Evolution AB: Questions to Martin Carlesund & Todd Haushalter | Value Bridge

Archieve - Everything Martin Carlesund & Todd Haushalter Said

Business Summary

Evolution is a leading global online casino provider, operating across live dealer, RNG, and game show formats. The company runs more than 15 studios worldwide, including key locations in Europe, North America, Latin America, and Asia. Expansion is continuous, with new studios added and existing ones scaled monthly. Capital allocation reflects strong growth ambitions: CapEx has ranged from €3.5–4 million per quarter in 2017 to an annual target of €120 million in 2024.

Evolution has executed selective acquisitions to strengthen content and IP, including Ezugi (2019), NetEnt and Red Tiger (2020), Big Time Gaming (2021), DigiWheel (2022), No Limit City (2022), and Livespins (2024). These deals broaden product offerings (slots, live, RNG hybrids) and add valuable mechanics like Megaways and licensing reach such as Galaxy Gaming’s 130 global licenses. The company prioritizes organic growth but remains opportunistic in M&A.

Financially, Evolution operates with strong free cash flow and a consistent 50% dividend payout policy, complemented by share buybacks when appropriate. Management highlights returning more than 10x the IPO value to shareholders over time. Margins remain high across regions, with North America exceeding 10% growth in 2024, while Asia delivered 50% year-on-year growth largely through share gains. Evolution positions itself as both a content leader and a defensive moat player, emphasizing compliance, trust, and scale as differentiators.

Catalysts & Milestones

2017 - Launch of Georgia studio; CapEx at €3.5–4M per quarter

2018 - Rollout of Lightning Roulette across the network

2019 - Acquisition of Ezugi, adding SEK 2.5M revenue contribution in Q1

2020 - NetEnt acquisition announced, with €40M synergy target accelerated

2021 - Acquisition of Big Time Gaming for up to €450M (earn-out through 2024)

2021 - Michigan studio construction; new Madrid studio launched

2022 - Acquisition of No Limit City; CapEx rose toward €60M annual run-rate

2023 - Strong Baccarat growth in Asia; RNG performance supported by OSS rollout

2024 - Acquisition of Livespins; CapEx guidance of €120M; new €400M buyback framework

2025 - Acquisition of Galaxy Gaming, securing 130 licenses in 28 U.S. states

Investment Highlights

• €120M full-year CapEx guidance in 2024 supports continued studio expansion

• NetEnt deal delivered €40M synergies 6–9 months ahead of plan

• Asia grew 50% year-on-year in 2023, mostly via market share gains

• Dividend payout fixed at 50% of net earnings, with €300M buyback in 2022

• Over 10x IPO value returned to shareholders through dividends and buybacks
  
  

Future Growth Drivers

• U.S. expansion into Connecticut, West Virginia, and additional states as regulation progresses

• Madrid and Latin America studios extend multi-language and regional coverage

• OSS (One Stop Shop) back-end enabling faster global distribution and integration

• Livespins acquisition enhances streaming-integrated real-time slot engagement

• Galaxy Gaming acquisition accelerates U.S. licensing access across 28 states
  
  

Risk Factors

• High CapEx commitments (up to €120M in 2024) could pressure free cash flow if growth slows

• RNG underperformance in 2022–23 shows reliance on successful integration of acquisitions

• Customer concentration in top five accounts remains elevated, creating potential revenue volatility

• Overregulation in key markets (e.g., 35–38% tax rates) could reduce channelization

• Currency exposure, with SEK revaluation losses causing €-12M in net financials in 2025

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Capital Allocation

04/02/2021 What was the biggest disruptive innovation of the 1940s?

The atomic bomb. It fundamentally changed the world, not just because of its destructive power, but because it reshaped global politics and military strategy. I had “nuclear power” in general on my list, so we’re aligned on this.

There haven’t been any further uses of atomic weapons in war since WWII, even though they’ve gotten vastly more powerful. It’s interesting, this innovation worked primarily as a deterrent. I was recently listening to Dan Carlin’s Hardcore History podcast, which covered this topic in great detail. It’s fascinating how the existence of such a powerful weapon may have actually prevented further global wars.

04/02/2021 Would most companies have supported a move like Megaways licensing?

Honestly, no. In most organizations, especially traditional ones, a product developer pitching that kind of idea would probably get shot down. “Why would we help our competitors?” That’s the standard mindset. But Nick saw that the value wasn’t just in exclusivity, it was in shaping a new standard and driving mass adoption.

And I respect that a lot. I’m also very open to working with competitors. There are land-based companies doing things we don’t, and vice versa. By partnering, we can leverage each other’s strengths and grow the entire ecosystem. That mindset, collaborate where it makes sense, is rare, but powerful.

04/02/2021 Why didn’t Sheldon Adelson’s mega project in Spain ever happen?

He offered Spain a transformative project, he wanted to build a full Las Vegas–style strip, invest billions, and create thousands of jobs. But he had conditions: enforceable casino credit, relaxed labor protections, and smoking allowances inside casinos. Spain hesitated on those legal concessions, and the deal fell apart. Had it gone through, it might have reshaped Spain’s entire entertainment economy.

It shows the kind of leverage and vision Sheldon operated with. He didn’t just build casinos, he changed cityscapes.

20/04/2017 How should we think about CapEx and costs in Canada, will it impact H2?

We shouldn't overestimate the short-term revenue or result impact from Canada. Strategically, it's very important, and we plan to penetrate multiple regions. In terms of CapEx, I don't anticipate major effects. It's manageable due to the initial studio size.

20/04/2017 Can you clarify CapEx expectations year-over-year?

CapEx in Q1 is slightly down compared to Q3 and Q4 of last year. Since we're now entering the build phase for two major studios, one in Canada and one in Europe, we expect CapEx to return to previous levels or even rise slightly. We’ll be able to give firmer guidance in Q2. It’s not a dramatic change; more a function of timing and allocation, like what we did in Romania last year.

20/04/2017 When will the major CapEx investments occur for the Canada and Europe studios?

That’s expected around the end of Q2 and continuing through the rest of the year. Q3 and Q4 will likely see a fairly even distribution of the CapEx. We’ll be more precise in our next update once plans are further along.

20/04/2017 Are you actively pursuing M&A opportunities at the moment?

Yes, we're actively evaluating M&A opportunities and have made progress in several evaluations. Nothing has been compelling enough to conclude yet. We’re strategic and price-sensitive, we’re not chasing deals for the sake of it. We want transactions that create real value and fit our long-term strategy.

20/04/2017 What type of M&A targets are you considering?

We’re exploring broadly in both product and tech. Anything that enhances our product suite or operational capabilities is of interest. I won’t get more specific than that for now.

20/07/2017 Can you share more on your Georgia project, OpEx, timing, and political/regulatory environment?
We’re not commenting on OpEx levels at this stage. What I can say is that we’re building a top-tier studio in Georgia, something truly outstanding to support future growth. The project is entering an active phase, but it’s still too early to specify exact investment timing. Politically, Georgia is stable. Other operators are already there, and our outlook on both the country and its future development is very positive. Compared to other markets we evaluated, Georgia ranked very favorably.

20/07/2017 Will the Georgia investment start in Q3 or later in the year?
It will start in Q3.

20/07/2017 How do Georgia’s wage and rent costs compare to Riga?

We’re not setting up in Georgia for cost reasons, we’re aiming for the same or better quality as in Riga and Malta. Cost levels, including wages, are roughly in line with Riga for now. It’s hard to say how they’ll evolve, but we’re certainly not aiming for higher costs long term.

25/10/2017 Was Q3 CapEx approximately €3.5 million, and is that your guidance for Q4 and Q1?

Yes, our tangible CapEx for Q3 was in the range of €3.5 to €4 million, and we expect a similar level for Q4 and Q1.

15/02/2018 Are Q4 cost levels the new baseline? Do they include Georgia rents? Any CapEx planned for New Jersey?

Yes, Q4 includes ramp-up costs for the Georgia studio, we’re already active there. There were no unusual one-offs in Q4, but expansion did push costs up. Some timing effects may have pulled costs earlier, but we continue expanding, so growth-related costs will remain. On New Jersey, no CapEx decision has been made yet.

15/02/2018 Should we expect another sharp increase in other costs in Q1 and Q2 like we saw in Q4?

We won’t comment on specific expectations for other costs in that level of detail. No further statement on that for now.

15/02/2018 Are you exploring M&A in RNG content or tech, or joint ventures with suppliers?

We’re always evaluating M&A opportunities, as we’ve said before. We’re not in a rush. We have strong organic growth through our core business, so any deal must be the right one at the right price. We're open to content or technical acquisitions, but nothing has been decided or disclosed. M&A has its own unpredictable nature, and we’ll keep looking for the right fit.

19/04/2018 What was the investment in financial assets in Q1 related to?

That was tied to our agreement with Scientific Games. We acquired licenses for exclusive games targeting the European market, so the investment relates specifically to that deal.

19/04/2018 Can you clarify short-term CapEx expectations, will tangible CapEx decline while intangible increases?

That’s correct. Tangible CapEx was high in Q1, largely due to studio builds, and should decrease sequentially. However, it won’t drop all the way back to early Q2 2017 levels. Overall, we expect year-on-year CapEx to be higher.

19/04/2018 Will the number of tables grow significantly in 2018?

In absolute terms, yes, we expect to add more tables than last year. However, as the base is now larger, the percentage growth may not be significantly higher. The increase reflects continued demand but not a sharp acceleration.

14/02/2019 Why did you opt for a buyback mandate instead of a dividend, and what are the strategic reasons behind it?

The board is proposing the buyback mandate for approval at the AGM, and more detail will be provided in the notice. We haven't had such a mandate before. The main benefit is flexibility, both in M&A scenarios and capital allocation to shareholders. It also provides flexibility in managing our outstanding incentive program, where we may issue new shares. Overall, it offers more optionality.

25/04/2019 How much did Ezugi contribute to top line and expenses in the quarter?

Ezugi added approximately SEK 2.5 million in revenue and about SEK 2.9 million in expenses, resulting in a negative EBITDA impact of roughly SEK 0.4 million for the quarter. As we integrate Ezugi further, we won’t report it separately going forward. We expect positive EBITDA contribution from Ezugi for the full year.

24/10/2019 Will CapEx be more front-loaded due to events like the Olympics and the Flutter deal?

That’s a reasonable assumption. We’re entering a highly active period, so investments will likely increase in the first half. However, we’re a much larger company now, so the relative impact of these investments is smaller than in the past.

23/04/2020 Can you provide an update on the Powder Power partnership signed last year?

The Powder Power deal is progressing as planned. We're pleased with the collaboration. It’s a strategic and important partnership, though its financial impact is not yet material due to our current scale.

23/04/2020 Can you provide an update on the Powder Power partnership signed last year?

The Powder Power deal is progressing as planned. We're pleased with the collaboration. It’s a strategic and important partnership, though its financial impact is not yet material due to our current scale.

23/04/2020 Does evaluating new European units affect your CapEx guidance?

Our current CapEx guidance assumes a slightly higher investment in euro terms than in 2019, and it includes the evaluation of new units. Of course, the pace of progress is affected by the pandemic, but projects are still moving forward within that broader CapEx range.

23/04/2020 Can you provide an update on the Powder Power partnership signed last year?

The Powder Power deal is progressing as planned. We're pleased with the collaboration. It’s a strategic and important partnership, though its financial impact is not yet material due to our current scale.

17/07/2020 Can you elaborate on the revenue synergies from the NetEnt acquisition?

We expect revenue synergies to outweigh cost synergies. The U.S. market is a major opportunity, combining NetEnt’s presence with ours will enhance our offering significantly and position us well for growth in the U.S.

17/07/2020 Are the synergies mainly in distribution or product development?

While distribution and our global demand are major components, we’re also excited about combining product strengths, live and slots, to enhance both portfolios. It’s not just one side; both areas will benefit.

22/10/2020 You have one more studio planned in Eastern Europe for 2021, correct?

Yes, we have one additional studio in Europe scheduled to go live in 2021.

22/10/2020 Michigan is under construction, any other studios planned beyond that?

Yes, Michigan is entering the construction phase. In addition, there’s one more studio we plan to build, likely in Asia, though we haven’t finalized the location.

22/10/2020 With margins expanding due to fewer tables and higher revenue, why return to previous capacity levels?

We’ve always said there’s a trade-off between margins and revenue. We prioritize revenue growth and market share. A euro earned is a euro earned, regardless of margin percentage. That said, we are scaling efficiently and maintaining strong incremental margins, so we’ll continue to expand while remaining cost-focused.

22/10/2020 Are there any pending regulatory approvals for the NetEnt deal besides the CMA, and are you confident in closing by year-end?

The only approval pending is from the CMA. We are sticking to the previously communicated timeline and remain positive about closing the transaction by year-end.

10/02/2021 What changed to raise the NetEnt synergy forecast and accelerate timing?

