.
We can laugh about industry situations, get frustrated by market challenges together, and then switch straight into problem-solving mode.
That combination of genuine human connection and shared focus on results helps me maintain momentum and avoid burnout.
If you had to describe your job in affiliate marketing without using the words “traffic”, “affiliate”, or “conversion”, what would you say?
I’d say it’s about turning chaos into a structured system. You communicate, analyze behavior, test different approaches, and identify what drives results.
It’s a mix of fast decision-making, constant interaction, and the ongoing belief that every process can be improved by optimizing the right details.
If you weren’t in iGaming…?
I would probably move into events or project management. I enjoy fast-paced environments where you have to bring people, tasks, and deadlines together into a system that works. Events offer excitement and constant decision-making in real time, while project management provides more structure and process control — but both come with the same sense of ownership and responsibility for the final outcome. What attracts me in both fields is the combination of organization, accountability, and measurable results.
TOP-3
Which qualities do you value most in partners?
- Deep expertise
- Flexibility
- Responsiveness
Which skills are most important for an Affiliate Manager today?
- Analytical thinking
- Ability to adapt to new rules and changing conditions
- Negotiation skills
Which tools or habits can you not imagine your workday without?
- A calculator 🙂
- My personal Telegram notes chat where I keep everything important
- Affiliate launch pings!
Blitz
New affiliate or growing with an existing one?
Growing and scaling existing partnerships.
Intuition or analytics?
Analytics.
Calls or messages?
Messages every day, calls once a week.
High volume or predictable results?
High volume with controlled quality.
Cooperate with N1 Partners!
For affiliates who value transparent communication, long-term collaboration, and hands-on support, strong partnerships start with a team that is genuinely invested in your growth.
Whether you’re looking for new scaling opportunities, tailored commercial terms, or a high-converting offer to test, Polina would be happy to discuss a potential partnership.
N1 Partners is a multi-brand affiliate platform and direct advertiser that brings together more than 14 casino and sportsbook brands. The company operates across Tier-1 markets and offers competitive commercial terms, including CPA payouts of up to €700 and RevShare of up to 55%.
With more than 14,000 affiliates worldwide, N1 Partners is trusted for its transparency, flexibility, and partnership-first approach. Long-term relationships, quality communication, and a shared focus on performance remain at the core of cooperating with the company.
Altenar
Altenar Extends Sportsbook Partnership with Anakatech Following Strong Growth
Altenar, a leading sportsbook platform provider, and Anakatech Interactive Limited have agreed to extend their long-term sportsbook technology partnership, reinforcing continued collaboration across key regulated markets.
Anakatech Interactive Limited, established in 2013, develops a powerful gaming platform built in-house with its own game studios producing 220+ online and mobile-friendly scratch, slot, crash, table and lottery games, and this broader gaming expertise underpins its growing sportsbook and casino operations.
The partnership spans key regulated markets, with a strong focus on the UK, where Anakatech operates brands such as Betnero and Luckymate.The renewal reflects strong commercial performance and sustained business growth driven by the partnership.
Under the agreement, Anakatech will continue to leverage Altenar’s fully managed sportsbook solution across its portfolio, supporting both existing brand expansion and the planned launch of new brands.
The decision to extend the partnership was driven by solid performance and consistent month-on-month growth, with Anakatech achieving more than 103% growth over the past 18 months while operating on Altenar’s platform.
The deal also reflects Anakatech’s confidence in Altenar’s stable and scalable environment, with the operator also highlighting the value of receiving not only core platform delivery, but also tailored support aligned with its specific business needs.
Altenar provides Anakatech with a fully managed sportsbook solution including:
- End-to-end sportsbook platform management
- Advanced risk management tools
- Customised betting markets
- 24/7 operational and technical support
- Ongoing product enhancements and feature development aligned with operator needs
Vasilis Betzelos, Head of Commercial Account Managers at Altenar, said: “We are pleased to continue our partnership with Anakatech Interactive Limited. The growth they have achieved demonstrates the strength of the collaboration, and we remain committed to supporting their continued expansion across existing and new brands.”
Ivan Di Pieri, Head of Sportsbook at Anakatech, said: “Adding a sportsbook vertical to our range of services has been a long-considered move. We are pleased to partner with one of the industry’s top providers and are confident that our offering will continue to improve over time.”
The post Altenar Extends Sportsbook Partnership with Anakatech Following Strong Growth appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Baltics
HIPTHER Baltics 2026 Concludes Landmark Three-City Series, Bringing Together 430 Industry Leaders
HIPTHER proudly concludes the inaugural edition of its expanded HIPTHER Baltics 2026 conference series, successfully bringing together a total of 430 participants across three dedicated events in Vilnius, Riga, and Tallinn.
