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Evolution – INTERIM REPORT FOR JANUARY-SEPTEMBER 2021
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
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.
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.
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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Ines Ledo, BetBrothers: “Our Content Philosophy Is Built on Quality, Value, and Responsibility”

We sat down with Ines Ledo, Content Lead at BetBrothers.es, to discuss the core principles behind BetBrothers’ content strategy, and what it takes to create a trusted resource for the Spanish betting community.
Ines, please share with us how you first became involved in the sports betting industry, and what led you to your current role as Content Lead at BetBrothers.es?
I started more than five years ago as a content writer, focusing on online casinos and sports betting. From the beginning, I really enjoyed the industry, and over time, I started managing content and leading a team of writers in another top affiliate project in Spain. That experience gave me a wider understanding of how the industry works, and especially, how important content is in the iGaming world. Exceptional content is a force driving engagement and market differentiation.
Now, as a Content Lead at BetBrothers, my mission is to channel all that experience into an ambitious vision. Here, we are aiming to create the most trusted resource for the Spanish betting community. This means going beyond surface-level information and entertainment. Our content is built around three key pillars — quality, value, and responsibility. It is created to help our users enjoy sports betting as a safe and fun form of entertainment.
Can you tell us about your core content philosophy and how it differentiates BetBrothers.es from other affiliates in Spain?
Over the years, I’ve seen how content has become less personal. Today, many articles sound the same, like they’re made in a factory, without real experiences or useful information for the user.
At BetBrothers, we want to do the opposite. We believe in authentic content, written by real people who test betting sites and online casinos. They don’t just look around. They deposit, they play, they interact with customer support, they research the terms and conditions, and then they compare these experiences, sharing their personal perspectives.
We’re user-first, always. Our philosophy is to provide real value to the user with our content, with responsibility as a basis, as we aim to contribute to creating a safer and more enjoyable betting environment for our readers. That commitment to honesty, authenticity and responsible betting is what makes us different.
How do you balance creating evergreen content (like guides) with timely, event-driven betting tips, especially considering the dynamic Spanish sports calendar?
Balancing evergreen and timely content is indeed a basis of our strategy. We do it through good planning and efficient team management.
On one hand, we have stable content like operator reviews and how-to guides on betting strategies — this is the foundation of the project. Such content educates users, provides lasting value, and forms the backbone of our search engine presence.
On the other hand, we produce daily betting tips from our sports experts. These bring dynamic elements to our content and keep users engaged on a daily basis. Our experts have truckloads of experience, some of them are sports analysts with deep statistical knowledge of specific leagues. So for us it’s also an opportunity to showcase our analytical capabilities.
Both types of content are equally important: one provides lasting value, the other keeps the user connected and engaged day by day.
Many affiliates diversify traffic sources. Beyond organic search, what other marketing channels are you exploring for BetBrothers.es?
Organic traffic, born from deep and useful content we provide, is definitely very valuable both for us and our partners. It’s the validation of value we deliver to users searching for information. However, we are actively expanding our reach.
Social media is already a key element of our multi-channel strategy. It’s a great way to build presence, engage in meaningful conversations with the users, and develop a community around our products.
We believe video content will become more and more important in the future too. It allows for richer, more engaging storytelling, and helps us build deeper connections with our audience. Our philosophy is simple: meet users where they are, and connect with them beyond Google.
From your perspective, how has player behavior in the Spanish sports betting market evolved over the past few years, and how is BetBrothers.es adapting its content to meet these changing needs?
Today’s users are much more demanding, that’s for sure. They have more information, they compare everything available to them, and they look for real product value — both in the bookmakers and in the websites they visit. At BetBrothers.es, we thrive in this environment.
We don’t just repeat what everyone else says or does. Instead, we focus on creating useful content, replying to the questions readers may have, explaining complex features in a clear and easy way, test the products and give an opinion based on real experience.
Also, we put a big emphasis on responsible gambling by offering practical advice. We do that, as we believe this is an essential part of the value we should provide to the betting community.
Looking ahead, what are the key strategic priorities for BetBrothers.es in the next 12-18 months to continue its growth and strengthen its position in the Spanish market?
For the next 12-18 months, our goal is to find the perfect balance between three non-negotiable pillars: useful and high-quality content, a user experience adapted to today’s standards — especially on mobile — and a strong focus on safe and responsible gambling.
Our ultimate aim is for every BetBrothers visitor to instantly feel that they are at the most trusted sports betting hub in Spain. A place where they’ll find clear, honest and helpful information to make informed and enjoyable betting decisions.
The post Ines Ledo, BetBrothers: “Our Content Philosophy Is Built on Quality, Value, and Responsibility” appeared first on European Gaming Industry News.
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About 59% of Germans Aged 6-69 Play Video Games