When you go into a deal this large, the pre-deal announcement can only go so far. Once inside the company, we gained more substantial information. We now feel confident delivering the €40 million in synergies, 6–9 months earlier than expected. We were well prepared for integration and moved rapidly, even if some decisions may seem brutal. We aim to build one strong company with unified knowledge, and that’s reflected in the numbers.

12/04/2021 Can you explain the payment structure and rationale for the earn-out?

We paid €220 million upfront, €80 million in cash and the rest in shares. The earn-out is split across 2023 and 2024 and can total up to €230 million, bringing the maximum total consideration to €450 million.

The earn-out component is approximately 70% cash and 30% shares, and it depends on BTG’s performance over the next few years. The deal multiple, if BTG reaches maximum earn-out, is actually lower than that implied by the upfront payment alone. That tells you how confident we are in their potential. BTG has already proven its ability to create groundbreaking, innovative games. Our role is to help them scale further and introduce those games to a broader audience.

12/04/2021 Will you continue acquiring slot companies?

This comes up often. Organic growth remains our top priority, we strive to improve every part of the company daily and keep growing at a high pace.

That said, we do look carefully at strategic additions that help us move closer to our goal of being number one in online casino.

27/04/2021 Does acquiring BTG create tension with operators who want more supplier independence?

It's a good question, and a few in one. First, we want to be the best company in the world, and I don’t say that arrogantly. It’s about having a clear vision and working humbly toward it. Part of that vision is collaborating with our operators to grow the market and maintain strong, positive relationships. We want operators to view us as a valuable partner, not a dominant supplier.

The BTG acquisition is about innovation, team quality, and creativity. We were very selective, we evaluated BTG for a long time, and we’re happy with the fit. When we consider M&A, we’re always looking for high-value, culture-aligned additions. For now, the priority is on integrating what we have and making sure it performs at a high level.

27/04/2021 Does your margin outlook include BTG, or will that be added post-close?

It does not include BTG. The deal has not yet closed, so we haven't incorporated it into our guidance. We’ll revisit that once the transaction is finalized.

21/07/2021 After Michigan, are Connecticut and West Virginia next for US expansion? And when do you expect a LatAm studio?

Connecticut is a fair assumption and we’re already working on it. I don’t see another state overtaking it in the pipeline at this point, though that can always change, it’s a political process. In Latin America, we already operate via joint studios, but in terms of launching our own facility, that’s likely to start in late H2 or early 2022.

28/10/2021 What’s the goal behind opening a new studio in Madrid, and why was that location chosen?

We're adding another European studio to meet growing international demand, especially for different languages. Madrid was selected after reviewing 15–20 locations, it’s ideal for our needs. This isn’t just a studio for the Spanish market; like Malta, it will serve our global network in multiple languages.

28/10/2021 Are you also expanding your existing studios, and is that expansion mostly for dedicated tables?

We're expanding both new and existing studios. It's not just for dedicated tables, the network must remain balanced. We always invest in capacity, whether through new sites or enlarging current ones. With 11 studios now, we continuously add capacity monthly.

28/10/2021 What is your current M&A strategy, and could OSS accelerate integration of future targets?

Our M&A stance hasn’t changed, organic growth remains the primary focus in both live and RNG. OSS is a strong enabler that would make it easier to integrate future acquisitions, but that doesn’t shift our core strategy. We want to be the best global online casino provider and drive innovation. Esports is not currently in our plans, though we wouldn’t rule it out in the long term.

28/10/2021 What are your expectations for 2022 tax rates, CapEx ramp-up, and the effect of OSS on acquisitions?

For OSS, yes, it would make future integrations easier if we acquired new content. But our focus is on improving the operator experience and streamlining global releases. On tax, the global Pillar Two framework is progressing, but it’s too early to assess specific impact. Our effective tax rate should trend upwards due to global expansion, e.g., adding Big Time Gaming (30% tax in Australia). We were at 7% this quarter, and expect it to rise modestly.

CapEx has grown year-over-year and should increase further in 2022. For Q4, activity is high, and while we aimed for €60 million this year, we may fall slightly short. It’s not just about money, physical rollout speed limits what we can execute. COVID is part of the delay, but not the sole reason.

28/10/2021 Was the CapEx delay this year due to COVID?

Partially, yes. But it also reflects the physical complexity of global expansion. Building in multiple locations takes time, it’s not just a budget issue. Even if we aim for faster execution, logistics and construction realities often require more time.

09/02/2022 How is the board thinking about deploying excess cash, dividends or M&A?

The primary channel for returning capital to shareholders will be dividends, aligned with our 50% earnings payout policy. With the planned dividend, compulsory buyout, and current buyback program, cash levels will reduce in the first half. That said, we have strong cash flows and expect to revisit this topic again. On M&A, we remain opportunistic, but our main focus continues to be organic growth, developing more and better products.

28/04/2022 With EUR 440M in cash, how are you thinking about M&A and new verticals?

We’ve since paid out over SEK 300M in dividends, so cash is lower, but flows remain strong. No material change in strategy, we continue evaluating M&A, but our primary growth is organic. The dividend policy is unchanged.

28/04/2022 Any further comments on M&A appetite and positioning?

We aim to be the number one online casino globally. We’re constantly looking for pieces that can accelerate that goal. We’re open, but selective, we want the right fit that moves us meaningfully forward.

22/06/2022 Can you provide more detail on the earnout structure, and whether you expect it to be paid in full?

We don’t disclose the detailed setup of the earnout mechanism, but yes, we expect to pay it in full. We’ve set a stretch target, and we’re pushing hard towards that. If the targets are met, the structure is such that the deal looks even better for us, it’s accretive and well-aligned. We’re confident in the trajectory.

22/06/2022 What is the implied valuation of the deal if the earnout is paid in full?

Unfortunately, we don’t disclose the implied valuation. That’s internal information.

21/06/2022 Will CapEx remain steady in H2 despite no new studio launches?

Yes. When we launch a studio, we start with just a few tables and then continue expanding. We currently operate around 15 studios, and expanding an existing one isn’t that different, investment-wise, from opening a new one. So CapEx will remain at the same pace in H2

09/10/2022 How do you handle serious advantage play and maintain trust with your partners?

Trust is everything, and we take it seriously. Our partners, MGM, Caesars, and others, ask tough questions like, “If someone places a max bet, how do we know your operation is secure?” And they should. Online, players can run background software to track every card or even use algorithms to analyze roulette ball speed and wheel rotation to predict outcomes. It's a far more challenging environment than land-based, where even entering card data into a phone is illegal. We’ve had issues before, but we work hard to prove we run a tight, fair operation. If someone wins big and questions come up, we can pull the video and show everything was by the book.

27/10/2022 What’s the current status of your studio capacity expansion plans?

We’re in a good position right now but will need to expand further. We expect continuous capacity expansion through 2023. We're currently planning several new studios across different global regions and aim to share more in Q1 once those plans are finalized.

02/02/2023 How do you see M&A versus returns evolving, and could buybacks complement dividends this year?

The funds currently on our balance sheet will largely go toward dividends in the coming months. The decision between dividends and buybacks lies with the Board. Personally, I think combining both, maintaining the dividend and complementing it with buybacks, could make sense, but again, that’s up to the Board and will be decided later.

02/02/2023 Are you open to M&A in the RNG space, or is growth primarily organic?

Our stance remains consistent. We have a 50% dividend payout policy, which aligns with this year’s distribution. Most of our cash will go to that. Buybacks are an option if surplus cash is available. We’ve done some M&A in the past, and while it’s opportunistic, we don’t rule it out. Still, our main growth engine is organic.

02/02/2023 Is your focus now on consolidating RNG acquisitions instead of pursuing further M&A?

I believe we made the right acquisitions. We increased margins and delivered value. We were a bit late in distributing some games in 2022, but we’re in a strong position now. Going forward, M&A remains a tool to strengthen our global leadership. If the right opportunity comes, like DigiWheel did, we’ll consider it, whether small or large.

27/04/2023 What are your plans for the large cash position aside from dividends?

The cash position is lower now due to the dividend payout, but we expect strong cash flow to continue. Our dividend policy remains at 50% of net earnings, so a significant share will be returned to shareholders next year. Other options include buybacks, subject to board approval, and opportunistic M&A. That said, our main strategy continues to be organic growth.

27/04/2023 What are your plans for the large cash position aside from dividends?

The cash position is lower now due to the dividend payout, but we expect strong cash flow to continue. Our dividend policy remains at 50% of net earnings, so a significant share will be returned to shareholders next year. Other options include buybacks, subject to board approval, and opportunistic M&A. That said, our main strategy continues to be organic growth.

27/04/2023 Would you consider M&A to support RNG growth?

We’re open to M&A, but only for strategic fit, we don’t acquire just for growth or market share. Right now, we have the right product mix in RNG and are focused on executing well with what we have. That said, we always keep an eye on opportunities, but there's nothing imminent.

27/04/2023 If you're satisfied with your RNG capabilities, what kind of M&A are you open to?

We’re not looking to buy into new product verticals like sports betting. Our acquisition of DigiWheel was a great example of the type of M&A we value, strategic, product-enhancing, and enabling long-term innovation like our new game Sankitan. That kind of acquisition we’d do again. But our primary focus remains organic growth in online casino.

21/07/2023 With rising cash reserves, are you considering capital returns or a more formal capital allocation framework?

As management, we’re very comfortable with holding strong cash reserves. Capital allocation is ultimately a Board decision, and our dividend policy remains as stated. Over the long term, of course, we can’t just keep accumulating cash indefinitely. But for now, it’s not something that requires action.

Roughly half of the cash relates to the dividend and the rest to working capital. No immediate need to change course.

21/07/2023 Given RNG underperformance, are you considering more M&A to strengthen that segment?

Right now, we're focused on executing within RNG using the strong brands we've already acquired. Those assets are margin-accretive and contributing meaningfully. We're not actively pursuing M&A at this moment.

21/07/2023 Any change to your capital allocation priorities with the large cash reserve?

No change. The priorities remain the same: maintain sufficient cash, consider M&A where appropriate, and return excess via dividends or buybacks. We’ve done buybacks in the past, €300 million in early 2022, and future actions will depend on available opportunities.

26/10/2023 With over €800M in cash and strong Q4 cash flow expected, when would buybacks be appropriate?

Our primary mechanism for returning capital is our dividend policy, 50% of net profit. We’ve also done buybacks in the past, and while they’re not ruled out, any such decision lies with the board. There’s no change from what we’ve previously communicated.

26/10/2023 With over €800M in cash and strong Q4 cash flow expected, when would buybacks be appropriate?

Our primary mechanism for returning capital is our dividend policy, 50% of net profit. We’ve also done buybacks in the past, and while they’re not ruled out, any such decision lies with the board. There’s no change from what we’ve previously communicated.

01/02/2024 Do you foresee changes in shareholder remuneration or M&A priorities?

Our baseline remains the 50% dividend payout policy, no changes there. The share buyback was a one-off decision by the Board. We will continue to evaluate M&A opportunities and technologies that could support our long-term strategy. We won’t adopt any dividend or financial policy that could compromise that flexibility.

01/03/2024 Why did you acquire Livespins, and what excites you about it?

Livespins is a super current product. For those unfamiliar, it lets streamers play slots and lets viewers play along in real-time. It makes perfect sense. Streaming is massive, on Twitch, Kick, YouTube, and viewers often wish they could join in when a streamer is winning. Livespins makes that possible.

We were actually discussing building something similar in-house. We’ve been combining live and slots for years and already have the video infrastructure. But after meeting their team, it was clear they’ve built something sophisticated, streamers can even broadcast from home. We were impressed. So rather than build our own, we partnered through acquisition. It was the natural next step for us.

24/04/2024 Is your CapEx guidance still EUR 120 million for the full year?

Yes, that remains unchanged at EUR 120 million for the full year.

24/04/2024 Will you launch another buyback program, or focus on M&A?

There’s no change in our capital allocation strategy. Our primary return method is dividends, 50% payout ratio. Each year, the Board requests a buyback mandate at the AGM; it will do so again this year. We’ve done three programs so far, and buybacks remain a tool in the toolbox, but there’s no set threshold or policy. For M&A, we remain opportunistic. We've mainly pursued technical acquisitions that enhance our product offering. However, our main growth path is still organic, we don’t need M&A to grow. If the right opportunity arises to support our mission of being the leading online casino provider, we’ll consider it.

19/07/2024 What is your target cash position in light of future share buybacks?

There’s no fixed number. Our new capital allocation framework is consistent with past behavior. We haven’t hoarded large cash reserves historically, so that should guide your modeling. The framework formalizes what we've already been doing and brings more structure to the buyback timing.

19/07/2024 How do you define excess cash given your policy to distribute free cash flow?

Net cash is a flexible concept for us. As we grow, our investment needs rise. But we’ve consistently returned capital, shifting out 10x the IPO value over time, without letting cash accumulate. The new policy frames that behavior more formally and tightens timing, alongside the €400 million buyback plan.

19/07/2024 Can you elaborate on the Galaxy Gaming acquisition and potential licensing synergies?