Building on the legacy of the MARE BALTICUM Gaming & TECH Summit and introducing a new, country-focused format, HIPTHER Baltics 2026 delivered three high-impact conferences designed around the most pressing regulatory, technological, and business developments shaping the Baltic and Nordic regions. The series focused on creating meaningful dialogue between regulators, operators, fintech leaders, technology innovators, legal experts, investors, and compliance professionals.
The 2026 edition featured:
- HIPTHER Baltics: Vilnius – iGaming Regulation & Fintech Integration
- HIPTHER Baltics: Riga – Cross-Border Compliance & Player Protection
- HIPTHER Baltics & Nordics: Tallinn – Digital Governance & Startup Innovation
Vilnius: Exploring Lithuania’s Regulatory Transformation
The series launched on 21 April in Vilnius, where discussions focused on Lithuania’s evolving regulatory landscape and the increasing convergence of fintech, payments, blockchain, and iGaming.
Industry leaders examined topics including MiCA implementation, AML requirements, digital assets, banking transformation, tokenisation, AI adoption in financial services, next-generation payments, and the growing role of compliance in sustainable business growth. The event marked the beginning of a new chapter for Baltic-focused industry conversations and set the tone for the months ahead.
Riga: Regulation, Risk and Growth in a Changing Market
On 11 May, HIPTHER Baltics arrived in Riga, bringing together experts from gaming, fintech, legal, compliance, and technology sectors for a day dedicated to practical business realities.
Key conversations addressed responsible gaming, player protection, AML implementation, fraud prevention, AI in supervision and taxation, payments innovation, cross-border licensing, data protection, affiliate marketing, and the transition from traditional SEO to AI-powered discoverability. The Riga edition highlighted how businesses can remain compliant while continuing to innovate and grow in increasingly regulated environments.
Tallinn: Digital Governance Meets Innovation
The series concluded on 2 June in Tallinn, one of Europe’s most digitally advanced capitals.
The event explored the intersection of digital governance, startup ecosystems, digital identity, compliance, investment, fintech innovation, and iGaming. Discussions ranged from eIDAS 2.0 and trusted digital onboarding to sustainable player acquisition, operational partnerships, AI-powered business growth, and the future of digital societies.
Tallinn also hosted the HIPTHER Baltic & Nordics Gaming Awards 2026, celebrating excellence across operators, suppliers, technology providers, and industry leaders from the Baltic and Nordic regions.
Beyond Conferences: Building a Regional Community
Throughout all three events, participants benefited from curated networking opportunities and practical learning sessions through the HIPTHER Academy, HIPTHER’s educational platform focused on delivering hands-on skills, professional development, and industry certifications.
The combination of boutique-format events, high-level content, and meaningful networking once again demonstrated why the Baltics continue to attract increasing attention as a hub for innovation, regulation, and cross-border collaboration.
Looking Ahead – HIPTHER Baltics 2027
Reflecting on the success of the series, Zoltan Tündik, Co-Founder and Head of Business at HIPTHER, commented: “We are incredibly proud of what we achieved across the Baltics in 2026, but this is only the beginning. The success of the three-city series has provided us with valuable insights, feedback, and inspiration that we are already incorporating into the planning of HIPTHER Baltics 2027. The Baltics have a unique energy when it comes to business events, innovation, and networking, and we are excited to continue growing alongside this vibrant community. Our commitment remains the same: delivering meaningful conversations, practical learning opportunities, and exceptional networking experiences that bring together the region’s most influential stakeholders.”
After the successful completion of HIPTHER Baltics 2026 and the overwhelmingly positive feedback received from participants, the #hipthers team is already working on an exciting and enhanced next edition.
With the HIPTHER Warsaw Summit set to take place on 27–28 October 2026 and an ambitious roadmap for 2027–2030 already taking shape, HIPTHER continues its mission of connecting industries, markets, and ideas through premium learning, meaningful networking, and cross-border collaboration across Europe.
About HIPTHER
HIPTHER is a media hub and events organizer serving the Gaming and Technology industries, including Fintech, Blockchain, Crypto, AI, Cybersecurity, Compliance, and Digital Innovation. Through its conferences, media platforms, awards programs, and community initiatives, HIPTHER connects decision-makers, innovators, regulators, and business leaders across Europe and beyond.
The post HIPTHER Baltics 2026 Concludes Landmark Three-City Series, Bringing Together 430 Industry Leaders appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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