Industry News
Evolution Publishes Interim Report for the Third Quarter of 2023
Evolution has published its interim report for the third quarter of 2023.
Highlights
Third Quarter of 2023
- Operating revenues increased by 19.6% to EUR 452.6 million (378.5)
- EBITDA increased by 22.1% to EUR 318.6 million (261.0), corresponding to a margin of 70.4% (69.0)
- Profit for the period amounted to EUR 272.8 million (221.3)
- Earnings per share amounted to EUR 1.28 (1.04)
January-September 2023
- Operating revenues increased by 26.1% to EUR 1,323.3 million (1049.3)
- EBITDA increased by 27.6% to EUR 930.5 million (728.9), corresponding to a margin of 70.3% (69.5)
- Profit for the period amounted to EUR 788.0 million (619.9)
- Earnings per share amounted to EUR 3.69 (2.91)
CEO Comments:
“In the third quarter, Evolution reports revenue of EUR 452.6 million and EBITDA amounting to EUR 318.6 million, corresponding to almost 20 percent top-line growth and 70.4 percent EBITDA margin. This is a good financial performance and the underlying growth drivers for the business remains solid. During the third quarter we released more games than during any earlier quarter. A strong development that I am pleased with as entertaining games and a flawless player experience are the absolute most important factors for our long-term success.
“Our Live Casino revenue grew to EUR 385.8 million for the quarter and we see a higher demand for our product than what we currently can deliver. That is a measure of the phenomenal traction our games have. However, it also means we are not expanding our studios at the right pace. However, it also means we are not expanding our studios at the right pace. We have faced delays, and in some cases not executed fully, in several of our planned studio projects for this year but even more importantly we need to increase the pace of recruitment both in existing studios as well as to support new studios. We are working hard to get back on track in our existing locations and we will continue to invest in our network of studios and add new locations. We opened a smaller studio in Colombia just after the end of the third quarter. We plan to open one new studio in Europe later this year and 3-4 next year in Europe, North America and LatAm.
“RNG revenues amounted to EUR 66.8 million and declined 1.9 percent compared to the corresponding quarter last year. Despite the step back in year-on-year growth it was a quarter when we made progress in our RNG operations. Our release pace is now where we want it to be and all new games are from the third quarter on OSS (One Stop Shop). We are methodically and systematically moving our RNG business forward. Our earlier communicated goal for RNG growth remains but at the moment we focus on showing step-by-step improvements.
“We are focused on factors that are within our control when explaining our financial result. However, this quarter the impact from external factors such as currency effects are more significant than ever. The strengthening of the Euro against most currencies has affected our top line growth negatively during this year. Players deposit and play in many different currencies with our operators, the resulting GGR is converted to Euro which is the base for our invoicing. In the third quarter we estimate 6-8 percentage points negative headwind on revenue growth from currency effects when comparing revenues to the same quarter last year.
“The group EBITDA margin is 70.4 percent during the third quarter. We maintain our guidance of 68-71 percent EBITDA margin for the year. Coming into the final quarter of the year I do expect us to be in the upper end of that interval even with a full focus on expansion.
“Our ability to deliver new and exciting player experiences is one of our main competitive advantages and I am pleased to say that we are on track to exceed our plan of more than 100 games released in 2023. In the third quarter we released 28 RNG titles and 8 Live games. We have had a continued strong development of our disco themed Funky Time which launched this spring, adding new dimensions to our popular Game Show portfolio. At the G2E show earlier in October we presented two new releases: Red Door Roulette — an innovative mash-up of Crazy Time and Lightning Roulette — and Video Poker, a Live Casino game offering the ultimate fusion of nostalgia and player-focused modern gaming technology. We also released many new and exciting slots, some of my personal favorites this quarter are The Crypt from Nolimit City and Max Megaways 2 from BTG. As stated, 2023 will be backend loaded in terms of releases both for Live and RNG and I am excited about what the last months of this year will bring from a product perspective.
“North America is a region that we expect to develop over many years as more US states regulate. The online casino market is still in an early stage of development. We continue to see growth for our Live product quarter to quarter in the existing states, while we in the past quarter take a step back in our RNG revenue compared to the second quarter. Together this results in a 9 percent growth in North America compared to same period last year but a slightly lower revenue in the third quarter compared to the second quarter. Asia and Latin America both grow 35 and 39 percent respectively from last year and Europe shows a steady 10 percent increase. The growth compared to third quarter of last year is organic in all regions as the latest acquisitions were included in the group then.
“In summary, the underlying growth drivers remain unchanged. We face a tougher macro climate today than one year ago and we are underserving the market at the moment, but we will continue to invest, optimize recruitment and, as always, push for growth through focus on product innovation. Our financial strength will continue to serve us well as we can continue to invest without interruption and grow. We remain committed to delivering new thrilling experiences to new and existing players and continue to strive to be just a little better every day. I look forward to the final months of the year and onwards into 2024.”
Evoke, one of the world’s leading betting and gaming companies with internationally renowned brands including William Hill, 888 and Mr Green, announced the establishment of a new Technology Committee of the Board effective immediately.
The Committee will be chaired by Independent Non-Executive Director Susan Standiford. Non-executive Directors Limor Ganot and Ori Shaked will also be members of the Committee.
The Committee will provide Board-level oversight of evoke’s major technology investments and initiatives, ensuring alignment with business strategy, risk management and operational effectiveness.