We’ve had a long-standing relationship with Galaxy, they supply to us and to others. This acquisition lets us expand their games and side bets into additional markets. Beyond that, Galaxy holds 130 licenses globally and is licensed in 28 of 29 U.S. states, with the last in progress.

So this fast-tracks our access to U.S. markets as they go online. We also strengthen our land-based presence and licensing footprint, which is highly strategic.

19/07/2024 How does Galaxy help you fast-track licensing in new U.S. states? Does running it separately relate to Evolution’s own licensing risks?

Galaxy holds licenses in 28 states, and during the closing period, we’ll formalize those relationships. This gives us insight and readiness as new states regulate online. Operating it as a separate entity gives us structural flexibility, later, we may choose where to place products based on regulatory needs. It's about optionality, not about concern over Evolution’s licensing capacity.

24/10/2024 Why was the Big Time Gaming earnout reduced despite strong RNG performance?

We're vermance overall, 8.5% globally and over 10% in North America, we’ve been slightly delayed in hitting the levels needed for the full BTry aggressive in how we structure acquisition earnouts, requiring strong growth to trigger them. While we’re satisfied with RNG perfoG earnout.

That timing impact explains the reduced liability. But overall, we’re on track and happy with the Q3 results.

24/10/2024 What drove the €100M cash outflow under financial assets this quarter?

We’ve moved €100 million into a bond portfolio as part of our cash management strategy. Previously, most of our cash sat in bank accounts. Now, a small portion is invested in a hold-to-maturity bond portfolio.

This allows us to earn more on idle cash without mark-to-market volatility.

30/01/2025 Will customer concentration in your top 5 decrease in 2025 as you grow in regulated markets?

You want your largest customers to perform well , that’s the challenge. Currently, we're likely a bit high in terms of concentration, so yes, it might come down slightly going forward.

30/01/2025 Do you see long-term profitability upside in regulated markets, and can you give a mature market example?

Yes, once we solve current challenges and scale up, I see margins going up long term. When we entered the U.S., we always said it wouldn't dilute our margin , and it didn’t. I believe the regulated/unregulated market mix has strong potential and won’t be a drag over time.

17/07/2025 What caused the EUR -12 million in net financials this quarter?

We had continued share buybacks and dividend payouts. We also held sizable cash balances in SEK, which were revalued. That contributed to the larger-than-usual financial result, but there’s no operational concern, just a mix of timing and FX impacts.

Competitive Advantage

04/02/2021 How do you define disruption? What makes something truly disruptive rather than just incremental innovation?

I’d say there’s local disruption, and there’s grand disruption. You can disrupt an industry, a household, or even the world. At its core, disruption is a shift that changes how things work so significantly that they won't go back to how they were before, it's lasting, and it's meaningful. The fun part is the scale, how big the change is.

Steve Jobs is a great example. He didn’t just improve products; he made massive leaps. He didn't invent the MP3 player, but he created the iPod and gave people a thousand songs in their pocket. It was about solving a bigger problem, like getting people to pay for music in the digital age. That’s disruption. Incremental innovation is making things a little better or faster. Disruption is a complete rethinking, like turning phones into platforms through the App Store.

04/02/2021 Why was the iPhone such a disruptive innovation?

What made the iPhone disruptive wasn't just the hardware, it was the App Store. That shifted innovation from Apple’s internal teams to the whole world. Anyone could now build on top of this device, transforming it into something far more powerful. That kind of democratized innovation is game-changing.

Also, Apple completely redefined what a phone could be. Before that, Nokia was dominating by flooding the market with dozens of quirky models, banana phones, gaming phones, etc., without any unifying vision. Apple simplified everything. And with the touchscreen and unified OS, they made everything seamless. That’s why the iPhone blew up.

04/02/2021 What’s an example of an overhyped but limited disruption today, like VR in iGaming?

A lot of people would say virtual reality (VR) is the next big disruptor in iGaming, and maybe it will be. But because it's already on the roadmap of many companies, it’s less likely to be a true market-shifting surprise.

The leap from PC to mobile is a better case of overlooked disruption. When I was at Betsson around 2010–2011, nobody there was seriously talking about mobile. It wasn’t until 2012 that we made that pivot. Meanwhile, Leo Vegas saw it coming early, built for mobile-first, and gained a major edge. But even then, timing was everything. Being too early can be fatal unless you have deep pockets.

04/02/2021 How do you cultivate innovation and disruption inside Evolution Gaming?

One thing we don’t do is obsess over the competition. We’re not sitting around trying to figure out what others are doing. Instead, we look at the world and ask, “What do people enjoy?” We give ourselves a blank slate and create an environment where any idea can fly. For example, our 2021 roadmap includes games that don’t resemble anything traditional, no cards, no dice, no bouncing balls. They're out there, but they’re fun gambling experiences.

The real key is culture. If people feel their ideas can find a home, they’ll keep bringing more. Once someone sees their idea actually built into a game, it triggers a flywheel, more ideas, more engagement, more momentum. But it only works if the company genuinely asks, “Is this fun?” and seeks honest answers. Many companies can't do that because they’re too focused on protecting market share or cutting costs instead of pushing boundaries.

04/02/2021 Why do Evolution games like Monopoly Live continue to grow despite new competition?

It’s about staying power. Monopoly Live is on track to have its best month ever, even with Crazy Time, Mega Ball, and other strong titles out there. That shows how certain experiences rise above the noise. In the slots space, there’ll be 1,500 releases this year alone, which is overwhelming. But if a game is truly great, it will get noticed, streamers will play it, word-of-mouth will spread, and it’ll show up in players’ recent games lists. Our commercial team does a great job making sure each title gets a real chance, but ultimately, the product team has to deliver games people genuinely want to play.

That’s the main difference between live and slots. In live, the best games gain momentum over time. With slots, a lot of studios focus on short-term spikes, but we’re committed to long-term, high-quality content. That’s how great experiences survive in a crowded market.

04/02/2021 Why was Megaways from Big Time Gaming a disruptive innovation in slots?

Megaways was a brilliant example of unexpected disruption. It wasn’t a flashy bonus game or a graphical leap, it was a math model. Big Time Gaming created a new way to win, up to 100,000 different ways, and then did something even more surprising: they licensed it to competitors, including NetEnt.

That’s what made it so impactful. Instead of hoarding the advantage, they opened the door for the whole industry. Suddenly, any studio could build on top of that model. It was a new kind of collaboration, working with competitors to elevate the entire space. Nick at Big Time Gaming deserves a lot of credit for that. He pushed boundaries, tried new mechanics, and made innovation contagious.

04/02/2021 Are you concerned about a well-funded startup disrupting Evolution in live casino?

Not really. Live casino is extremely hard to execute well. We've acquired companies like NetEnt and Ezugi and seen firsthand the complexity behind operations, training dealers, preventing fraud, managing real-time systems, and delivering scalable performance.

Silicon Valley can build a great-looking app. But they’d still have to hire and train dealers, detect edge play, block scams in real time, manage card integrity, prevent wheel tracking, and handle fraud detection across global jurisdictions.

It's not a trivial challenge. I’d advise them to build something else.

04/02/2021 Could regulatory compliance distract operators from innovating?

Yes, but that’s a trade-off we live with. Staying compliant absorbs resources that would otherwise go to product development. But the upside is massive: regulation keeps bad actors out, preserves consumer trust, and, critically, keeps giants like Amazon and Google out of the space.

If this industry were easy to enter, Amazon would’ve eaten it already. Regulation is our moat. So while compliance can feel like a drag, it's also the reason this industry remains ours to lead. Every operator should view it as both a constraint and a strategic asset.

25/07/2025 Could Andrew Yang return to politics and lead on UBI?

Absolutely. He’s already a major advocate. If Biden steps aside, Yang could emerge like Bernie Sanders did, someone consistent in message, gaining traction over time. What he’s saying today may seem radical, but it could soon become mainstream.

20/04/2017 Do you believe you can sign deals with Swedish monopolies under the new regulation?

Yes, we strongly believe we offer the best product in land-based environments and are market leaders in Europe. While we remain humble and recognize the need to deliver quality and compete hard, we believe we have a good chance of signing valuable new clients in Sweden.

20/04/2017 How is demand for dual roulette and other land-based products?

Dual roulette and our land-based bridge products are performing very well, possibly even outperforming other areas in terms of growth. Interest is high, especially in the UK. We have a strong pipeline of potential clients and ongoing installations. While revenue contribution is still small compared to our overall 60% growth, these products are strategically very important.

20/04/2017 Has interest in dual play declined or was it just not featured in this report?

There’s no trend change. The interest in our dual play offering remains strong. It simply wasn’t highlighted in this particular report, but the product continues to develop positively.

20/07/2017 Will the jackpot pool money be aggregated across multiple operators?

Correct. That’s exactly how it works. Operators can choose to participate or not. It’s a great business model, leveraging our network liquidity to create stickiness. We expect it to grow phenomenally well.

25/10/2017 Can you discuss the jackpot product launched earlier this year?

It’s an exciting development. The jackpot leverages our network liquidity to offer added value and stickiness to players. We're pleased with its performance and are exploring ways to expand its use moving forward.

25/10/2017 How does table utilization work, and how can operators optimize it further?

For example, if you open a table at 5 and immediately have 7 players waiting, you opened too late. Reviewing the open/close timing and player flow is essential. When you run a Zoom studio with 400 tables, optimizing these timings has a meaningful financial impact.

Other factors include how you manage dealer levels and incentives to attract players. We've been working on all of this continuously, including during the quarter.

19/04/2018 Is Lightning Roulette now live, and how has uptake been?

Yes, Lightning Roulette is live and rolling out across our network. Most of our customers are signing up for it. It appeals to both new players, drawn in by RNG elements, and traditional roulette players. While some cannibalization of other roulette products is expected, we also see incremental demand. It’s a unique game exclusive to our platform, and we’re optimistic about its contribution.

25/04/2019 What are your views on the trend of relaxing exclusivity agreements in the market?

We welcome competition, it keeps us sharp. In fact, we believe we've widened the gap with competitors thanks to our 2018 and 2017 launches. We're confident in our trajectory and remain focused on delivering even stronger performance this year and in the future.

23/04/2020 Is the growth mainly coming from unregulated markets in this region?

We’re seeing growth across all markets, Europe, the U.S., and Asia are performing well. Our strong product lineup and competitive edge are driving this growth across both regulated and unregulated regions.

17/07/2020 How do Mega Ball and Crazy Time rank among your recent game launches?

Mega Ball is an excellent entry into the lottery-style game category, it's opened up a new segment for us. But Crazy Time is by far our strongest release ever. In total, we launched six new games this quarter and Crazy Time comes next quarter. All of this happened during the pandemic, which proves our team’s resilience and innovation.

22/10/2020 Who are your main competitors in Asia, and how do your products compare?

In my view, we have the best product globally. In Asia, our offering is disruptive and well-received. There are many competitors, probably 20 to 50 in various forms. A major one would be Asia Gami

10/02/2021 What kind of reactions have you seen from customers and partners after acquiring NetEnt? Any impact on deal renegotiations or offering combinations?

Everyone seems excited about what we can do for players, creating new games, drawing on the talent and capabilities within NetEnt. There's strong enthusiasm around innovation, both in slots and live, and hybrid formats. The feedback has been positive. That said, we still need to earn our partners’ trust every day, and this acquisition gives us better tools to do that.

12/04/2021 What does BTG offer that NetEnt doesn’t?

Like NetEnt and Red Tiger, BTG focuses on delivering high-quality, innovative gaming experiences. The Megaways mechanic is particularly valuable IP, and we now own it outright. That IP, along with other assets, can be leveraged across all of our brands.

12/04/2021 Will Evolution continue to license Megaways to competitors?

Yes. Megaways is strong IP with clear player appeal. We already license it through several NetEnt titles, and we’ll continue to make it available to others as well.

27/04/2021 How do you protect your IP when competitors copy game themes and interfaces?

Stealing is never acceptable, and we've said that before. But rather than focusing on legal responses, we prefer to keep pushing innovation. Our aim is to move the industry forward, to drive the digital transformation of online casino. Copying doesn’t help anyone grow. We’d rather see the entire sector innovate independently. That benefits everyone more than replicating each other’s ideas.

27/04/2021 Will BTG change its Megaways licensing model, or will it remain available to competitors?

No, we will not change the licensing strategy for Megaways. It will continue to be available to other slot providers. We believe that’s a solid business model, and we intend to maintain it.

21/07/2021 How will you report hybrid live dealer RNG games in future financials?

It will depend on the specific game. For titles that incorporate RNG intellectual property, we’ll split the reporting accordingly. For example, Gonzo’s Quest appears in both live and RNG categories depending on the usage, reporting will be on a game-by-game basis.

28/10/2021 What is your strategy for RNG, and do you think the platform investment pace was appropriate?

There's no limit to how much we could have invested, we couldn't have just thrown more money at it to move faster. The OSS platform required a full rebuild and centralization of the core, which is driven by complex development, not capital. It's now in a great place. For slots, user satisfaction is crucial. That’s why we modernized our slot portfolio in 2021, aiming to create the best games on the market. It’s less about money and more about making the right creative and technical decisions. I'm very happy with the progress and the position we're in now with the ten slots released.

