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Evolution – INTERIM REPORT FOR JANUARY-SEPTEMBER 2021

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Evolution released today its Interim Report for January-September 2021.

Third quarter of 2021 (Q3 2020)

  • Operating revenues increased by 97% to EUR 276.0 million (140.0)
  • EBITDA increased by 113% to EUR 192.9 million (90.7), corresponding to a margin of 69.9% (64.8)
  • Profit for the period amounted to EUR 157.4 million (79.4)
  • Earnings per share amounted to EUR 0.73 (0.44)

January-September 2021 (9M 2020)

  • Operating revenues increased by 100% to EUR 768.5 million (383.5)
  • EBITDA increased by 124% to EUR 527.7 million (236.0), corresponding to a margin of 68.7% (61.5)
  • Profit for the period amounted to EUR 433.9 million (204.0)
  • Earnings per share amounted to EUR 2.03 (1.12)

Events during the third quarter of 2021

  • High demand for Live Casino generates a +53% growth YoY
  • RNG revenue growth 7.9% compared to pro-forma Q3 2020
  • Continued expansion in the US with opening of a new live casino studio in Michigan. After the end of the period launch of RNG-games in Connecticut with live games to follow.

Summary of the third quarter and the first nine months of 2021

 

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CEO’s comments

The third quarter this year has been another quarter of extremely high activity within Evolution. The expansion of our business at the current speed is simply put – hard work – and I want to start these comments by thanking everyone in Evolution for great work during this period, without your effort and commitment the achieved financial results would not be possible.

The result for the third quarter 2021 has once again proven that our strategy to focus on the entertainment of the end-users and seamless and flawless experience is successful. Revenues in the third quarter increased by 97 percent to EUR 276 million, while the EBITDA increased to EUR 192.9 million. The EBITDA corresponds to a margin of 69.9 percent, exceeding our guidance for 2021.

Top-line growth is driven by very strong global demand for Live Casino but also impacted positively from our increased RNG business. Live Casino revenue growth was 53.2 percent compared to Q3 2020, which is higher than the pre-pandemic growth rate levels, showing that many of our newer players are staying in the network. RNG growth was 7.9 percent compared to pro-forma figures of Q3 2020 for NetEnt and BTG. Big Time Gaming, which was fully consolidated into our results in the third quarter, contributed with EUR 10.6 million in revenue. BTG stand-alone is growing at a rate of over 30 percent in the quarter, compared to their corresponding quarter in 2020. Our NetEnt and Red Tiger brands show growth of about 3 percent compared to the same quarter 2020 and while this development is in line with our expectations, our ambition for our NetEnt and Red Tiger brands is to deliver stronger growth moving into 2022.

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As I have mentioned earlier this year, we are in the process of reshaping our RNG business. This year we have both re-structured the product roadmap and also re-built the complete technical platform for NetEnt. We are right now rolling out our updated integration for casino, One Stop Shop (OSS), towards customers which enables operators to reach all our existing content from one single integration and ensures that access to future Evolution content will go seamless and fast world-wide. This is a major step for both us and our customers but even more so for all our end users who will get more fantastic Evolution content. One side effect of this total technical make-over has been fewer new game releases in 2021.

As always, we continue to develop our portfolio of games. While our game shows, including successful wheel based games such as Monopoly Live and Crazy Time, continue to attract players, we continue to broaden the audience for the game show category. Our new bouncing ball game – Cash or Crash – adds strategic and decision-making features in a game show style game. This game is all about player choice and the ability for the player to control the outcome. We also launched Fan Tan – a fresh twist on the beautiful traditional Asian bead game.

Besides adding new unique games, it’s absolutely crucial to constantly enhance the end-user experience and entertainment value through enhanced and innovative user interfaces. Reduce all small bottlenecks and make it seamless. During the quarter, we launched an improved user interface to our traditional Blackjack game, through a new zooming feature in portrait mode. This clearly improves the gaming experience further.

The aim with all our offerings is to excite and entertain players with the best possible choice of world-class gaming. We are committed to creating the most immersive and exciting gaming experiences available.

The North American online casino market continues to develop rapidly in both US and Canada. In Michigan, where we introduced our portfolio of NetEnt games in the beginning of the year, we launched our live casino in the beginning of the quarter. The studio is off to a very good start and this best-in-class offering is yet another enabler of growth in the US market. After the end of the period we were first to the market with our slot games in Connecticut. We expect Live games to follow soon, Connecticut will be the 4th studio we operate in the US. Also after the end of the period we launched our live and RNG games with the Ontario Lottery and Gaming Corporation, it will be the 4th province in Canada to go live from our Canadian studio.

