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Evolution Publishes Interim Report for the First Quarter of 2022
Gambling technology supplier Evolution AB has published its interim report for the first quarter of 2022.
Highlights
- Operating revenues increased by 38.6% to EUR 326.8 million (235.8)
- EBITDA increased by 43.4% to EUR 229.7 million (160.1), corresponding to a margin of 70.3% (67.9)
- Profit for the period amounted to EUR 197.7 million (132.0)
- Earnings per share before dilution amounted to EUR 0.93 (0.62)
Events During the First Quarter of 2022
- In the quarter, 747,000 own shares were acquired. A total of 1,905,865 shares have been acquired and the repurchase programme, announced on 3 December 2021, is thereby completed.
- Launch of Lightning Roulette in New Jersey with other states to follow.
- After the end of the period, Evolution went live with an extensive set of online casino services for multiple operators in the new regulated online gaming market in Ontario, Canada.
- After the end of the period, the first tables are live in our new Madrid studio.
CEO’s Comments
“I’m very happy to see the great work of all Evolution employees producing yet another strong quarter. We continued the strong development from 2021 also during the first quarter of this year. Revenues in the quarter increased by 38.6 percent to EUR 326.8 million, supported by continued strong demand for Live Casino, and the EBITDA increased to EUR 229.7 million, which corresponds to an EBITDA margin of 70.3 percent.
Looking back at the start of this year the developments outside of Evolution are very much in my thoughts. Even though we were happy to see the effects of the pandemic slowly subsiding in Europe and North America during the quarter our attention moved to the war and the humanitarian catastrophe in Ukraine created by the unprovoked invasion from Russia. At the start of the war Evolution had approximately 100 co-workers based in Kyiv. As for now, the war has limited direct financial impact on our business but emotionally it has affected us all. We will naturally continue to follow the development closely.
The first quarter for Live Casino has started very well with good momentum on most metrics resulting in a strong growth of 44.0 percent. We experienced exceptional growth in the first half of 2021 so the comparable figures are demanding. 2022 has started very well and the entertainment and excitement that Live games offer continues to drive new as well as existing customers to our games.
RNG growth of 1.8 percent year on year pro-forma is in line with our expectations. While structural efforts, such as the One Stop Shop and other cross sales activities are important elements, at the end of the day the key for improved growth is developing great games to all players. End-user satisfaction is always key and taking us there is not done overnight. The road to success will not be straight-lined but the focus and ambition is clear and I’m convinced that we will reach our growth ambitions over time.
The EBITDA margin of 70.3 percent is a step up from the same period last year and within our guidance of 69-71 percent for 2022. I’m happy with this delivery during Q1, especially considering the situation in the world with general cost increases not only relating to transport and energy. Looking ahead we see that the guidance of 69-71 percent EBITDA margin remains.
For us at Evolution, launching new games is what we live for. Creating new fantastic end-user experiences and simply put – to innovate! New games build loyalty among our existing players, introduce existing players to new games they have not played before and attract completely new categories of players. In Q1 we launched Bac Bo, a unique dice game which combines elements of the classic games Baccarat and Sic Bo. We also released Peek Baccarat which is another version of the classic Baccarat. In the quarter we also introduced new RNG titles such as Narcos Mexico and Knight Rider, as well as home grown brands like Doggy Riches Megaways and Zillard King. During the remaining part of the year, we have a very strong line up of new games both in RNG as well as in Live – a very exciting time indeed.
There is a continued strong demand for online casino across the globe. In North America we continue to expand all our studios, with Connecticut as the next studio to be launched during 2022. In Asia we also continue to experience good growth, while the more mature European markets are, in general, in slower growth mode – some due to regulatory changes affecting operators. However, we still see growth opportunities in Europe. LatAm also offers good potential going forward and continues to develop with several markets in discussions regarding regulation of their market for online gaming.
As I write this we are in the final preparations of Go-Live in our new studio in Madrid and as you read this the first tables are just opening! Also, we are moving closer to open our Yerevan studio to add even more capacity to the Evolution network. A lesson learned during the pandemic years is to not be too dependent on any one studio. Today we can efficiently allocate our resources within our network of fifteen studios and shift resources from one site to another when needed, without any impact on our delivery capacity. As we add studios to the network this becomes even more of a strength benefiting our operators. As earlier communicated, we expect total investments in new studios to increase also in 2022.
We are well on our way into 2022, leaving the first quarter with good delivery and momentum. We strive to be better every single day, every single one of us, and we fight every day to increase the gap to our competitors. With our 88 new games 2022 we have shown what thousands and thousands of fantastic Evolution employees can achieve together. Evolution is a workplace where everyone is accepted and respected. Together, we hope for a brighter end of 2022 than the beginning.”
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Best in Sports named as “Sports Betting Supplier of the Year” by 5 Star iGaming Media Starlet Awards
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FIRST – Best in Sports, the Tier-1 sportsbook technology provider redefining global performance standards, has been honoured as “Sports Betting Supplier of the Year” at the 5 Star iGaming Media Starlet Awards 2025, recognising the company’s innovation, expansion, and leadership across regulated markets.