28/10/2021 How does the One Stop Shop (OSS) back-end strengthen your competitiveness?

It simplifies everything for operators, they can access any game via one seamless integration. They pick what they want, and it works. For us, it means a certified game can now be released globally at once without dealing with multiple regulatory and integration processes. It's a significant achievement and we're proud of the speed at which it's being rolled out.

09/02/2022 Will One Stop Shop (OSS) drive growth in the RNG segment?

OSS is strategically important. While free spin mechanics and R&D bonuses were more impactful 10 years ago, regulatory changes have reduced their influence. OSS enables smoother integration and distribution, and while it's not a silver bullet, it's a significant enabler for growth in RNG.

28/04/2022 Is your studio diversification giving you a competitive edge or just resilience?

It’s both. The pandemic showed the importance of resilience. We’ve built a network where capacity can shift across studios, which helps during disruptions. But this also gives operators confidence, it's a security and competitive advantage. Not all studios host the same type of tables or products, so flexibility is critical.

28/04/2022 Was the exclusive deal with FanDuel an exception, or will others follow?

We’ve historically had limitations with some customers, but overall, I believe in competition. Markets evolve. Sometimes, partnerships form that shift dynamics temporarily. FanDuel might not be the norm, but I think the industry will continue experimenting with different deal structures.

22/06/2022 What attracted you to No Limit, and how rare is this type of asset in the market?

No Limit creates highly distinctive, graphically rich slots with strong game mechanics. Their titles appeal to a slightly more advanced player and have built up clear brand recognition. Players know when they're playing a No Limit game, it’s a unique experience. Their catalogue fills a gap in our offering, and we see meaningful potential to introduce their content to new user groups. Acquisitions in this space are opportunistic, but we’ve now secured Big Time Gaming, NetHunter, Red Tiger, and No Limit, essentially the ones we felt we needed. While other options may emerge, we’re very pleased with where we stand today in terms of our content leadership.

09/10/2022 Why do players prefer live dealer games over electronic table games?

It comes down to two central factors. First is trust. Players are risking hard-earned money, and they want to feel confident the outcome is fair. With pure RNG, it’s hard for some to accept results, like pulling a 20 and watching the dealer hit a five-card 21. Having a live dealer gives people peace of mind. Second is the social element. Even if players don’t type in the chat, they enjoy being around others, like going to a bar just to be in the atmosphere. Some players form relationships with hosts and come back specifically for them, they’re greeted by name and feel recognized.

09/10/2022 Can players see and return to specific dealers they like?

Yes. We've designed the product so players can see which host is on a table at any time. Dealers rotate like in a traditional casino, but players definitely have favorites and seek them out. Some even make YouTube videos about their favorite hosts. We use the term "host" instead of dealer, but the principle is the same, familiar faces create loyalty and comfort.

09/10/2022 Do you think better online odds will pressure land-based casinos to adjust?

Potentially, yes. Online, you get strong rules at low minimums, 20 or even 10 cents for a single-zero roulette game. That level of access with premium rules doesn’t exist on the casino floor, where 3:2 blackjack often requires a $50 minimum. Players will start to notice. Slots are similar; online slots typically return 95%+ while many land-based games sit at 85% or lower. The fact that online platforms show RTP percentages transparently also makes a difference, players can see what they’re getting.

09/10/2022 What’s driving the massive popularity of your game show titles?

Thanks for saying they look like real TV game shows, that’s exactly the goal. We want them to be entertaining even to watch. These games are built on a Big Six wheel foundation, with added bonus rounds and features that branch off from the main game. The variety is immense, and the visuals and pacing create this constant “almost win” thrill. Players love betting small for a chance at big wins, which traditional table games rarely allow. It captures the appeal of slots, low stakes, high excitement, but replaces speed with richer visual storytelling.

27/10/2022 Would you consider offering exclusive Live games to B2C operators like some competitors have?

In general, we’re not in favor of exclusive deals. Sometimes, if an investment is needed and a longer time horizon is justified, a limited agreement can be made. But we don’t believe in partnering in ways that restrict our market access.

As the largest online casino network globally, we aim to be a One Stop Shop for high-quality entertainment and B2B services. Limiting ourselves with exclusivity doesn’t align with that strategy.

02/02/2023 Are you seeing any competitive slowdown due to the economic environment, particularly in the U.S.?

Yes, some companies that rely heavily on external funding might be affected, especially given current conditions. But overall, I think competition has slowed over the past couple of years. Meanwhile, we’ve maintained our pace and even accelerated. From my perspective, we’ve widened the gap and pulled further ahead.

02/02/2023 Has the widening gap with competitors allowed you to increase pricing?

From my perspective, the gap to competition has never been wider. We're launching more games, better games, it's spectacular. Some competitors are just copying us now without real innovation. I often say we charge far too little for what we deliver, but we won’t raise prices simply because we can. We provide strong value, add new games and player segments, and focus on partnership, not pricing power

27/04/2023 What drove the strong Baccarat performance in Asia this quarter and last?

Baccarat is the leading game in Asia, just as roulette is in Europe and blackjack in North America. As Asia continues to perform well, Baccarat naturally grows. We also have the best Baccarat product globally, and the investments we made back in 2021 are still paying off. That said, we keep evolving the product continuously.

27/04/2023 What drove the strong Baccarat performance in Asia this quarter and last?

Baccarat is the leading game in Asia, just as roulette is in Europe and blackjack in North America. As Asia continues to perform well, Baccarat naturally grows. We also have the best Baccarat product globally, and the investments we made back in 2021 are still paying off. That said, we keep evolving the product continuously.

27/04/2023 What’s driving the 50% year-on-year growth in Asia, market growth or share gains?

It’s largely market share gains. We’re taking share from competitors rather than riding overall market expansion. We have the best product, and that’s what’s driving our traction. We don’t break out data by individual country, but across Asia, we’re seeing strong performance thanks to product quality and execution.

27/04/2023 What’s driving Asia’s strong growth, new clients or spend expansion?

There haven’t been major new operator signings, it’s more about continued market share gains. The growth is being driven by the quality of our product and ongoing execution. For example, adding Sky a few years ago would have been a major deal, but now it’s more routine. We’re dominant in the region, and that’s reflected in the numbers.

26/10/2023 Given strong demand and supply issues, are scalable games like roulette still performing well?

I won’t comment in detail on table configurations. But yes, demand for non-scalable products remains high. Players engage with multiple games per session, and we need to meet that full experience. Otherwise, we risk situations like during COVID, where player flow shifted to the wrong games.

26/10/2023 Given strong demand and supply issues, are scalable games like roulette still performing well?

I won’t comment in detail on table configurations. But yes, demand for non-scalable products remains high. Players engage with multiple games per session, and we need to meet that full experience. Otherwise, we risk situations like during COVID, where player flow shifted to the wrong games.

26/10/2023 Are you satisfied with the ROI from high-budget projects like Fanta Time? Will future growth come from more large-scale productions?

Yes, we’re very happy with Monkey Time, it’s a fantastic, high-performing game. Our scale as the largest online gambling network allows us to support major releases with broad exposure. That’s a clear advantage. These projects showcase what’s possible at our scale.

01/03/2024 How important are legacy hit titles to RNG performance?

They’re massively important. Starburst, Bonanza, Extra Chilli, Mental, Fire in the Hole, these are like the Blackjack of RNG. They’ve become evergreen and form their own categories. Everyone wants to build the next one, but it’s harder than ever because of the game volume. Thousands launch every year, and visibility windows are short.

Back when those hits were made, you had more time at the top of the site to capture attention. Today, you may only have two days to catch a fraction of players. So yes, the old hits still carry performance. Sequels have become a very natural and effective strategy for extending that legacy.

01/03/2024 With AI now able to generate full games, how do you plan to stand out in a world of infinite content?

You're right, technology is making everything easier. One person will soon be able to do the work of many, from coding to design. But in that kind of world, brands will matter more than ever. It's like having Starburst or Gonzo or Extra Chilli, those brands have lasting power.

And as creation becomes cheaper, distribution and certification stay just as difficult. That favors scale players. Tools around the games will also become critical. Operators will want to know: does your game come with value-add tools like Spin Gifts? The whole ecosystem matters now. And yes, brand trust will be a competitive moat in this new era.

01/03/2024 Why is it so hard for competitors to match Evolution’s scale and quality?

When you're a company of scale, like Evolution, you fix everything, even bugs affecting obscure devices like iPhone 6s, Yandex browsers, or foldable phones. Most providers wouldn't bother. But that bottom 12% of edge cases? We fix them. That’s why everything just works better.

Now add the complexity: we’re a software business, a live casino operator, and a hardware company, all in one. Running a 20,000-person casino operation on camera is massively difficult. Mistake resolution, card counting detection, DDoS protection, all of that has to function perfectly. We even mill our own hardware and support it globally. It’s an incredibly hard business to replicate.

01/03/2024 What would you do if you had $1B to build a new live casino company to compete with Evolution?

Honestly? I wouldn’t take the job. There’s so much deep institutional knowledge inside Evolution, from card scanners to scanner tech to mistake resolution systems. It would take years just to get the basics right. Even if I had unlimited money and could overpay to hire great people, I’d still face a brutal uphill battle.

Let’s say you get a studio up and running, how do you convince players to switch? They’re loyal. They trust Evolution. Maybe they had a big win on Lightning Roulette and associate that trust with us. You can’t compete on house edge. Operators won’t allow it. So you’re stuck trying to replicate everything Evolution’s done while being massively behind in brand, talent, tech, and trust.

01/03/2024 Do you still believe Evolution is difficult to disrupt, even four years later?

Yes, and more so now than four years ago. If I were trying to disrupt Evolution, I would’ve done exactly what we’re doing now. I would’ve bought DigiWheel. I’d have built incredible game shows. I’d have focused not just on great games but on everything around them, bonusing tools, AI support for operators, spin gifts, and letting players engage with slots while playing live games.

We’re not just maintaining our edge, we’re expanding it. If the platform shifts again, to VR or AR, we’ll survive that too. We’ve done it before with mobile and HTML5. We’ll lose a year updating the roadmap, but we’ll bring our best games over. Platform shifts don’t scare us, we watch for them daily and prepare ahead.

01/03/2024 Why was Aviator such a breakout success, and what makes it so effective?

Aviator hits a beautiful balance of tension. The game creates this feeling of getting richer by the millisecond, literally. At the same time, at any moment, everything could end. That mix of positive anticipation and looming risk is incredibly compelling. It’s fast, usually a five-to-seven second round, and fits perfectly in an era of shortened attention spans.

There’s also a perception of control, if you’re not greedy, you can usually guarantee yourself a win. And the visual metaphor of money “taking off” works beautifully. It could’ve been anything, disarming a bomb, climbing a mountain, but the plane is perfect. The original game nailed all of it. We were late, but we’ve since responded with our own take: Stock Market Live, launching quietly now, and built to capture that same essence with live hosts and fixed issues from Cash or Crash.

01/03/2024 How important is social interaction in crash-style or tension-driven games?

It’s a huge factor. In Aviator, the chat is always exploding. Players egg each other on, compare cashouts, and compete for big multipliers. There’s this subtle rivalry, "I did better than you", that adds another layer of engagement. That dynamic makes the experience sticky and replayable.

We’ve considered that in our Stock Market Live game as well. Seeing where others exited, how many people crashed, it adds tension and community. And Livespins makes that social component even stronger. It’s a natural fit, people want to play with others, celebrate wins, and watch reactions in real-time. That’s where the next generation of innovation is heading.

24/04/2024 How are you using AI in your RNG business, cost savings or revenue growth?

AI is heavily hyped, and many companies see it as a total solution. We don’t. I talk about “AI injections”, targeted implementations where AI clearly adds value. This could be in game design, customer service, chat moderation, recommendations, or analytics. The goal is enhancing end-user satisfaction. At this stage, it’s roughly a 50/50 split between AI driving revenue and reducing costs. We’re focused on finding specific areas where AI improves outcomes, not building AI-first products just for the sake of it.

19/07/2024 Does acquiring Galaxy Gaming pose a risk of lost revenue from competitors like Playtech or Pragmatic who also use Galaxy’s IP?

No, I don’t see that risk. It's similar to our Big Time Gaming acquisition, others still license Megaways from us, and it remains a successful model. We’ll apply the same approach with Galaxy. Even as we compete in some areas, we’ll continue supplying their content to other B2B providers.

24/10/2024 How important was the one-stop shop (OSS) to RNG’s strong performance this quarter?

OSS plays a big role. All our RNG products are integrated into OSS, giving customers seamless access through one connection. That makes it easy for them to onboard and manage all our games.

We’ve also added support features like gifts, and that functionality runs through OSS too. But beyond OSS, success still depends on making the right games for the market. It's a combined effort, OSS is important, but it’s not the only driver.