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Ongoing studio projects include new studios in Madrid and Yerevan. This quarter, a lot of business focus has been centred around investing and establishing new studios. As always, expansion potential lies in existing markets, as well as new geographies and we will, as a natural part of our business, continue to expand and invest in existing studios both in North America and other regions at the same level as earlier.

Also, during the past quarter, we signed an agreement to acquire DigiWheel in an all-cash deal. DigiWheel’s technology is exciting, innovative and unique and will be blended into our online Live Casino games and game shows. The ambition is to launch new games in 2022 using this technology.

As stated, our ambition is to continue to strengthen our leading position in the online casino market. One of the corner stones which allows us to increase the gap to our competitors even further is through product innovation. In February, as things are getting back to normal, it is once again time for ICE in London. I am already now very excited about presenting our 2022 road-map.

We are now well on our way into an exciting and very hectic last quarter and we have had strong start to the fourth quarter so far. New games to release, new studios to build, OSS to be rolled out and great new Evolutioneers to recruit at the same time as all of us already here need to focus hard on what we can do better, what we can do to make Evolution a little bit better every day.

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BOS sends letter to the SGA about new gambling products

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BOS, The Swedish Trade Association for Online Gambling, has been in dialogue with the SGA, The Swedish Gambling Authority, for almost a year now, about how the Swedish licensed market may offer new gambling products to consumers more quickly and with better regulatory certainty. There is some regulatory uncertainty surrounding new games and the possibility of including them in the Swedish licensed market. BOS believes that it is of great importance that this can happen, not least in competition with the unlicensed gambling market, which does not wait for approval from the SGA but immediately introduces new games as they are created and offered to gambling companies. That speed must also be offered to the legally licensed gambling companies, according to BOS.

“The pace of innovation in the gambling industry is high and it is very important that the licensed gambling market can quickly offer consumers new attractive games. We hope that with our dialogue with the SGA and the letter we are sending them today, we can take a big step in the right direction. We want new attractive gambling products with regulatory certainty to be quickly included in the legal license market”, says Gustaf Hoffstedt, Secretary General BOS.

The post BOS sends letter to the SGA about new gambling products appeared first on European Gaming Industry News.

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Adam Greenblatt Chief Executive Officer of BetMGM

BETMGM 2Q/1H 2025 UPDATE & FY2025 GUIDANCE INCREASE

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BetMGM LLC jointly owned by MGM Resorts International and Entain plc, is  providing an update on its Second Quarter 2025 (“2Q 2025”) and First Half 2025 (“1H 2025”) performance.

  • Strong 2Q and 1H performance as BetMGM’s ongoing strategic execution drives strong and profitable growth
    • 2Q Net Revenue up 36% YoY and EBITDA of $86 million (up $78 million YoY)
    • 1H Net Revenue up 35% YoY and EBITDA of $109 million (up $232 million YoY)
  • Leading iGaming offering and enhanced player engagement delivered 2Q revenues +29% (1H +28%) with strong growth in player volumes and activity
  • Strong Online Sports performance with 2Q revenues +56% (1H +61%) driven by refined player marketing and management and strengthened product
  • Upgrade to FY25 guidance and increased confidence in path to $500 million EBITDA in coming years
    • Expect FY25 Net Revenue of at least $2.7 billion and EBITDA of at least $150 million1

Adam Greenblatt, Chief Executive Officer of BetMGM, commented: “BetMGM has seen a strong first half of the year, delivering significant revenue and EBITDA growth that is underpinned by the ongoing execution of our strategic plan. The momentum we have built since the second half of 2024 accelerated through the first half of 2025. Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players, and in Online Sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board. BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business. Our stronger than expected performance through 1H 2025 positions us well for the rest of the year, reinforcing our confidence in the future and the many opportunities ahead.”

Key Financial Highlights

2Q and 1H 2025 BetMGM Financial Summary1,2,3

$ millions, unless otherwise noted

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2Q

2025

YoY

Change

1H

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2025

YoY

Change

1H

2024

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Net Revenue

          iGaming

$449

+29 %

$891

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+28 %

$695

          Online Sports

$228

+56 %

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$422

+61 %

$262

Handle4

$3,427

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+25 %

$7,515

+27 %

$5,914

GGR Hold %

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9.8 %

+40bps

8.9 %

(10)bps

9.0 %

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NGR Hold %

6.6 %

+130bps

5.6 %

+120bps

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4.4 %

           Retail / Other

$16

(5) %

$36

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(15) %

$42

        Total Net Revenue

$692

+36 %

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$1,349

+35 %

$999

Contribution

$191

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+$88

$307

+$241

$66

EBITDA

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$86

+$78

$109

+$232

($123)

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Average Monthly Actives (thousands)5