The award marks another milestone in a transformative year for FIRST, as the company continues to lead the sportsbook vertical with measurable results, a performance-driven product vision, and a growing footprint across LATAM, Europe, and Africa.
Built from the ground up for speed, scale, and absolute reliability, FIRST’s sportsbook engine has become the driving force behind more than 35 of Brazil’s leading operators, expanding rapidly through Mexico, Peru, and Argentina – markets that reward real technological power, not promises.
In regions where regulation is tightening and competition intensifying, FIRST has set a new benchmark for what performance means: instant automation, real-time data orchestration, AI-driven personalisation, and a seamless architecture that adapts faster than the market itself.
2025 was the year FIRST stopped chasing momentum and started defining it. With new strategic partnerships alongside Light & Wonder, Pixbet, and others already in motion, the company is not just participating in the race for innovation – it’s setting the pace. These collaborations are not about validation but about leadership: where others adapt, FIRST dictates direction.
Beyond commercial growth, FIRST has also advanced its regulatory roadmap, securing approvals and pursuing licences in multiple regulated markets, ensuring full compliance and future-ready scalability for its operator base.
Tom Light, Founder & CEO of FIRST – Best in Sports, commented:
“This recognition reflects our commitment to building the most advanced sportsbook technology in the market – one that’s fast, scalable, and truly local. But more than that, it celebrates the mindset of our entire team: we don’t follow trends, we create them. We set the standard for what a sportsbook partner should be.”
As the industry continues to evolve, FIRST remains focused on innovation that drives measurable impact – delivering the performance, reliability, and intelligence that define the future of sports betting.
The post Best in Sports named as “Sports Betting Supplier of the Year” by 5 Star iGaming Media Starlet Awards appeared first on European Gaming Industry News.
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PH iGaming Streamers Unite to Promote Responsible Gaming Amid Crackdown on Creators Promoting Illegal iGaming
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Philippine Esports pioneer Julius “Banoobs” Mariano today announced the launch of YGS Live (Your Game Simulator Live), a next-generation livestream platform built to empower iGaming streamers, creators, and fans through responsible entertainment with PAGCOR-license games. Alongside its debut, YGS Live introduces Battle of the Streamers, a major international iGaming competition featuring an 11-million-peso prize pool that will run every Saturday starting November 15 and culminate in a grand battle event in January 2026 at City of Dreams, Manila.
A veteran of the Philippine esports community, Banoobs has spent over a decade shaping the industry from the ground up. From his early work with Mineski Events Team in 2007, to his leadership as Twitch Country Manager for the Philippines, and senior roles with Ampverse (Minana) and Blacklist International, Banoobs has continuously championed Filipino talent and esports innovation both locally and globally.
“YGS Live is built for creators who want to grow, collaborate, and elevate the iGaming space responsibly,” said Julius “Banoobs” Mariano, Founder of YGS Live. Beyond competition, YGS Live promotes responsible iGaming as a core mission. “Influence comes with responsibility,” Mariano shared. “We want YGS Live to be a platform that doesn’t just entertain but also educates, helping shape a healthier iGaming culture for players and viewers alike.”
Battle of the Streamers marks YGS Live’s flagship program, bringing together some of the country’s most influential iGaming streamers and content creators, including ChooxTV, Hypebits, Foreigngerms, AD BEAT, BULLDOG, AkosiDogie, and Beatmaster. All participating influencers exclusively support PAGCOR-licensed iGaming platforms, reflecting YGS Live’s advocacy to discourage and curb the promotion of content creators involved with illegal or scam iGaming sites, upholding ethical and responsible content creation.
The weekly competition will feature friendly yet high-stakes matchups among the Philippines’ most-followed iGaming personalities, paired with interactive segments for online fans.. To further engage its community, YGS Live will reward viewers throughout the tournament, giving away 3 million pesos in total community prizes, with 300,000 pesos distributed per livestream to participating fans and viewers.
YGS Live operates as a broadcast network dedicated to iGaming and entertainment-based content. It provides a collaborative, brand-safe environment where creators, partners, and fans can engage openly while upholding ethical standards in streaming and gameplay.
Through YGS Live, Banoobs envisions a future where Filipino streamers and creators are recognized as global leaders in iGaming and online entertainment. The platform is positioned to become a creative hub for responsible, community-driven, and inclusive iGaming, what Mariano calls “the GMA or Netflix of iGaming entertainment.”
The post PH iGaming Streamers Unite to Promote Responsible Gaming Amid Crackdown on Creators Promoting Illegal iGaming appeared first on European Gaming Industry News.
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Q3 2025 financial results: Ten Square Games delivers solid progress in portfolio transformation
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In Q3 2025, Ten Square Games Group recorded 4.4% q/q growth in bookings, reaching PLN 85.0 million, driven by the continued growth of Wings of Heroes and the entire flight simulation segment, as well as the addition of Trophy Hunter to the Group’s portfolio. At the same time, the Group advanced its strategic portfolio transformation by executing the rebuild process in its core titles. During the quarter, Ten Square Games successfully launched Trophy Hunter, which had a positive impact on Group’s bookings, finalized preparations for the global launch of Real Combat Simulator, and initiated work on a new prototype scheduled for market testing in Q4 2025 to broaden the Group’s future potential.