18/02/2025 Why do competitors struggle to successfully copy Evolution’s games?

Because they misunderstand the why. They see surface-level features and think, “Let’s replicate that.” But they copy the effect, not the cause. They might add a wheel or multiplier without understanding how it integrates into the game’s pacing, volatility, or audience expectations. It’s like trying to bake a cake by copying the frosting.

Within minutes of watching a new game, we can spot a dozen mismatches. They copied X without realizing it only works in tandem with Y. Or they layered on features that cannibalize core mechanics. It’s like that story you mentioned, about the explorers skipping a single step in processing poisonous food and dying from it. Every part matters.

18/02/2025 If you had €10 billion to start a competitor to Evolution, what would you do?

First rule: never refuse €10 billion. But it would be incredibly hard. I wouldn’t be arrogant enough to say Evolution is unbeatable, but it would take 50 or 100 people like me, embedded across every team, to even try.

What makes Evolution work isn’t just the games. It’s early collaboration with risk and math, dealer training, compliance, engineering, marketing, localization, hiring thousands of people across diverse labor markets, understanding cultural nuances, advertising playbooks, and infrastructure that supports a global operator base. It’s everything.

And even if you got all that right, you’d still face the last and hardest problem: the operators already work with Evolution. The players already trust us. They’ve won here, laughed here, built habits here. You can’t just copy a game, you have to replicate a full emotional, operational, and infrastructural ecosystem. That’s the real moat.

18/02/2025 Why is Evolution’s business so defensible, even beyond game design?

Because it’s not one moat. It’s dozens, interlocking and compounding. Yes, we build the most compelling live games, but also: we own the studios across multiple geographies. We comply with countless regulatory frameworks. We onboard and train thousands of employees monthly, many of them university students with high turnover.

We also control distribution through OSS (One Stop Shop). We integrate once with a casino, and they get Evolution, NetEnt, Red Tiger, Big Time Gaming, NoLimit City, Tapperoo, plus bonusing tools, in-game rewards, unified backend, and IP deployments across multiple brands. All of that plugs into the same technical pipeline.

Then there’s risk: neural nets, fraud detection, anti-counting tools. And the tech: ensuring flawless gameplay on every browser and device, from old Androids to Safari on Mac. You don’t build that overnight. Even if someone matched our game quality, why would a player or operator switch?

18/02/2025 Is it even economically viable for someone to try and copy Evolution?

You can try, but at this point it’s almost a charity project. With €10B, you might reach parity, if you're perfect. But then what? Players already know us. Operators already trust us. Any new roulette brand will be up against Lightning Roulette, Extreme Lightning, Gold Bar, Fireball, it’s a portfolio of brands, not just games.

And if you’re an operator, the economics kill you. Sure, a new provider might offer lower rev share, but then your Blackjack hold is 30% lower, due to card counters, poor shuffles, or even internal fraud. That’s a dangerous trade. Cutting corners might save money short term, but players notice. And when you’ve spent thousands acquiring a top player, you’re not going to recommend a second-tier table.

30/04/2025 Why does ringfencing have a medium-term impact if regulated operators are just a click away?

That’s a good question. As a technical supplier of games, we don’t directly control channelization , that depends on regulatory parameters. If regulators impose high taxes, like 35% or 38%, or limit player actions through deposit rules or similar restrictions, players may choose to play outside the licensed market. Overregulation lowers channelization. If players aren’t comfortable on regulated sites, they look elsewhere. In response, regulators may introduce repressive measures, such as funding enforcement. Ultimately, unless players want to be on the regulated side, switching back isn’t immediate, even if it's technically easy.

Growth

04/02/2021 What are other growth areas for Evolution outside traditional online casino?

Think lotteries, social casino, and even mainstream game shows. There could be a TV angle, maybe not traditional TV, but streaming platforms like YouTube or Twitch. Think of the U.S.: $80B in casino gambling, another $80B in lotteries. Add Europe and Asia, and the global market is easily $500B–$600B. Evolution currently gets close to 0% of that.

There’s a generational shift underway, people are transitioning from doing things in physical environments (like shopping or going to the movies) to doing them on their phones. Gambling will follow that path. We’re still early in the online transition, and legislation has slowed it down, but it’s inevitable.

04/02/2021 Will the U.S. become Evolution’s largest market?

Very likely. It depends on how many states legalize online gaming, and what rules, tax rates, and frameworks come with it. Right now, we’re live in New Jersey and Pennsylvania, offering slots in West Virginia and Michigan, and bringing live casino to Michigan soon.

We’ll be in every state that allows us. But yes, if states like California, Texas, and New York come online, the U.S. will become our biggest market. From a product standpoint, we build for players globally, but if the U.S. surges, we’ll prioritize relevant local content like craps.

04/02/2021 How can Evolution disrupt beyond the traditional gaming industry?

You have to zoom out. We’re not just competing with other game studios, we’re competing for players’ leisure time. Netflix, YouTube, even sleep, these are our real competitors. Netflix’s CEO said their biggest competitor is sleep, not Disney+. That’s the mindset we need too.

Evolution makes all its money from real-money gaming on phones and computers, an extremely narrow slice of the global leisure economy. Land-based casinos are still huge. Why shouldn’t Evolution’s products live there too? Why should players be stuck playing the same roulette table they played in 1900? There’s room to bring lightning roulette, game shows, and other innovations to the land-based space.

04/02/2021 Could a streaming platform like DAZN disrupt the sports betting industry?
Absolutely. The idea of integrating sports betting into streaming platforms is powerful. DAZN hiring Shay Segev, a top exec from Entain (formerly GVC), signals clear intent. Imagine watching a fight and being offered the ability to place a bet without leaving the platform. You’ve got an engaged user, a seamless interface, and no friction. That’s compelling.
More importantly, streaming platforms have huge, diversified audiences. Most people watching DAZN or ESPN+ aren’t sports bettors, but now you’ve got a massive funnel to convert casual fans into bettors without needing to convince them to sign up for a separate product. That’s disruptive.

04/02/2021 What could disrupt the iGaming industry?

Gambling isn’t going anywhere, people will always want to take calculated risks to win more than they have. But the form of gambling is open to disruption. One possibility is crypto casinos. They’re minimal by design, basic graphics, fast gameplay, high trust through blockchain. That simplicity resonates with a certain mindset.

Another vector: embedding gambling inside video games or through TV. If players shift behavior and want to gamble within an interactive environment or streaming platform, the winners will be those who anticipated and adapted to that. Live video disrupted static formats; the next evolution could be even more behavioral or contextual.

04/02/2021 What was your pick for the 1980s?

The home computer. While the tech started in the ’70s, the ’80s were when it really entered households at scale. Apple, IBM, and others brought PCs to the masses. Software followed, games, word processing, networking. It changed childhoods, learning, creativity, and later, the internet itself.

You could argue that this single shift shaped the modern world more than anything else that decade.

25/07/2025 What’s the significance of artificial general intelligence (AGI)?

AGI means AI that’s self-aware. Once we reach that, it unlocks a fully automated society, self-driving cars, autonomous labor, everything. That leads to the need for universal basic income (UBI), since most people won’t need to work. Andrew Yang pushed this idea during his presidential run and could become a major figure again.

20/04/2017 Will Canada growth be gradual, with initial startup costs?
Yes, we expect a gradual scale-up. We're planning for turn tables initially this year, but we’re also preparing for more, potentially aiming toward doubling that number.

20/04/2017 What’s the addressable market in Canada, including land-based and live?
Canada is a large and strong market overall. That said, we don’t comment on specific market potential or addressable market figures at this stage, so I’ll refrain from elaborating further.

20/04/2017 How do you view the U.S. market given your Canada entry?

We've previously stated that entering the U.S. market is under evaluation, and nothing firm has been announced. However, with the Canadian studio, we’re getting closer, and we see potential synergies between a U.S. and Canada studio. The move into North America is a step in that direction, but no decisions have been made yet for the U.S.

20/04/2017 How should we think about dealer recruitment costs in H2?

As we grow and increase table count, we’ll naturally grow headcount and associated costs. These are recognized in the P&L and will increase gradually throughout the year, in line with our expansion.

20/07/2017 Can you elaborate on regional growth trends in Europe?

We don’t disclose growth by geography. What I can say is the UK is our largest market and naturally contributes a large portion of growth. Overall, all markets are growing, some more, some less, but we don’t break it down by country.

20/07/2017 Are Q3 growth levels similar to what you saw in Q2?

It’s early, so we don’t typically comment on the first days of Q3. That said, we don’t see any blocking factors to continued expansion and growth.

20/07/2017 Have you considered expanding the pool jackpot concept beyond poker?

Yes, we’ve not only considered it, we’ve already built the core jackpot software to support expansion into other products. We have a clear plan to do so.

25/10/2017 What drove your 56% year-on-year growth in Q3? Any specific operator types or regions outperforming?

The growth has been broad-based across our operations. There isn’t a particular market tier or customer segment outpacing others, we’re seeing consistent growth throughout the company.

15/02/2018 What’s the business rationale behind entering New Jersey now?

We’re in the planning stages for a studio build in New Jersey, scheduled for H2 2018. I remain cautious on the business case, it’s a small market with 9 million people, so expectations should be realistic. However, it represents our first step into the U.S., and the timing makes sense because Pennsylvania may follow. Whether that happens immediately or later, we want to be ready. Now is the right time to enter.

15/02/2018 Are there still meaningful pockets of market share you can gain beyond your closest competitor?

Yes, I believe we’re driving overall live casino growth. Even in Europe, live is still only around 10–15% of the market, so there’s plenty of headroom. We’re leading in product and innovation, and we plan to widen that lead through continued investment. I can’t pinpoint a specific region where we’ll outperform competitors, but in general, I expect players will continue choosing our offerings over others.

15/02/2018 Which new ICE product are you most excited about?

If I had to choose one, I’d actually pick two. First is Lightning Roulette, it’s a completely new type of game, never seen before in land-based or online casinos. It features an RNG multiplier that lets players win up to 500x per number. It's a great blend of RNG innovation that will attract both new and existing players.

The second is our RNG table game, specifically, the new first-person game in Golar. I believe it’s a breakthrough for table games. It competes directly with other RNG offerings, and we aim to make it the best in the world. This strengthens our overall table games portfolio

19/04/2018 Will new customer signings contribute to growth this year or mostly next year?

It takes several months from contract signing to revenue generation, customers need time to integrate, learn the product, and feel comfortable launching. So while new clients signed this year may go live, their material revenue impact will mostly be seen in 2019 and beyond. Growth this year is still primarily driven by expansion within the existing customer base.

19/04/2018 What drove the sales growth pattern this quarter, weak January but stronger March? Any trends by region or operator type?

We don’t have much more to add. Sportsbook margins and marketing spend influenced overall performance, and individual operators had varied circumstances. There weren’t any clear, broad patterns by geography or customer type.

18/07/2018 Can you comment on growth trends in Asia and the UK based on your regional data?

Yes, you're correct, Asia is showing the fastest growth right now, and it’s a standout region for us. The UK is still growing, but the market has matured somewhat and has become more challenging this year. We believe operators there are still adapting to recent changes. Despite that, we see no signs of losing market share in the UK.

18/07/2018 Are you seeing traction with new U.S. operators for Live Casino?

Yes, we’re working with potential clients in New Jersey and expect to sign more. The interest in our Live Casino solution remains strong.

18/07/2018 What is your go-to-market strategy in Asia, aggregators or European partners?

We expand into Asia by following European-licensed operators. We don’t draw boundaries on where they operate, and if we work with aggregators, they must also hold a European license. That’s our compliance framework.

24/10/2018 What drove the strong Q3 expansion following the World Cup?

It’s primarily driven by continued demand in Europe. That level of demand was somewhat surprising. I believe operators have been preparing well for new regulations, and on average, they seem to be performing better.

24/10/2018 Is Asia the main driver behind Rest of the World growth, and which regions are strongest?

We’ve already disclosed our geographic splits for the year and don’t break it down further into specific countries or regions beyond what’s been shared.

14/02/2019 Are you seeing growth in Sweden at the moment?

We’re not commenting on in-year growth figures, but we’ve had a solid start. We launched new operators, 12 of them, on New Year’s Eve, and we’re pleased with the initial performance.

14/02/2019 When you say you're following licensed European operators into Asia, do you mean platforms or operators?

We work with both platform aggregators and operators that are licensed in Europe. We don't differentiate between the two for this purpose, they are all treated as regulated partners.

14/02/2019 Do you know who your 10 largest operators in Asia are today?

We don’t disclose or comment on which operators are the largest in any specific market.

25/04/2019 Are operators actively targeting a broader audience with new games like Deal or No Deal and Monopoly?

Yes, operator activity around launching these games is very high. We’re seeing traction in areas where we haven’t traditionally been present, which is encouraging. Importantly, while these games are designed to appeal to new player groups, they’ve also been very well received by existing players due to their novelty and entertainment value.

25/04/2019 Have Swedish operators increased focus on live casino post-regulation, and have you avoided impacts from lower player value?

