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Evolution Publishes Interim Report for the First Quarter of 2022

Published

3 years ago

April 29, 2022

Niji Narayan

Reading Time: 4 minutes

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.

European Gaming Congress 2024 (Warsaw, Poland)

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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Casino security expert Douglas Florence: AI can work with game logic to cause a threat to casinos

Published

2 hours ago

July 23, 2025

Adrienn Sarkany

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Reading Time: < 1 minute

“Game logic is the threat and that’s something AI can work with. If we are looking at Google Glass and any other ways people can put cameras in, say the side of their phones to lay them flat on a table, they can see marked cards, even if a deck is shuffled, if they turn it sideways like dealers do.

“Basically marked cards are like a bar code that changes on the side of the cards. They are printed that way. They get those decks into the casino.

“So AI can understand game logic very well, very quickly and requires sophistication. It can utilise sensory input, in our case a lot of it is video. They have cameras up their sleeves.

“So AI can make the whole concept of decision strategy more effective and when we look at electronic table games, you see electronic roulette, these games all have computers engaged.

“Think about the very first computer crime we had in Vegas, going back to the early 90s. We had a team, 8 people who were able to break into a slot machine and the FBI called it a banana, a device that had an eprom on the end of it that goes into the motherboard. They were able to hack the machine, fix it to the eprom and change the outcome.

“They were hitting these multimillion dollar card giveaways and so on. What got them caught, because there were only eight people in their team, was they kept coming back to casinos in Jaguars and different vehicles, and the same people kept earning the same money. That’s what eventually got them caught. The guy went to prison.

“So electronics and these machines today, they shield them.”

OLBG Casino

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Kambi Group plc Q2 2025 Report

Published

3 hours ago

July 23, 2025

Adrienn Sarkany

Reading Time: 3 minutes

“Q2 2025 proved to be a quarter that reflected both the resilience of our business and the evolving dynamics of our industry” says Werner Becher, CEO of Kambi Group

Financial highlights

Revenue in the second quarter totalled €40.5m (45.7m), a decrease of 11.5%. Excluding the €4.5m of transition fees received in Q2 2024, revenues decreased by 2.0%. For the first half of 2025 revenues were €81.9m (88.9m), a decrease of 7.9%. Excluding €8.9m of transition fees received in H1 2024, revenues increased by 2.3%.
Adjusted EBITA (acq) in the quarter was €3.7m (7.5m), at a margin of 9.2% (16.4%). For the first half of 2025, adjusted EBITA (acq) was €6.0m (13.3m), at a margin of 7.4% (14.9%), and €7.2m (13.3m) excluding the impact of FX revaluations, almost entirely from the first quarter 2025.
Total expenses were €38.1m (39.6m) in the quarter, a decrease of 3.8%. For the first half of 2025, total expenses were €78.6m (78.4m) including an FX revaluation loss of €1.2m (0.01m).
Operating profit was €1.6m (6.2m), at a margin of 4.0% (13.5%) for the second quarter and €2.4m (10.6m), at a margin of 2.9% (11.9%) for the first half of 2025.
Cash flow (excluding working capital and M&A) amounted to €1.3m (8.1m) for the quarter and €9.0m (13.5m) for the first half of 2025.
Earnings per share for the second quarter of 2025 were €0.009 (0.155) and €0.036 (0.260) for the first half of 2025.

Key operational highlights

Agreed two-year Turnkey Sportsbook extension and new Odds Feed+ agreement with LeoVegas Group.
Signed Turnkey Sportsbook partnership with RedCap in Latin America, continuing Kambi’s expansion in the region.
Following Kambi’s EGM, the Board initiated two consecutive share buyback programmes with a total value of SEK 165m (€15m) which will run until 21 November 2025. This is Kambi’s largest share buyback to date.

CEO comment
“Q2 2025 proved to be a quarter that reflected both the resilience of our business and the evolving dynamics of our industry. While results were in line with our expectations, they came against a backdrop of challenging market conditions and tough comparisons with Q2 2024.

Last year’s quarter benefited from the uplift of the Euros and Copa América and included the last full quarter of transition fees from Penn Entertainment. Meanwhile, challenging dynamics include foreign exchange movements and regulatory and tax headwinds, such as deposit limits in the Netherlands and Colombia’s VAT, which continue to affect performance.

Operator trading margin was 11.5% for the quarter, above our long-term expected range of 9.5–11.0%, as we continued to see strong engagement with our market-leading Bet Builder, which is a higher margin, lower staking product. Despite these impacts, Q2 was a period of solid operational progress across various areas of the business. Additionally, the continuation of our 2025 efficiency programme can now start to be seen in our cost base and will continue to drive increased leverage throughout the year.

From a commercial perspective, we were delighted to extend our partnership with LeoVegas Group through a new two-year Turnkey Sportsbook agreement. We also expanded this relationship through an Odds Feed+ deal, with LeoVegas becoming our fourth partner since launching the product in Q3 2024. While Turnkey partner churn is an inevitable part of the business, it is encouraging to see our product portfolio evolving in ways that now enable us to retain partners through our more extensive product offering.

We continue to diversify our revenue base, illustrated not only by the Odds Feed+ deal but the recent Turnkey Sportsbook signing of RedCap in Latin America, expanding our reach in the region. RedCap will initially launch its Betpro and Starplay brands online in Panama and El Salvador, with scope to expand into retail and additional markets in the future. RedCap will be transitioning from a competing supplier, underlining our position as the home of premium sports betting solutions.