-“The third quarter of 2025 brought clear progress in delivering on the key pillars of our strategy: rebuilding the foundations of our core titles, accelerating the growth of Wings of Heroes, and investing in new projects. The successful launch of Trophy Hunter, combined with the dynamic growth of Wings of Heroes, helped offset weaker performance of our main titles and increase the Group’s total bookings. This shows that our ongoing initiatives are beginning to deliver tangible results.”
– said Andrzej Ilczuk, CEO of Ten Square Games S.A.
Global launch of Trophy Hunter
A major highlight of the quarter was the global launch of Trophy Hunter. The game generated PLN 3.2 million in bookings in its debut quarter, supported by PLN 6.1 million in marketing expenditures, and has maintained attractive retention and monetization metrics justifying continued scaling. Since launch, the Trophy Hunter team has executed an ambitious development roadmap packed with new arenas and features that further strengthen the product and keep players engaged. In Q4 2025, the game will be further expanded with a major new social feature and additional arenas. The new feature is designed to further boost player engagement.
Rebuild of the Group’s two largest titles
A key project in the third quarter of 2025 remained the transformation process of the Group’s two largest titles – Fishing Clash and Hunting Clash. Both teams continued intensive A/B testing aimed at improving player segmentation and the first-time user experience (FTUE), while also implementing a series of technical enhancements to improve game stability and performance.
The main challenge of this process lies in its time-consuming and large-scale nature – each A/B test typically lasts at least three months, and not all of them deliver positive results, often requiring the team to redesign and rerun tests. In addition, the number of tests that can be conducted simultaneously is limited to avoid distorting the results. Ongoing activities may temporarily affect game operations, player experience, and marketing activity levels.
Despite these challenges, a systematic, data-driven approach remains the most effective method to identify the root causes of game performance issues and to implement lasting improvements that can, over time, help restore growth in the Group’s flagship titles.
Scaling Wings of Heroes
In Q3 2025, Wings of Heroes recorded a 33.4% q/q increase in bookings, driven by record marketing investment and new social features that enhanced player engagement. The game’s strong performance, together with the continued stable growth of Real Flight Simulator – one of the most advanced mobile flight simulation games on the market – strengthened the entire segment’s contribution to the Group’s results.
In September 2025, the Real Flight Simulator team launched the Real World Engine, delivering the most comprehensive visual and technical upgrade to date and setting new standards for immersion, realism, and navigational accuracy in a mobile flight simulation.
The systematic development of flight simulation titles and their stable growth help the Ten Square Games Group stabilize overall bookings and partly offset weaker performance in its main titles.
New projects
In Q3 2025, the Group focused on preparing for the global launch of Real Combat Simulator, which took place on October 7, 2025. The title, developed in a subscription-based model, is unique in the mobile market, with no direct competitors in its segment. With this launch, the Ten Square Games Group is testing the potential of the mobile flight combat game segment.
The launch took place without marketing support, and the game is scheduled to be featured on major distribution platforms at the beginning of 2026.
In Q3 2025, the Ten Square Games team worked intensively on a new prototype inspired by the proven gameplay model of Trophy Hunter and built on the Group’s experience from previous projects. The first market test, across two selected markets, will take place in Q4 2025. A decision regarding the further development of the prototype into a full game will be made no earlier than in the first half of 2026.
The project represents an attempt to broaden the Group’s portfolio beyond the segments in which Ten Square Games currently specializes, marking an important step toward greater diversification and long-term growth.
Financial performance
In Q3 2025, the Ten Square Games Group recorded bookings of PLN 85.0 million, representing an increase of 4.4% q/q, primarily driven by Wings of Heroes, Trophy Hunter, and Real Flight Simulator. Adjusted EBITDA decreased to PLN 22.1 million, mainly due to the highest quarterly marketing investment in 2025. The net profit amounted to PLN 17.8 million. Cumulatively for the first nine months of 2025, the Group’s bookings totaled PLN 256.9 million, adjusted EBITDA stood at a strong PLN 79.6 million, and net profit increased by 24.3% y/y to PLN 65.2 million, confirming the financial resilience and efficiency of the Company’s operating model, despite lower overall bookings compared to the previous year.
The share of TSG Store in total bookings amounted to 20.3% in September 2025, reflecting the shift in Group’s portfolio and strong performance of titles without TSG Store integration.
Q4 2025 Focus and Outlook
In the fourth quarter of 2025, Ten Square Games Group will continue to focus on three strategic pillars:
- Rebuilding and optimizing core titles to stabilize performance and rebuild long-term value.
- Supporting the growth of Wings of Heroes and the flight simulation segment through continued product, supported by marketing investments in Wings of Heroes.
- Developing new projects with the potential to diversify and strengthen the Group’s portfolio.
The fourth quarter is traditionally a highly competitive period in digital marketing due to the holiday season. As a result, user acquisition costs are expected to rise, which may temporarily reduce marketing activity in selected titles.
The post Q3 2025 financial results: Ten Square Games delivers solid progress in portfolio transformation appeared first on European Gaming Industry News.
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