Yes, the Swedish regulatory changes have been beneficial for us. The market continues to develop positively, we’re gaining new customers, and our games are maintaining strong traction.

25/04/2019 Is growth in the rest of Europe mainly from Germany, and how are Netherlands and Italy performing?

Germany and Ezugi are contributing significantly. While we don’t comment in detail on individual markets, the Netherlands may be slightly slower. Most other major European markets are performing well. That’s reflected in our business trends.

25/04/2019 Is growth outside Europe mainly driven by the Quebec launch and Ezugi’s U.S. exposure?

North America, particularly the U.S., is performing well, and Ezugi's main market was the U.S. Quebec is also growing nicely. In Asia, we’re also seeing good momentum. Overall, we’re pleased with traction across non-European markets.

25/04/2019 Which markets and customer types have shown the most success with Monopoly Live?

It’s still early days, but Monopoly Live is off to a great start with strong momentum. We don’t highlight specific markets, but for example, it’s not available in Sweden due to regulatory reasons. The game has resonated with both our existing players, who enjoy its novelty, and new player segments that lean more toward entertainment and game-show formats. Live casino is expanding, and with these new games, we’re both meeting and driving demand.

19/07/2019 Can you comment on which regions are driving growth in the rest of Europe, especially regarding Russia and Bitcoin channels?

We haven’t broken it down that way. Generally, most European markets are still growing. The primary driver is live casino taking a larger share of the online market across various countries.

19/07/2019 Which is growing faster in Western Europe: regulated or unregulated markets?

We don’t break it down by that classification. Around 35% of gross gaming revenue (GGR) came from regulated markets in the last quarter.

19/07/2019 Which of your new games launched in Q2 have had the strongest reception?

Our flagship release, Monopoly, has had a fantastic reception, player numbers are strong, and it clearly stands out. It’s still early for all the games, but the others, like the Dice games, Deal or No Deal, and Cyber City, have also been well received. They are performing well and finding their audience. We're also seeing increased activity in smaller bet categories, which helps us reach new players.

19/07/2019 How have the new games been adopted across your customer network so far?

We’ve had strong adoption overall. The rollout isn’t at 100% of the network yet, it’s still early, but we’ve executed well. Releases have gone smoothly, and operator adoption has been positive. While we don’t comment on detailed penetration rates due to competitive sensitivity, all ten new games were launched with a broad rollout strategy. This is the first time we’ve launched so many games in such a short time, and technically and operationally, it’s gone very well.

24/10/2019 Is Live Casino taking share from slots, and where is this most evident?

Live Casino has global appeal, and we see demand across all regions. Many players are transitioning from other parts of online gaming to live experiences. These players often place smaller bets, but they're entering our ecosystem and trying different games, which supports our growth globally.

24/10/2019 Are lower bet sizes in Q3 linked to Monopoly game popularity?

Broadly, we've seen that bet count has grown faster than revenue, suggesting more players placing smaller bets, many drawn by newer games. In Q3, the trend wasn't as pronounced, possibly even reversed slightly. But overall, yes, new games like Monopoly are attracting a broader base with generally lower betting levels.

12/02/2020 How is your performance evolving in the UK and Asia?

The UK market remains under pressure and had a weaker quarter, though we still see potential for growth in the coming year. There’s ongoing discussion around UK regulation, but we believe in the long-term opportunity.

In Asia, we’re still a small player but seeing good momentum. Customer acquisition is progressing well and product traction is strong. Demand for our offerings globally, including in Asia, is very clear.

23/04/2020 Have you started the Michigan studio? Will there be a midsize studio in Europe?

Yes, we’ve started the Michigan project and are in discussions with regulators. We're in the building phase for Pennsylvania. For Europe, we’re investigating and planning one or two new studios. The midsize studio will be something like a multi-duty facility.

23/04/2020 How is Mega Ball performing compared to other game shows?

I don’t want to make direct comparisons, but it’s a fantastic new category. We're expanding the live segment and attracting new players. The beta test showed strong KPIs and confirmed our expectations.

23/04/2020 Have you started the Michigan studio? Will there be a midsize studio in Europe?

Yes, we’ve started the Michigan project and are in discussions with regulators. We're in the building phase for Pennsylvania. For Europe, we’re investigating and planning one or two new studios. The midsize studio will be something like a multi-duty facility.

23/04/2020 How is Mega Ball performing compared to other game shows?

I don’t want to make direct comparisons, but it’s a fantastic new category. We're expanding the live segment and attracting new players. The beta test showed strong KPIs and confirmed our expectations.

23/04/2020 What explains the strong growth in the Rest of Europe segment?

We're launching 12 new products this year after 10 last year. Despite COVID-19, these products are reaching new players and expanding the live gaming segment. That innovation and widening gap to competitors is the key growth driver, regardless of region.

23/04/2020 Which countries are growing fastest in the Rest of Europe segment?

We’ve gradually expanded our geographical reporting, including the addition of HR. We’re evaluating whether to disclose more granular country data in the future, but for now, we haven’t made further splits.

17/07/2020 Can we assume the same underlying revenue growth as in Q1?

Yes, that’s a fair assumption. We had strong momentum coming into the quarter, and part of Q2’s performance is clearly driven by that. It's hard to separate the effects of new games and additional demand, but overall, it’s reasonable to take Q1 as a starting point.

17/07/2020 What explains the strong 180% year-on-year growth in Asia?

Asia is mostly driven by network table volume, not dedicated tables, so lower dedicated table fees had minimal impact. The region has seen consistent momentum since 2019 and through Q1. There's no major change in trend, it’s a continuation of organic growth.

17/07/2020 Is growth in Asia mainly due to product expansion and new customer penetration?

Yes, exactly. The Asian market is massive, 10 to 20 times larger than Europe. We're still a small player there, and it's very much a greenfield market. COVID hasn’t impacted our Asian business the same way it has in Europe.

22/10/2020 What’s driving your growth in Asia, market expansion or share gains? Which countries explain most of it?

The market in Asia is enormous, often described as 10 to 20 times the size of Europe, though it’s hard to quantify precisely. We’re still a small player in the region, but we are gaining market share.

It’s difficult to isolate whether it’s purely market growth or our own expansion, but we are growing in multiple countries. We’re still building our footprint and presence across the region.

22/10/2020 How satisfied are you with your customer base in Pennsylvania? What are the next key U.S. markets?

We’re very happy with our customer relationships in Pennsylvania and New Jersey. Michigan is the next market we’re moving into, and we’re optimistic about that as well.

22/10/2020 Beyond Michigan, which U.S. states do you expect to open in the next few years?

Ideally, we’d go live in California tomorrow, but it’s a political process. We don’t have inside information beyond what’s publicly available. Whenever it happens, three months or ten years, we’ll be ready.

22/10/2020 Growth in North America was solid, but slower than market-wide gaming growth, why? Any big names left to sign?

There are still several potential customers we can sign. COVID impacted our expansion pace in the U.S., especially in Q3. We look forward to a more stable, post-COVID environment where we can fully scale both our studios and market presence.

22/10/2020 Can limited blackjack table availability explain slower growth versus the wider live casino market?

Yes. Blackjack is the most popular live casino game in the U.S., and when we’re constrained on how many tables we can operate, that limits our volume. So we’re not yet capturing the full market potential.

22/10/2020 Excluding the U.S., regulated markets only grew €2M YoY, can this segment accelerate in 2021?

With new regulations in the U.S., we expect acceleration. However, COVID limited our ability to fully utilize market potential over the past six months.

22/10/2020 Can regulated markets outside the U.S. still accelerate in 2021?

Yes, growth is still possible. While some markets like the UK are maturing, others continue to grow. New regulated markets, like Germany and more U.S. states, will support this segment.

22/10/2020 Is €2M YoY growth a realistic baseline for regulated markets ex-U.S., or could it reach €10M?

We don’t provide specific forecasts, but we see room for significant growth in regulated markets as more jurisdictions open up.

22/10/2020 When will you start gaining share from the slots vertical in the U.S.?

COVID has limited our capacity to expand. Once the situation stabilizes, we expect to capture more market share in the U.S., including from the slots segment.

22/10/2020 Is the UK market showing underlying growth despite revenue shifts to Malta?

Growth is modest. The UK isn’t a high-growth market right now, but it still has potential. We’re not seeing double-digit growth there at the moment.

22/10/2020 Asia showed strong sequential growth, what’s driving it, and what products are performing best?

Our product is in high demand. We don’t do marketing, but word of mouth is spreading, and more players across Asia are adopting it. The demand is organic and product-led.

22/10/2020 ‘Rest of World’ now accounts for 10% of revenue, what markets are included, and is growth mostly from the generic offering?

Yes, growth is mainly from our generic offering. These revenues come from over 100 countries. South Africa is a standout market where we’re seeing strong performance.

10/02/2021 What do the €30M+ revenue synergies from NetEnt include exactly?

It’s a mix of extending NetEnt into new geographies, innovating with hybrid products, and leveraging our existing strengths. For example, we can monetize slots in our live environment and vice versa. It’s about combining networks, player bases, and geographic strengths.

10/02/2021 How big can U.S. live studios get, and what games are viable there?

Our ambition is to offer U.S. players the full suite of games, subject to state regulations. Different states allow different games, so regulation enables or limits offerings. We'll expand our studios in New Jersey, Pennsylvania, Michigan, and possibly more, as fast as the pandemic allows. The only current limitation is COVID-19.

10/02/2021 Can studios be nationally scalable under the Wire Act developments?

The recent Wire Act ruling has been softened, so cross-state betting may be possible. But live casino involves a lot of jobs, and regulators often want studios within state borders. Even if the federal level allows national scalability, each state’s rules still apply. That hasn't changed. We’re prepared to build as many studios as needed, 43 if necessary. The market size and scalability make that feasible.

10/02/2021 What’s driving geographic growth beyond Asia, especially in Q4?

Asia is growing very fast, with NetEnt’s contribution there being minimal. Demand remains strong. In the Nordics, NetEnt has more influence, but Live also turned a corner in Q4. Market pressure eased, and we saw growth, similar to the U.K. We’ll keep monitoring the regulatory environment into 2021.

10/02/2021 Any comment on growth trends across regions?

Overall growth is very high across the board. Some regions grow more than others, but the trend is positive globally.

10/02/2021 Can you provide more detail on U.S. demand and B2C trends?

Live casino still has low penetration in the U.S., so there’s strong upside. The product is new to many U.S. players, and as they shift from land-based to online, demand grows. It’s not just about dedicated tables, there’s a broader market maturity happening. Trust also plays a role, and our presence helps build that.

10/02/2021 Are you expanding studios in New Jersey and Pennsylvania alongside Michigan?

Yes. Expansion in Pennsylvania is already underway, and we’re also expanding in Atlantic City, New Jersey. Even before launching in Michigan, we’ve been scaling staff and studio premises in advance.

10/02/2021 Is Asia’s strong momentum continuing, or are you seeing signs of COVID normalization impacting it?

Asia continues to show great momentum and high growth. We expect that to persist.

10/02/2021 Are the €30M+ revenue synergies driven by NetEnt slot revenue in Asia?

It’s still too early to say definitively. We’re not leaning toward either slots or other categories. The priority is to deliver the best user experience and strongest product offering. The actual split will depend on how things develop in the market.

12/04/2021 Which geographic markets does BTG have strong presence in?

BTG has a solid footprint in both Europe and the U.S., and we will continue building on that. Over time, through Evolution’s distribution network, which is one of the largest in the world, we’ll expand BTG’s reach and continue developing new channels.

27/04/2021 What drove the acceleration in organic growth to 60% in Q1?

We're seeing sustained global demand, and that has materialized in a very strong Q1. Growth is broad-based, we're expanding across all regions and segments. It's not about one single factor; it’s a combination of positive developments happening simultaneously.

27/04/2021 Which regions have been most important to this acceleration?

All regions contributed. Europe performed strongly in 2020, and both Asia and North America grew exceptionally well. We're now also directing more focus to South America and Africa. It’s early days there, but both are promising.

21/07/2021 How should we think about the H2-skewed product pipeline and its impact on growth?

We made a major acquisition only six or seven months ago and are already operating as one company. We've reshaped the roadmap, combining slot and live products, which required significant effort. This led to a slight delay, but we've also completely redone the tech stack and back end, which is a phenomenal improvement for NetEnt and will be integrated into Evolution. We’re very excited about H2, but even more so about 2022.

21/07/2021 How is the Red Envelope bonus product performing in Asia, and which H2 launch has the most growth potential?

Red Envelope has been fantastic, we’re very pleased with it. It’s actually reshaping the baccarat space in Asia. While I won’t comment on specific figures, it’s been a strong launch. As for other products, Starburst XXXtreme stands out, it’s our strongest release ever in that category. It’s hard to say which product players will ultimately favor, but those are two key highlights.

28/10/2021 How do you view Evolution’s geographic growth, especially in North America, Canada, and the U.K.?

