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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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RubyPlay Sponsors FTN Casino Operator of the Year at Ortak x B.F.T.H. Arena Awards 2025

RubyPlay has officially joined the Ortak x B.F.T.H. Arena Awards 2025 as the sponsor of the FTN Casino Operator of the Year category. With a 10,000 FTN prize pool dedicated to celebrating outstanding performance, this sponsorship highlights RubyPlay’s ongoing commitment to innovation, strategic partnerships and excellence in iGaming.
From July 8 to 11, Yerevan, Armenia will become the epicentre of iGaming as Harmony Meetup 7 and the Ortak x B.F.T.H. Arena Awards kick off. This high-profile event brings together top-tier innovators and decision-makers, offering sponsors the chance to shine on a global stage, maximise exposure and forge powerful connections across the digital landscape.
With a 10,000 FTN prize pool backing the prestigious award, RubyPlay is helping spotlight the operators who are redefining success in iGaming.
The post RubyPlay Sponsors FTN Casino Operator of the Year at Ortak x B.F.T.H. Arena Awards 2025 appeared first on European Gaming Industry News.
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SBC Summit Malta: Payments Innovation Track to Tackle Fraud, Crypto, Open Banking & More

As the global betting and iGaming industry descends on Malta this June, payments will take centre stage as part of SBC Summit Malta’s dedicated Payments Innovation track.
The track, which takes place on Thursday, 12 June at the InterContinental Hotel, will unite payments executives, fintech specialists, and compliance leaders to explore the most pressing challenges and emerging opportunities in payment technology.
With sessions on Open Banking, crypto investment, and the future of fraud prevention and KYC, this track equips professionals to navigate regulatory changes, adapt to disruptive technologies, and meet rising player expectations.
Discussing the inclusion of the Payments Innovation track at SBC Summit Malta, SBC CEO and founder, Rasmus Sojmark, said: “Payments are no longer just a backend function. They’re a key strategic pillar for driving engagement, trust, and scalable growth across the industry.
“That’s why we’ve introduced the Payments Innovation track: to give operators, suppliers, and payments professionals a focused space to deep-dive into critical trends in this space. Our goal is to turn these innovations into actionable advantage.”
Open Banking has the potential to reshape how the gambling industry handles payments, enabling faster deposits and withdrawals, real-time KYC checks, and a lower risk of fraud. Open Banking in Europe: The Disruptor Transforming Payments and Affordability will explore whether the technology can truly deliver on its promise. Featuring Theresia Mallia (Head of Payment Product, Kindred), Christian Reinheimer (Director Payments Product & Technology, LeoVegas), and Sean Spiteri (Head of Payment Solutions, PressEnter), and moderated by Rachael Kennedy (Editor, Payment Expert), the session will examine how Open Banking could enhance affordability checks, streamline transactions, and improve player experiences, while also tackling the regulatory and operational challenges facing operators.
As crypto adoption accelerates across gaming and payments, this session cuts through the hype to deliver grounded, actionable advice. The Crypto Myth-Busting and Trends: How to Invest Wisely and Avoid Common Pitfalls workshop will explore how operators, affiliates, and suppliers can approach digital assets with clarity and caution.Through practical exercises and expert insights led by Joseph Borg (Partner, WH Partners), Wesley Ellul (CCO, Quizando), Mark Grech (Founder & CEO, Pyaza), and Sabine Roiss (CEO & Founder, Crypto-Play), attendees will tackle risk mitigation, navigate market volatility, and develop compliant crypto strategies that enhance player trust within evolving payment ecosystems.
The panel Redefining Fraud Prevention addresses the evolving landscape of AML and fraud prevention. Featuring Piotr Lisak (AML Governance Officer & MLRO, Kindred), Sergio Muscat (Founder, Oxygia Consulting), Greg Papanastasiou (CCO, Play North), the session will explore how operators are leveraging AI, streamlined workflows, and cross-industry collaboration to combat fraud, maintain compliance, and stay ahead of increasingly complex threats.
Also featured as part of the track will be the session Beyond Detection: The Convergence of Fraud & AML in iGaming Risk Management, a fireside chat featuring Tim De Borle (COO, Casumo) and Tamas Kadar (CEO, SEON) as they examine how operators can align fraud and AML strategies to strengthen risk management and streamline compliance.
Beyond the Payments Innovation track, SBC Summit Malta will offer attendees deeper insights into key European and global markets through focused tracks, including Casino Evolution, Europe: Regulation & Compliance, Affiliate Insights, Next-Gen Sports Betting, and the Marketing Playbook. Expert-led workshops across both days will also deliver opportunities for hands-on learning.
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Secure your spot at SBC Summit Malta with our discounted ‘Group Pass‘. For groups of three or more, you can gain access to three days of networking, exhibition, and conference content for the price of €400 (a discount of €200 off a Full Event Pass).
Additionally, you can purchase our ‘Expo+ Pass‘ for €150. This pass grants you access to the conference and exhibition only.
Operators and affiliates can apply for complimentary passes, granting them full access to the event.
The post SBC Summit Malta: Payments Innovation Track to Tackle Fraud, Crypto, Open Banking & More appeared first on European Gaming Industry News.
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Organic Growth for Affiliates in Regulated Greek Market