Our esports betting product, powered by our Abios division, is also becoming an increasingly important part of our product offering. Esports via the Turnkey continues to grow in popularity and in Q2 was the fifth largest ‘sport’ across the global network based on turnover. We believe we have a leading esports product, one that’s not only proving its worth on the Turnkey but is fast becoming a unique selling point for our Odds Feed+ product, with few operators possessing this capability in-house.

While the first half of the year played out broadly as expected, I want to reiterate that I am not satisfied with where we are at today, with my ambition for the business being far greater. Looking ahead to the rest of the year, the external environment will continue to pose challenges, but I remain optimistic that we can increasingly deliver value for our partners, expand our partner network, strengthen our product portfolio and position the business for long-term, sustainable growth.”

Invitation to presentation of the report
Kambi invites analysts, investors, and media to a presentation of the report at 10.00 CEST on Wednesday 23 July.
The presentation will be held in English by Kambi’s CEO Werner Becher and CFO David Kenyon and can be accessed using the links below. After the presentation there will be the opportunity to ask questions.

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Winning Best Affiliate Manager: What It Really Takes to Win in iGaming 2025

Published

22 hours ago

July 22, 2025

Adrienn Sarkany

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Reading Time: 3 minutes

Every year, the AskGamblers Awards bring together the leading minds of the iGaming world to spotlight the most impactful brands and standout professionals in the industry. Held in Belgrade, the 2025 edition once again celebrated innovation, growth, and excellence across the affiliate and online casino space.

Among the winners was Kristina Shkredova, Affiliate Team Lead at Boomerang Partners. She was named Best Affiliate Manager by the AskGamblers expert jury — a title awarded to standout leaders who deliver results and put partners first.

The Role of Personality

Kristina’s victory in the prestigious Best Affiliate Manager 2025 award confirms the axiom that the importance of personalities in the success of iGaming brands is undeniable. She has been with Boomerang Partners since its inception as a marketing agency and has become one of the brightest personalities in the industry.

Kristina Shkredova: “I am thrilled to receive the Best Affiliate Manager award and would like to extend my heartfelt gratitude to Nikola, the AskGambler’s account manager assigned to me, as well as to the entire AskGamblers team. This accolade is not just a professional achievement but a testament to our beautiful partnership, founded on shared values, aspirations, and a mutual sense of humor.

Having been with Boomerang Partners since the very beginning, I feel profound and deep love for our affiliate marketing agency and am honored to be a part of this incredible journey. I am immensely proud of the work we have done and eagerly anticipate the new peaks we are set to conquer.”

Successful Cases

Industry experts know that the affiliate marketing sector is highly competitive. That’s why many people opt for tried-and-tested strategies, even though they don’t guarantee success. However, Kristina’s experience shows that the willingness to take risks and set ambitious goals — ones that might initially seem unrealistic — can pay off.

Her portfolio includes several instances of partnering with affiliates who had no prior experience with sports traffic. These partners recognized the risk of venturing into an unfamiliar area. Yet, the strong partnership with Kristina and the backing from Boomerang Partners persuaded them that it was worth the attempt.

The outcome? These partners are now generating significant volumes of sports traffic, having tapped into a vast ocean of opportunities. They have no regrets about leaping.

Trends and Development of the Affiliate Marketing Industry

The development of modern technologies has a profound impact on the industry and the competitiveness of brands. Kristina’s work clearly shows that it is not only technology and a variety of offers that contribute to success. She believes that the key trend is maximum sincerity and openness in communication with partners. This enables the establishment of long-term, trusting working relationships and fosters a loyal base of partners.

Speaking of loyal partners, Kristina highlights another interesting trend. She notes that companies in the industry are now demonstrating greater creativity in organizing joint activities with their partners. These activities include, for example, joint retreats, trips, and dinners that are transformed into spectacular shows. This helps bring the parties closer together.

Boomerang Partners, by the way, has its own unique initiative that fosters an exceptional approach to partners: the annual global traffic tournament, the Golden Boomerang Awards.

From February to May 2025, Boomerang Partners hosted the second season of the Golden Boomerang Awards. Compared to the first season, the number of participating teams from around the world increased from 226 to over 400. Awards were presented in 11 categories, and the award ceremony took place at the iconic San Siro Stadium in Milan, thanks to Boomerang’s strategic partnership with the renowned AC Milan. For affiliates, this event was truly unforgettable, as the ceremony was combined with a networking event.

Kristina predicts a significant surge in the demand for sports traffic. Many brands in Boomerang Partners’ portfolio are already focusing on it, and the agency is open to collaboration opportunities in this space.

In 2024, Boomerang Partners saw a remarkable +194% growth in sports traffic across its affiliate ecosystem, along with a +120% year-over-year increase in new affiliate sign-ups. The agency’s effectiveness is undeniable, and Kristina plays a crucial role in driving these successes.

The Role of the Team and the Boomerang Partners’ Culture

It’s essential to note that Kristina’s victory is not solely a result of her personal qualities, but also the environment in which she works. Boomerang Partners fosters a culture that encourages the development of strong industry knowledge in affiliate managers and nurtures their leadership skills. Each team member can rely on internal support, flexibility in problem-solving and goal-setting, as well as active involvement in business processes. This collaborative environment contributes to efficient work and tangible results.

What’s Next

Kristina is honored to receive the Best Affiliate Manager 2025 award from AskGamblers, but she recognizes that there is still much work to be done. Boomerang Partners regularly participates in major industry events, showcasing its presence with a dedicated booth. Kristina actively attends these events, always prepared to engage with potential partners. She’s now focused on new partnerships and strategic moves that will help Boomerang Partners stay ahead as a top-tier sports affiliate program.

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