There are many layers to that. Ontario is expected to commercialize around December, though that depends on the pace of regulators and operators. It’s a large market, 50 million people, and bigger than any individual regulated U.S. state, so it holds strong potential. We're still ramping up in North America; the challenge isn’t funding but getting the right people in place. With 12,000 employees, it's a massive effort. New U.S. states will regulate in time, we just don’t know when. Europe remains complex: U.K. is under pressure due to regulatory adjustments, Germany has unclear regulation, but the Netherlands finally launched with 10 licensed operators. Asia remains early-stage but promising, and we’re starting to focus more on Latin America and Africa.

28/10/2021 What kind of growth impact do you expect from your major new game releases in Q4 and beyond?

It’s a broad question, but we’re very pleased with both our slot and live game releases. Looking ahead to 2022, we expect even more innovation and product expansion. The core insight is that end users are evolving, they engage differently now than five years ago. With the rise of platforms like TikTok and Snapchat, we must constantly innovate to maintain attention and engagement. That’s what we’re doing. I’m happy with our 2021 releases but even more excited for what’s coming in 2022.

28/10/2021 What’s driving the strong start in Q4?

Player activity. We're seeing new players coming in and good traction with the games, that’s what’s driving growth.

28/10/2021 How are BTG, NetEnt, and RedTiger performing, and what’s being done to accelerate growth across RNG brands?

I don’t fully agree with your characterization. We're just coming out of the OSS development phase, and now the focus is on delivering even better games. The road map for next year includes more games and stronger releases, good games and more games is our clear strategy.

09/02/2022 Can you comment on player activity trends in early 2022?

As I mentioned, we exited Q4 with good momentum, and we've carried that into the start of 2022. Q1 has started well, player activity remains strong, and there's no notable change in trends so far.

09/02/2022 Which new live games are you most excited about?

That's like asking which of your children you prefer, we love them all for what they are. The 2022 lineup is very exciting.

09/02/2022 What’s driving the growth in bet spot usage, more capacity or higher activity?

It’s mainly driven by increased activity. Games like Crazy Time are performing exceptionally well. That said, we still need more capacity, we're working hard to expand, but scaling up by 6,700 people isn’t easy. We're actively addressing it.

09/02/2022 How many Live games do you plan for 2022, and which ones are most exciting?

We have more games coming and I’m excited about all of them. The new Big Baller Monopoly is fantastic, great studio and concept, opening a new segment. Extreme Lightning builds on our Lightning series and could be a blockbuster. GOLD is another standout. This year, the portfolio leans more toward North American and European audiences compared to last year’s Asian focus.

28/04/2022 Is growth since Q3 2021 driven by capacity or network activity?

It's mostly driven by network activity and shifts in game types, rather than capacity expansion.

28/04/2022 What is your expansion strategy for Latin America?

We’re expanding across Latin America in a careful, high-quality way. Studios are in development, and we’re negotiating with several customers. I look forward to sharing more when those plans materialize.

22/06/2022 What should we expect in terms of cost and revenue synergies from the No Limit acquisition?

When it comes to cost synergies, No Limit already has a very high and healthy margin, so we don't expect any material cost synergies. On the revenue side, we have structured a strong earnout mechanism to incentivize growth. We're confident No Limit will scale quickly, and we intend to support that by integrating them into our broader network and leveraging our 1 Stop Shop infrastructure. As for growth targets, our existing business continues to aim for double-digit revenue growth, and No Limit is expected to contribute on top of that. In fact, I would say we have even higher expectations for No Limit’s growth than for our legacy business.

22/06/2022 How does No Limit’s regional sales mix compare to Evolution’s, and are there regional synergies?

No Limit is still relatively small, so its geographic presence is limited. They are predominantly active in Europe, with some revenue from Asia and other regions, but no meaningful footprint in North America yet. That creates clear room for expansion by leveraging our distribution network.

21/06/2022 Given slower growth, why not invest more to accelerate it? Why keep the margin guidance intact?

In general, we’ll always prioritize growth over margin if there’s a trade-off. Also, our results aren’t just about one quarter. Looking at broader trends, there’s significant long-term growth potential in online casino, but quarter-over-quarter outcomes can vary and are harder to analyze.

21/06/2022 Any specific games driving strong slots performance in Q2?

I wouldn’t single out a specific game, but our Extreme series is performing well. We’re slowly building the right games within RNG and getting traction. Our One Stop Shop is also progressing. While we haven’t committed to a timeline, we are on pace for double-digit growth in RNG. I'm pleased with Q2’s performance.

21/06/2022 Any quantifiable impact from new live games like Extreme Lightning or Crazy Coin Flip? What are you most excited about?

Extreme Lightning is one of our strongest releases ever, it’s a fantastic game. Crazy Coin Flip is brand-new and fills a market gap, attracting a broad player base. Looking ahead, I’m very excited about Monopoly Big Baller, a premium studio production with wide geographic appeal. Also, Gold Bar Roulette introduces a mechanic where players can save parts and return to play later, offering deeper engagement. These are the ones I’m most excited about for H2.

27/10/2022 Was the strong Live growth in Q3 boosted by any skewing factors like large payouts?

No, there weren’t any skewing factors this quarter. It was organic growth. There’s nothing in particular I’d point to on that front.

27/10/2022 Which regions are your key focus areas for Live Casino growth over the next 12 months?

It’s a bit like choosing a favorite child, they’re all important. North America offers strong opportunities. Asia is also showing great momentum. Latin America is emerging nicely, and Europe delivered good results this quarter.

All regions are exciting in different ways, and each presents real opportunities for us.

27/10/2022 Asia performed strongly this quarter. Were there any one-off factors, and which countries drove growth?

There were no one-off factors or skewed results in Q3. Growth was broad-based across the region.
We don’t break down Asia into individual countries, but we’re seeing solid performance throughout.

02/02/2023 RNG growth has lagged despite 88 games released in 2022. What’s holding it back, and how will you address it?

The RNG roadmap for 2023 looks stronger than last year’s. We plan to double the number of releases, which is essential given the potential we see there. RNG is more of a volume business, but we are also investing in quality improvements. Our OSS distribution platform will also expand in 2023, albeit a bit later than planned, and we’re excited about that rollout.

02/02/2023 Should we expect the 37% employee growth pace to continue in 2023, and are any regions more targeted?

We don’t guide on specific personnel growth rates, and numbers can vary by quarter or year, as we saw during the pandemic. But we’ll continue expanding and adding studios in 2023 and 2024, which naturally drives headcount growth across regions.

02/02/2023 What growth drivers are you most excited about for 2023?

I'm really pleased with the games we released in 2022, many were big hits. That's exciting. I'm also very optimistic about Latin America. We're seeing strong player engagement and interesting trends in the types of games they enjoy. Asia continues to be a large and exciting market, and Europe is starting to pick up again, which is nice to see. Africa is also showing early signs of momentum in certain countries.

02/02/2023 Are you already seeing growth rates coming down due to the larger base, particularly in January?

My comment wasn't about January specifically. It's more a year-over-year observation. For example, Live Casino grew 40% this year versus around 50% the year before. It’s about the natural impact of a larger base over time.

02/02/2023 How will you achieve double-digit growth in RNG, and are past acquisitions now fully integrated?

We’re satisfied with the acquisitions and the strategic value they’ve added. We're not happy with the 5.1% growth rate, we believe in reaching double digits. But RNG still contributes good margins and cash flow. As for integration, yes, we’re leveraging the unique strengths of each acquisition and combining them into our game development pipeline.

27/04/2023 Why has Asia picked up over the past six months?

It’s a quarter-on-quarter comparison and there will always be fluctuations. We’ve seen strong momentum across markets, but in Asia this quarter, it was a bit uneven, “lumpy,” if you will. Still, the overall momentum remains solid.

27/04/2023 What’s driving growth in North America over the next 12 months?

One big factor is whether additional states regulate, which is ultimately a political decision. If that happens, it will certainly drive growth. Meanwhile, our focus is on releasing our full product suite in the region and continuing to meet all local market requirements. Over time, we expect Live share to gradually grow in North America, just as we’ve seen in Europe.

27/04/2023 Will Live keep growing as a share of online casino in Latin America and Asia?

It’s difficult to say. In markets like Latin America, data isn’t public, so it’s hard to assess. We disclose our numbers, but others don’t, which makes share comparisons challenging.

27/04/2023 Why has Asia picked up over the past six months?

It’s a quarter-on-quarter comparison and there will always be fluctuations. We’ve seen strong momentum across markets, but in Asia this quarter, it was a bit uneven, “lumpy,” if you will. Still, the overall momentum remains solid.

27/04/2023 What’s driving growth in North America over the next 12 months?

One big factor is whether additional states regulate, which is ultimately a political decision. If that happens, it will certainly drive growth. Meanwhile, our focus is on releasing our full product suite in the region and continuing to meet all local market requirements. Over time, we expect Live share to gradually grow in North America, just as we’ve seen in Europe.

27/04/2023 Will Live keep growing as a share of online casino in Latin America and Asia?

It’s difficult to say. In markets like Latin America, data isn’t public, so it’s hard to assess. We disclose our numbers, but others don’t, which makes share comparisons challenging.

27/04/2023 Which European markets drove growth this quarter?

No specific countries to highlight, Europe generally had a good quarter. It's more of a seasonal lift across the region, rather than market share changes.

21/07/2023 Will the second-half catalysts be enough to stabilize growth, or do you expect further deceleration?

We don’t provide specific growth guidance. That said, we have a very strong pipeline of games. On the RNG side, we've been operationally solid in H1, though the pro forma result was -4%, it was +5% operationally. Right now, our focus is on expansion in Europe and on delivering those upcoming games.

21/07/2023 Regarding North America, when do you expect to launch the first Game Show in New Jersey?

We're working on launching new games and Game Shows in the U.S., and we're aiming to get those out sooner rather than later. We’ve achieved 35% year-on-year growth in H1 versus last year, which is strong, especially in a stable market. To put it in context, Europe, the most mature market, grew 15%. So that gives a sense of the momentum in North America.

How that plays out quarter-over-quarter can vary, so I'd be cautious about drawing conclusions from short-term fluctuations.

21/07/2023 Why is RNG still struggling despite the NetEnt, Red Tiger, BTG, and NoLimit acquisitions?

There’s nothing fundamentally wrong. We were slightly late with the turnaround, but we’ve now corrected a lot, platform improvements, One Stop Shop (OSS), and other fixes. We’re not pleased with Q2, but we're on the right path.

26/10/2023 Beyond certification, what else are you doing in North America to improve growth?

We’re now at the stage where R&D has delivered new content. There’s naturally some lag in getting these certified, regulated, and compliant across five states. That delay is expected, but the pipeline is progressing.

26/10/2023 Beyond certification, what else are you doing in North America to improve growth?

We’re now at the stage where R&D has delivered new content. There’s naturally some lag in getting these certified, regulated, and compliant across five states. That delay is expected, but the pipeline is progressing.

01/02/2024 Do you see increased lobby activity following the CrazyTime U.S. launch?

It's still too early to give a definitive view on lobby activity or other specific metrics. That said, we’re very pleased with the launch, it's been a strong one for us.

01/02/2024 Have recent product launches, like CrazyTime, accelerated your Q1 2024 growth?

We haven't made any statement regarding the start of Q1 2024, it’s still early in the quarter. That said, many of our product releases were back-loaded into the second half of 2023. These products are fully launched but still ramping. They are contributing, but we’ve not shared specific commentary on current-quarter performance.

01/02/2024 Can current initiatives sustain Live growth in 2024?

We don’t guide on Live growth for 2024, but I strongly believe we’re taking the right actions. Brazil is coming online, and we’re seeing increasing U.S. state-level regulation. Growth in Europe is also stronger than we’ve seen before. Globally, land-based still represents 85–86% of gaming, so our runway is intact. The Philippines has regulated, and that’s promising. While we can’t predict quarterly percentages, the opportunity is significant, especially if key markets regulate.

01/03/2024 What tools or innovations are coming in 2024 to accelerate RNG growth?

We’re rolling out things like Spin Gifts, an OSS-exclusive, Evolution-funded bonus tool. When a player hits Spin Gifts, a wheel pops up awarding free spins based on their last bet size. If your last spin was $50, you could get 20 spins worth $1,000, all paid for by Evolution. Operators love this kind of engagement, and we’re building more.

We’re also integrating live and slot mechanics in new ways. We’ve done this with games like Crazy Coin Flip, and more are coming. Red Tiger’s jackpots and tournaments will also migrate to other brands via OSS. Everything, from game formats to bonusing to AI, is about creating a unified, flexible system that gives operators and players the best of all worlds.

01/03/2024 Which 2024 games or tools are you most excited about?

We just unveiled Lightning Storm, and I think it’s the best game we’ve ever made. I’m incredibly proud of it. The original team behind Dream Catcher, Monopoly, Funky Time, and Crazy Time worked on it, it’s basically the same core group. It’s not a competition, but I honestly think it could give Crazy Time a run for its money.
Lightning Storm is fast-paced, perfect for today’s shorter attention spans, and offers big wins. It’s also how we bring new players into live gaming, they start with game shows, then move on to roulette, blackjack, etc. With OSS, they can now play slots alongside live games. So it’s both a headline release and a funnel.