With Greece’s iGaming market having been fully regulated since 2021, affiliates must adapt to a landscape where compliance and local expertise go hand in hand. In this article, we explore the key strategies that can be used to build trust, stay compliant, and grow organic presence in Greece.
The Greek iGaming market has now been fully regulated for several years, creating a clear but competitive space for operators and affiliates. The framework established by the Hellenic Gaming Commission (HGC) provides clarity, but achieving organic marketing success still requires precision, local touch, and a strong commitment to compliance.
Greece has a single national system in place. This makes things more predictable, but also means there’s a lot of attention on the market. The competition is already heating up, with well-known international brands holding licenses alongside strong local companies. All fighting for their slice of the pie.
“The Greek market isn’t new to betting, far from it,” notes Alexandros Michas, Head of Linkbuilding at BetBrothers.gr. “What’s changed is the formalisation and stronger supervision. For affiliates, there are plenty of opportunities, but the days of the grey market are long gone. Building trust and following HGC rules are a must today.”
Understand the Regulations
When it comes to digital marketing and organic traffic, there are important rules and market specifics to consider. Greece has one main regulator, the HGC, and all online gambling activities, including marketing and affiliation, are closely controlled by it.
One of the most important requirements is that affiliates must hold their own HGC license to promote Greek-facing gaming sites. It’s not enough to partner with a licensed operator: any website, blog or social channel directing traffic to gambling platforms must be registered and approved by the HGC. This ensures affiliates understand and commit to local rules on advertising, responsible gaming messaging and transparent bonus disclosures.
Furthermore, marketing communications have strict rules. They must be truthful, not misleading, and must not target vulnerable individuals or minors. Responsible gambling messaging is mandatory, and the HGC closely checks for compliance, ready to impose big fines for any violations.
To build a sustainable organic strategy in Greece, affiliates should focus on foundational, authentic marketing practices.
Apply Hyper-Local SEO
Creating content requires more than simple translation. It demands language that is culturally resonant and tailored for Greek search queries. This means going beyond simple keyword matching to understanding genuine user intent.
“Keyword research is fundamental, but it’s more than just typing terms into a tool,” Alexandros stresses. “At BetBrothers, we spend time understanding how Greeks actually search – the slang, the abbreviations, the specific player or match queries. It’s about thinking with a local mindset, not just translating. Basic SEO doesn’t make it here, content needs to feel native and natural.”
Create Authentic Credibility
Developing authority involves seeking out link-building opportunities with established Greek sports blogs, news portals, and fan forums. It’s important to make sure that guest content is truly valuable to the platform’s readers. Building relationships with trusted local sources also helps enhance credibility and establish a strong presence within the community.
“Link building in Greece requires patience and genuine outreach,” Alexandros comments. “It’s not just about volume. We focus on earning links from reputable Greek sources that add value to our users and theirs. A link from a respected Greek sports site carries far more weight than ten generic international links.”
Connect with Greek Culture
Content should dive deep into local sports, centering on the Greek Super League, the Greek Cup, national team performances, and the intense basketball rivalries in the Basket League and EuroLeague. It’s important to use betting terminology familiar to Greek bettors and understand popular local bet types. Reflecting the passion, rivalries, and cultural significance of major sporting events will ensure content resonates more deeply.
“If you’re writing about a derby between Olympiacos and Panathinaikos, you need to understand the decades of history and passion involved,” Alexandros notes. “Generic match previews don’t work. Your content needs to breathe Greek sporting culture. It’s those nuances that build connection.”
Build Trust and Promote Responsible Gambling
Trust-building begins with prominently and genuinely integrating Responsible Gambling (RG) messages. This is an HGC requirement that also reassures users. Affiliates should provide clear, honest information and unbiased reviews about licensed operators to show they are reliable sources in a market where players value well-informed choices. Following all advertising and compliance rules is essential to maintain credibility and user confidence.
“Trust is perhaps the most valuable currency in the Greek iGaming market,” Alexandros states. “Players want to feel safe and informed. By promoting responsible gambling and providing transparent, high-quality information, affiliates can become go-to resources.”
Final Thoughts
The Greek iGaming market offers significant opportunities for affiliates who are prepared to invest in a long-term, organic strategy built on compliance, understanding local culture, and offering real value. While the HGC’s firm regulatory hand requires careful attention, it also creates a level playing field where quality and authenticity can truly shine.
“For affiliates in Greece, the game has changed towards quality and compliance,” Alexandros concludes. “Shortcuts will lead to penalties. But for those who invest in understanding the local market, respecting the rules, and delivering real value through their content, the potential for sustainable growth is endless. It’s about playing the long game, authentically.”
The post Organic Growth for Affiliates in Regulated Greek Market appeared first on European Gaming Industry News.
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