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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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Affiliate Succes
Kongebonus becomes first Norwegian affiliate to win Best Casino Affiliate at iGB Affiliate Awards 2026
Kongebonus has become the first Norwegian affiliate to win Best Casino Affiliate at the iGB Affiliate Awards 2026, a landmark recognition that names the independent Norwegian guide as the world’s leading casino affiliate for 2026.
The award was presented on 2 July during iGB L!VE London, where the iGB Affiliate Awards celebrated the affiliates, programmes, networks, suppliers and individuals helping to drive the iGaming sector forward.
iGB Affiliate described first-time contestant Kongebonus as a “Norwegian local hero”, noting that the platform claimed the award in a close race and ended Gambling.com Group’s two-year reign in the highly competitive category. Independent judges praised Kongebonus’ “super smart” approach, highlighting its combination of innovation, engaged player community, and strong editorial presence across Google News and the media.
The recognition reflects Kongebonus’ focus on detailed operator testing, transparent casino reviews, community-led content and player protection. The platform tests casinos with its own money before reviewing them, publishes its full methodology and continues to invest in responsible gambling resources, including practical guidance and support signposting for players.
David Nilsen, Editor-in-Chief at Kongebonus, said: “Winning Best Casino Affiliate at the iGB Affiliate Awards is a huge moment for Kongebonus and for everyone who has helped build the platform. To be recognised in a category alongside some of the biggest and most respected names in the affiliate industry is something we are incredibly proud of.
“I’ve spent more than ten years on the inside of this industry, and I’ve seen how big the gap can be between what a casino promises and what the player is actually left with. Closing that gap is the whole reason we test the way we do.
“What this award tells us is that being the most trusted guide matters more than being the biggest one, and that’s the only thing we’ve ever set out to build.”
The post Kongebonus becomes first Norwegian affiliate to win Best Casino Affiliate at iGB Affiliate Awards 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Ariel Reem CEO at Games Valley
Games Valley adds BGaming titles to aggregation platform
Games Valley has signed a content aggregation partnership with BGaming, adding the studio’s online casino portfolio to the Games Valley platform.
Under the agreement, operators connected to Games Valley will be able to access BGaming titles via a single integration. The content slated for distribution includes slots, crash games, casual games and other online casino titles.
Games Valley and BGaming marked the partnership during NEXT Summit Valletta, where both companies supported the BGaming Charity Gala in aid of DAR Bjorn.
Ariel Reem, CEO at Games Valley, said: “BGaming has built a strong reputation as one of the most creative and dynamic studios, with games that combine strong visual identity, engaging mechanics and genuine player appeal. At Games Valley, our role is to help operators access the content that delivers real value to their players and their business, quickly and efficiently through a single integration. We’re delighted to welcome BGaming to the Games Valley platform, and we’re especially pleased that this partnership has grown from a relationship rooted in shared values.”
Marina Ostrovtsova, CEO at BGaming, added: “Games Valley has established itself as a modern and ambitious aggregation partner, helping operators access high-quality casino content with speed, flexibility and reliability. This partnership allows us to bring BGaming’s portfolio to a wider network of operators through a platform that shares our focus on innovation, strong partnerships and long-term industry growth.”
The post Games Valley adds BGaming titles to aggregation platform appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Arman Movsesyan
Kerma Games Announces New Partnership with Dustbit
Kerma Games, a premium casino game provider, has announced a new partnership with Dustbit, marking its official expansion into the crypto casino space.
Through the collaboration, Dustbit will become the first crypto casino to feature the Kerma Games portfolio during an initial rollout period, giving its players early access to a selection of the studio’s premium content, including the newly released Snoop Olympus.
Inspired by the world of Snoop Dogg, Snoop Olympus combines iconic mythology with unmistakable West Coast style, showcasing Kerma Games’ vision of creating casino experiences that blend entertainment, cultural relevance and engaging gameplay.
The partnership represents another milestone in Kerma Games’ international growth strategy as the company continues to expand the reach of its portfolio across new markets and distribution channels.
Simone Bacchin, Sales Manager at Kerma Games, said: “We’re excited to partner with Dustbit as we bring Kerma Games into the crypto casino space. This collaboration allows a new audience to discover our entertainment-driven approach to game development, with standout titles like Snoop Olympus leading the way. We believe players are looking for experiences that feel memorable and culturally relevant, and that’s exactly what we aim to deliver.”
Arman Movsesyan, Casino Product Manager at Dustbit, said: “We are excited to welcome Kerma Games to Dustbit and to become the first crypto casino operator to offer their portfolio to our players. At Dustbit, we continuously seek innovative and engaging content that differentiates us from the competition, and Kerma Games perfectly aligns with that vision.
“Their unique approach to game development, combined with celebrity-driven entertainment and strong player engagement mechanics, brings a fresh experience to our community. We believe this partnership will not only enhance our gaming portfolio but also strengthen Dustbit’s position as a leading destination for crypto casino entertainment.
“We look forward to working closely with the Kerma Games team and delivering exciting new experiences to our players over the coming months.”
Beyond Snoop Olympus, Dustbit players will gain access to a growing portfolio of slots, crash games and table games developed with a focus on engagement, retention and premium production values. Kerma Games continues to differentiate itself through a combination of original content and globally recognised celebrity collaborations featuring names such as Snoop Dogg, Lil Baby and Sexyy Red.
The partnership also reinforces Kerma Games’ broader mission to redefine casino entertainment by creating games that capture attention long before the first spin and remain memorable long after the session ends.
As the company continues its global expansion, additional launches, partnerships and new celebrity-powered experiences are already in the pipeline.
The post Kerma Games Announces New Partnership with Dustbit appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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