About 59% of people aged 6 to 69 in Germany play video games. Overall, the number of players in the country has risen significantly in the last several years. Across all age groups, some 37.5 million Germans – more than ever before – play video games on consoles, PCs and smartphones. This represents an increase of around 9% in the number of players since 2020. These are the new figures released by game – the German Games Industry Association, based on data collected by YouGov.
The development among players over 60 is especially dynamic, with this group having grown from 6.4 to 7.7 million in just 12 months. The growth in the proportion of older gamers is partly due to the fact that many gamers have been playing games for decades. On the other hand, more and more older people are discovering the joy of video games. Thus the trend of recent years continues, with the average age of German players also surpassing 39 for the first time – rising from 38.2 in 2023 to 39.5 in 2024. In total, 8 in 10 players in Germany (79%) are over 18 years old. With regard to the gender of players in Germany, the distribution has remained balanced in the last several years, at around 48% women and 52% men.
“Games fascinate millions of people in Germany – young and old, women and men. The majority of Germans have been playing games for a long time and the number is increasing. The steadily rising average age of gamers is also exciting: we are fast approaching the age of 40. This makes clear what still surprises many people: whether they are 17 or 70, games inspire people of all ages and the proportion of older players is growing particularly strongly,” said Felix Falk, Managing Director of game – The German Games Industry Association.
After attaining unprecedented heights in recent years, the German games market saw a dip in its growth trajectory in 2024. Last year, sales revenue from games, gaming hardware and online gaming services in Germany totalled 9.4 billion euros – a 6% drop from the year before. This downturn was especially pronounced in purchases of games for PCs, consoles and smartphones (−17%, to 921 million euros), as well as in hardware purchases (−10%, to 2.9 billion euros). Running counter to the overall market trend, revenue from online gaming services saw a double-digit increase, rising 12% from the level of 2023, to 965 million euros.
The post About 59% of Germans Aged 6-69 Play Video Games appeared first on European Gaming Industry News.
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TaDa Gaming Celebrates GiftCode’s Successful First Year Since Launch

TaDa Gaming celebrates GiftCode’s successful first year since launch. Applicable to both slots and TaDa’s unique fishing-shooting games, GiftCode offers immediate rewards which can be effortlessly tailored and adapted to any operator requirement or marketing campaign.
Hitting its first anniversary, a minimum of 1,000,000 GiftCodes are now issued monthly through 300+ streamers with 100% take up. This strong creator eco-system enables codes to be delivered across media and platforms with tournaments, introductory rewards and churned player campaigns leading the way for operator success through powerful marketing alongside player rewards.
An uplift of Daily Active Users by a minimum of 18% and a 15% increase in engagement and player acquisition levels has confirmed that GiftCode is the simple and highly effective gamification tool the industry was lacking.
The 2024 initial test run in Brazil saw 100 streamers receive 500,000 GiftCode links. An instant redemption rate of 95+% and new player sign up increasing by more than 30,000 per month confirmed TaDa’s research and development and gave operators confidence to incorporate GiftCode to their offering.
Now, with the addition of personalised codes for player segmentation, regionally specific influencer packs and multi-brand and aggregator deployment, few other gamification tools can offer such consistently high impact and measurable results, meaning this is a very happy anniversary for TaDa.
Sean Liu, Director of Product Management at TaDa Gaming, said: “GiftCode’s inherent simplicity is the key to its success. It does what it is supposed to do and does it fantastically well for both operators and players. Our new enhancements make GiftCode even more engaging, securing its future as our go-to gamification tool.”
The post TaDa Gaming Celebrates GiftCode’s Successful First Year Since Launch appeared first on European Gaming Industry News.
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