Jon Mendelsohn, Chairman of evoke, said: “In a world where technology is evolving at break-neck speed and in an industry where technology leadership is a core driver of sustainable success, our Technology Committee will play an important role in strengthening the Board’s governance and long-term strategy development. The Committee will focus on providing transparency and insight across our product, technology, data and operational initiatives as well as informing the Board and executive leadership on technology trends with the potential to shape the Group’s long-term competitive advantages.”
The post Evoke Announces the Establishment of a New Technology Committee appeared first on European Gaming Industry News.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Seminole Hard Rock Hotel & Casino Tampa has been named the luckiest casino in the US according to a recent study conducted by Casinos.com. The resort claimed the top spot based on an in-depth analysis of Tripadvisor reviews, measuring the frequency of luck-related keyword mentions. With a 25.49% luck rate, Seminole Hard Rock Tampa topped the list thanks to glowing guest feedback, including frequent mentions of jackpots, hand pays and bonus wins. 50 reviews mentioned the word “jackpot,” and 19 even referenced a “hand pay.” Casinos.com tracked keywords such as lucky, luck, won, winning, success, jackpot, hand pay, winner, bonus, profit to determine which U.S. casinos inspired the most winning moments among visitors.
The Missouri Gaming Commission has announced that it has officially begun accepting applications for sports betting license. The Commission made the announcement following the unanimous approval of a resolution drafted Tuesday that approved the licensing process. The resolution passed after Gov. Mike Kehoe’s office reviewed it. The licensing period opens roughly six months after Missouri voters narrowly approved a constitutional amendment legalising sports betting. The measure passed by less than half a percentage point, with a margin of less than 7500 votes.
Underdog Fantasy has relaunched its draft-style daily fantasy sports (DFS) games in New York, nearly two months after it withdrew all of its DFS competitions from the Empire State. The decision to withdraw all DFS contests from New York in March came after a ruling from the New York State Gaming Commission in which the commission determined Underdog was not in line with the state’s current DFS law. An Underdog Fantasy spokesperson confirmed the company is still working under a temporary license. The New York State Gaming Commission agreed to allow the company to offer its draft DFS games with the temporary license. Most DFS companies in New York operate with a temporary license.
New Partnerships
Pollard Banknote Limited has congratulated the West Virginia Lottery on the successful launch of Royal Court Riches, its first eInstant game from the Pollard Digital Games Studio. Royal Court Riches has already demonstrated strong performance in multiple markets—in its first international launch, it achieved that jurisdiction’s highest tickets sold, total sales and gross gaming revenue within its first 30 days of release. Royal Court Riches is the first in a series of games from the Pollard Digital Games Studio slated to launch in West Virginia this year.
SYNOT Games has announced a new partnership with Caliente, one of Mexico’s top gaming platforms. This collaboration marks an exciting expansion for SYNOT Games, as it brings its acclaimed portfolio of gaming content to the Mexican market. It enhances Caliente’s offerings with an extensive array of high-quality slot games such as Respin Joker, Book of Secrets, Realm of Lions and Forest Maiden, designed to captivate players and boost engagement. Caliente with its strong presence in Latin America, is the perfect partner for SYNOT Games’ expansion into the region. The partnership aims to deliver an exceptional gaming experience, combining SYNOT’s visually rich, innovative games with Caliente’s extensive reach and reputation.
The post Gaming Americas Weekly Roundup – May 19-25 appeared first on European Gaming Industry News.
Industry Awards
Betsson Group Nominated in 14 Categories at the Women in Gaming Diversity Awards 2025
Betsson Group has been nominated in 14 categories at the Women in Gaming Diversity & Employee Wellbeing Awards 2025, hosted by Clever Duck Media. These include five company-wide nominations and nine individual nominations for eight of its employees.
These annual awards celebrate excellence in equality, diversity, inclusion and employee wellbeing across the global gaming industry. Since its launch in 2010, the event has solidified its position as one of the global gaming industry’s most respected diversity accolades.
The categories in which Betsson Group and its employees have been shortlisted include:
Company Category Nominations:
Best Diverse Place to Work
Community Engagement
Company of the Year (Operator)
Diversity & Inclusion
Great Place to Work Award
Individual Category Nominations:
Affiliate Leader – Shakyra Jonsson
Employee of the Year (Operator) – Lisa Mifsud
Excellence in Customer Service – Gabriella Larsson
HR Champion (Operator) – Tamara Klibadze
Innovator – Lena Nordin
Inspiration of the Year (Operator) – Lena Nordin
Positive Role Model of the Year (Operator) – Lara Lombardi
Star of the Future (Operator) – Jessica Carrillo Miranda
Young Leader of the Year (Operator) – Chellyanne Cassar
These nominations reflect the company’s ongoing dedication to creating a workplace where employees feel valued, respected and empowered to succeed. At Betsson Group, diversity, equity and inclusion are more than buzzwords; they are embedded in the company’s culture, values and daily actions. In previous years, Betsson has been recognised at the WiG Diversity Awards for Best Diverse Place to Work (2022 and 2024), Company of the Year (2019 and 2022) and for Diversity & Inclusion (2021). For the individual categories, Betsson employees have previously won Excellence in Customer Service, Star of the Future and Young Leader of the Year.
The post Betsson Group Nominated in 14 Categories at the Women in Gaming Diversity Awards 2025 appeared first on European Gaming Industry News.
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