901

+7 %

984

+6 %

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926

2Q/1H Financial Highlights 

  • 1H Net Revenue of $1.35 billion, +35% YoY delivering 1H EBITDA of $109 million (up $232 million YoY)
  • 2Q Net Revenue of $692 million, +36% YoY with continuing momentum and strong underlying growth
    • iGaming Net Revenue of $449 million, +29% YoY, driven by leading offering with exclusive content, differentiated engagement tools and enhanced player management
    • Online Sports Net Revenue of $228 million, +56% YoY, reflecting strengthened product and refined engagement
    • Average Monthly Actives +7% YoY
  • 2Q EBITDA of $86 million (up $78 million YoY) underpinned by positive contribution from both iGaming and Online Sports
  • Secured stabilized 14% GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM’s podium position in the market6,7
  • $150 million revolving credit facility remains undrawn with no further capital from parent companies expected

Operational highlights

  • Market leading iGaming offering
    • Continued investment behind leading iGaming business to acquire and retain a broader pool of players at attractive payback periods
    • Strong player volumes and engagement KPIs underpin 1H outperformance
      • 1H Average Monthly Actives +38% and Active Player Days each month +34%8
    • Attractive player economics supported by:
      • Exclusive and unparalleled library of content including The Wizard of OzPrice is Right and Family Feud
      • Creative player engagement tools improved active player days and 2025 cohort retention
      • Further investment in live dealer business
      • Improved targeting and showcasing of promotions to cross-sell Online Sports and iGaming players in our multi-product states
  • Strengthened Online Sports product and enhanced player engagement approach
    • Significant growth in Online Sports demonstrates successful brand repositioning, player acquisition and management, alongside ongoing product improvements
    • Focused “premium mass” approach and enhanced CRM delivering a more engaged and higher quality player base
      • 1H Handle per active +34% and NGR per active +70%9
      • 1H Active Player Days +14% with +24% more Bets per active8,9
      • 1H NGR margin improvement of +120 bps YoY
    • Strengthened product with broader offering and parlay capabilities, plus enhanced UX navigation and app speed
  • Unlocking differentiated omnichannel opportunities
    • Growing flywheel benefits from Nevada omnichannel position with launch of flagship app and nationwide digital wallet
      • Improved integration across omnichannel touchpoints supports efficient acquisition and retention funnel offering unique player experiences
      • 30% growth in NV monthly actives in 1H; 4x increase in number of NV actives continuing play in home state in 1H10
    • Omnichannel game titles and differentiated live dealer offering provide BetMGM exclusive experiences
      • c50% of BetMGM’s Top 20 grossing slot titles are omnichannel games, including recently launched titles from The Wizard of Oz franchise11

Outlook

  • BetMGM’s performance in 2Q and 1H 2025 provides increased confidence in the long-term profitability and opportunities for the business
  • Stronger than expected second quarter supports further upgrade to FY25 guidance12:
    • Net Revenue guidance of at least $2.7 billion
    • EBITDA guidance of at least $150 million
  • Secured podium position in a large and growing total addressable market with increasing operating leverage benefits, reinforces our confidence in delivering EBITDA of $500 million in the coming years

The post BETMGM 2Q/1H 2025 UPDATE & FY2025 GUIDANCE INCREASE appeared first on Gaming and Gambling Industry in the Americas.

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Anna Mackney Head of Regional Sales US at Play’n GO

Play’n GO Announces North American Operator Partnership with Caesars Entertainment

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Play’n GO, a leading casino entertainment provider, has  announced a new U.S. operator partnership with Caesars Entertainment.  

The partnership brings Play’n GO titles such as Buildin’ Bucks, Piggy Blitz, and Reactoonz online across Caesars Palace Online Casino, Caesars Sportsbook & Casino and Horseshoe Online Casino in Ontario, Michigan, Pennsylvania, New Jersey, and soon in West Virginia.  

This partnership marks another significant milestone in Play’n GO’s growing U.S. footprint, highlighting the company’s commitment to delivering world-class entertainment to players across the country, where it is now licensed in six states.  

Anna Mackney, Head of Regional Sales US at Play’n GO: commented: “The Caesars brand is synonymous with world-class gaming and entertainment in North America, and it’s an exciting time for our business to announce this partnership. Our mutual commitment to high-quality entertainment and responsible gaming makes them the perfect partner for us as we mark this latest milestone on our U.S. journey.”

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Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital added: “Bringing Play’n GO’s popular titles live on our platforms is a win for our players. We’re committed to continuously making strides in building out our portfolio of titles on our online casino platforms and we’re thankful to bring another great partner like Play’n GO into the fold to make that happen.”

The post Play’n GO Announces North American Operator Partnership with Caesars Entertainment appeared first on Gaming and Gambling Industry in the Americas.

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