01/03/2024 Beyond flagship games, what product innovations are you building in 2024?

The most exciting innovations are actually the tools we’re building for OSS. That’s what operators care about. It’s not enough to make great games anymore, that was 2018 thinking. Now it’s about easy-to-deploy tools, often funded by the supplier, that operators can use immediately.

We have something called Evo Dream Creator, which lets operators request bespoke games. It’s a system, a machine that makes the machines, where one designer can produce a custom game in just days. That gets me excited. And yes, I’m still fired up about combining live and slots; we’ve just scratched the surface.

01/03/2024 How do you plan to grow Evolution’s presence in the North American market?

The U.S. market is still in its early stages. Many players don’t even know what live casino is yet. We haven’t built a full generation of game show players like we have in Europe. The product experience is also less mature. What someone sees logging in from Michigan is very different from what they’d see in Malta, fewer game shows, fewer headline titles like Crazy Time or Monopoly Live.

Our strategy is straightforward: get better products into more states. But it's tough. Every state has its own rules, blackjack rules differ, regulations differ. You need a separate studio, team, and codebase for each state. It’s expensive and complex. Still, the signs are encouraging, New Jersey, for example, is more mature and has higher live adoption. It’s just going to take time and consistency.

24/04/2024 Do you expect to add a record number of tables this year, and will revenue per table remain stable or grow?

Yes, we’re expanding. We’ve added more people this quarter than ever before, and this is the second quarter in a row of ramping up. For some markets like the Czech Republic, we’re building capacity and adding tables to capture maximum market value in 2024. I can’t commit to whether the number will be higher or lower, but directionally we see it increasing.

24/04/2024 Has activity improved at the start of the year due to new game releases?

Yes, the 33% increase in bet spots is the clearest signal. It’s driven by strong game releases late in 2023 and a few early in 2024, such as Stock Market. Additionally, we’re now better meeting customer demand through improved capacity, which supports higher activity levels early in the year.

19/07/2024 Can you explain the lower-than-expected top-line growth and comment on Asia’s sequential performance?

High activity in the quarter, especially in Baccarat, but yes, we expected slightly better revenue. The market dynamics varied by region, and while the 1% sequential growth aligns broadly with expectations, there’s always room for improvement. That said, we’re expanding, and I’m generally happy with the progress.

Looking ahead, we’re optimistic about H2 across all regions. We believe we’re moving into a stronger position, but the results will depend on execution and market behavior.

19/07/2024 Will North America growth improve as RNG mix declines over time?

We’ve had an intense quarter and are doing a lot operationally. That said, we’re not satisfied with our current growth levels. We’re making progress, but we know there’s more to be done to reach our expectations.

24/10/2024 RNG has strengthened in North America, what’s driving that improvement?

We’ve been executing methodically and systematically, though with some delay, as we’ve previously mentioned. We’re now starting to gain traction and deliver on our goals.

North America has had a large RNG portion, and we’re pleased to see it growing further. Regionally, North America has exceeded 10% growth, and overall we’re at 8.5%, a number we’re happy with.

24/10/2024 Why did you finally open a studio in the Philippines after years of delay?

The change is that the Philippines now has a serious regulatory framework. To continue operating in that market, we are required to have a local studio.

This move reminds me of what happened in Europe when the UK regulated, other countries followed. It might take five, ten, or even twenty years, but I believe this is the first step in a broader trend toward regulation in Asia.

30/01/2025 Can you get back to market-level growth in the U.S. in 2025?

Yes, I see a path to that. A significant portion of our U.S. business is RNG, which has now stabilized. I’m happy with the current momentum and optimistic about our prospects in the U.S. going forward.

30/01/2025 Do you still see strong long-term growth potential in live casino despite current headwinds?

Definitely. There’s been some slowdown in U.S. state-level regulation and a few external factors, but the underlying fundamentals of online gaming remain intact. It's still around 20% of total gaming, and I believe that will grow as land-based continues to decline. Future generations won’t visit land-based casinos , they'll use mobile devices. So yes, the opportunity is enormous. Our focus remains on creating the best, most entertaining games, offering lower bets, and serving all types of players. That’s core to Evolution, and we need to return to that mindset.

30/01/2025 What types of new players are you targeting, and how are you adjusting your games to attract them?

It’s great to talk about this. Entertainment value needs to go up , attention spans are short. Games need to be snappy and instantly engaging, like TikTok videos. You only have a few tenths of a second to make an impression. If the color or mood isn’t right, you lose them. Lightning Storm is a great example: visually stunning, something players haven’t seen before. At ICE, you could see our level , we’re close to Pixar in terms of animation quality. This direction is evident in titles like Marvel Rates , even fun to watch if you’re not playing.

30/01/2025 Can you get back to market-level growth in the U.S. in 2025?

Yes, I see a path to that. A significant portion of our U.S. business is RNG, which has now stabilized. I’m happy with the current momentum and optimistic about our prospects in the U.S. going forward.

30/01/2025 Do you still see strong long-term growth potential in live casino despite current headwinds?

Definitely. There’s been some slowdown in U.S. state-level regulation and a few external factors, but the underlying fundamentals of online gaming remain intact. It's still around 20% of total gaming, and I believe that will grow as land-based continues to decline. Future generations won’t visit land-based casinos , they'll use mobile devices. So yes, the opportunity is enormous. Our focus remains on creating the best, most entertaining games, offering lower bets, and serving all types of players. That’s core to Evolution, and we need to return to that mindset.

30/01/2025 What types of new players are you targeting, and how are you adjusting your games to attract them?

It’s great to talk about this. Entertainment value needs to go up , attention spans are short. Games need to be snappy and instantly engaging, like TikTok videos. You only have a few tenths of a second to make an impression. If the color or mood isn’t right, you lose them. Lightning Storm is a great example: visually stunning, something players haven’t seen before. At ICE, you could see our level , we’re close to Pixar in terms of animation quality. This direction is evident in titles like Marvel Rates , even fun to watch if you’re not playing.

30/04/2025 Are higher-channelization European markets growing faster than low-channelization ones?

We don’t comment on growth by individual countries. Overall, Europe showed a blended rate of 9%, and no particular country stands out in an extreme way. I hope that provides some context.

30/04/2025 LatAm sales declined sequentially in Q1 , was this expected and what’s driving it?

Yes, I can give some clarity there. Latin America, excluding Brazil, is performing very well with solid growth. Brazil, where new regulation just came into force, has experienced a decline and is rebuilding from a lower level. The start has been a bit slower than expected, but our outlook remains unchanged. With 230 million people in Brazil, the long-term future looks very promising.

Competition

04/02/2021 Would these new betting-streaming hybrids threaten legacy sportsbooks?

They might not wipe them out, but they’d change the landscape. Bet365, for example, has deep betting experience but not the same media footprint. If streaming platforms play it right, they’ll bring in a new, broader customer base.

Still, product matters. The blackjack game is the blackjack game. Over time, players stick with what works. If DAZN’s sportsbook isn’t compelling, users won’t switch just because it’s bundled with streaming. But as a player acquisition strategy? It’s a strong move.

20/04/2017 If you grew 60% this quarter, what is the estimated market growth?

Market estimates vary, but we believe overall market growth is closer to 25–30%. It's hard to pin down a precise figure, but it’s certainly not 60%, so we are clearly outgrowing the market. We’ve used H2DC figures historically, but their current estimates may be on the low side.

20/04/2017 If you’re growing faster than the market, who’s losing share?

That’s a good question, but I can’t comment on competitors' figures. What I can say is that the market is definitely not growing at 60%. We are confident about our own performance, and we take a paranoid approach, always pushing to stay ahead. I respect our competitors, but the data speaks for itself.

20/07/2017 Are you seeing any signs of general price pressure in the market?

We’re not seeing general price pressure. However, as large customers grow, they naturally renegotiate terms, which puts some margin pressure there. Smaller operators contribute more to our margin as they typically pay higher fees. So while we feel pressure from larger customers, overall, there’s no broad-based price pressure.

25/10/2017 How is the UK market performing?

We don't disclose specific market-level figures. Historically, we’ve stated that the UK is our largest market, and it continues to be.

25/10/2017 Do you see pricing pressure on table commissions or scale effects reducing per-unit pricing?

We don’t comment on commission levels. Naturally, when a customer scales significantly, we discuss commercial terms with them. However, there is no general pricing pressure or trend toward lower commissions.

25/10/2017 So overall, commissions are stable?

Yes, quite stable.

19/04/2018 Are European operators showing interest in licensed Asian markets?

Yes, we see increased engagement from operators exploring the Asian market. What matters most to us is that they enter with the appropriate licenses, and we’re seeing that due diligence happening. I won’t speak for specific customers, but there is movement in that direction.

19/04/2018 What does the contract renewal environment look like this year?

It’s an average year in terms of renewals, nothing out of the ordinary. We haven’t observed any meaningful shifts in competitive pressure or pricing compared to 2016 or 2017. Naturally, negotiations with large, fast-growing customers can be challenging, but overall, it’s business as usual.

19/04/2018 Does your competitor entering the B2C market affect your business?

We’re aware of it but have no comment. It doesn't change our current position or strategy.

18/07/2018 Are UK market challenges driven by competition or broader market dynamics?

It's not a question of increased competition. Regulatory activity in the UK is very high at the moment, and that’s having an impact on the broader market dynamics. But we’re not seeing any signs of share loss.

18/07/2018 Can you provide a rough estimate of Asia's share within the “Rest of World” category?

We’ve chosen not to disclose figures by individual market or region. The total split is what we’re publishing now. For competitive and operational reasons, we won’t provide exact percentages for Asia or any other sub-region.

18/07/2018 Is the “Rest of World” category mainly composed of Asia and Canada, or also South America?

Yes, Rest of World includes Asia, Canada, and a mix of smaller markets across various countries. South America contributes as well, though its share is still limited. The largest share within that 25% likely comes from Asia.

24/10/2018 Who are the top 10 operators driving Rest of the World growth?

We don’t disclose revenue splits by operator.

24/10/2018 How do Rest of the World commission levels compare to regulated markets?

As you know, we’ve stopped commenting on commission levels. That information is governed by individual scope contracts between us and each operator.

14/02/2019 Why was Rest of World flat this quarter after strong sequential growth?

Other parts of the business grew rapidly, so that’s one way to interpret it. We continue to follow our strategy of partnering with licensed European operators in markets like Croatia. Results will naturally fluctuate, some quarters will be stronger, others less so.

25/04/2019 What impact do you expect from Playtech’s content deal with GVC, and might you gain access to Ladbrokes Coral’s lobby?

We welcome competition and believe it drives us to improve. I can’t comment on Playtech’s specific deals, but we operate effectively in competitive environments and remain confident in our offering.

19/07/2019 How is your performance holding up in the UK market given the overall slowdown?

We are maintaining a stable market share in the UK. While the market has been under some pressure, it is still growing, albeit at a slower pace. We don’t provide future estimates, but we remain confident in our position.

19/07/2019 What is your assessment of the competitive landscape in Asia?

Asia has a very large market with numerous live providers. The competitive dynamics differ from Europe. There are many sizable players, and the landscape is diverse.

19/07/2019 How are your negotiations with GVC on Ladbrokes and Coral, especially with Playtech entering BVIM brands?

We don’t comment on negotiations. Competitively, we remain strong, growing, and the clear market leader. We expect to see more competitors across our partner brands, but we view that as a healthy challenge. It keeps us sharp.

24/10/2019 Will you try to win more UK operators like 365 or Ladbrokes away from Playtech?

As I mentioned earlier, the Flutter agreement is a major step for us. We’re focused on executing that partnership first before commenting on any future operator signings.

24/10/2019 Have GVC brand growth trends been affected, given Playtech is now on some UVC brands and you’re not yet on Ladbrokes Coral?

We don’t comment on specific partner deals. That said, we’re satisfied with our growth in Europe and are advancing across all markets. Overall, we’re pleased with the momentum.

12/02/2020 Has the competitive landscape in Asia changed? Are there risks of government crackdown?

Interest from European operators in Asia has increased significantly over the past year. More of them are now active in that region. That’s the main change we’ve observed.

Other than that, there haven’t been notable shifts, and we have no additional comments on government risk at this time.

23/04/2020 Has COVID-19 increased interest from land-based operators in Evolution's solutions?

Yes, definitely. Many land-based casinos that previously viewed online as a threat are now seeing it as a necessary opportunity. In hindsight, they realize that if they had online operations, they could have maintained service during the shutdowns. COVID-19 is accelerating the shift toward online in that segment.

23/04/2020 Has Evolution reached out to land-based operators, or have they contacted you?
We're in ongoing discussions with all major operators, both land-based and online. There’s no major shift in outreach; we’re already in contact with all key players.

22/10/2020 Could black market operators gain share during Germany’s transition period, offsetting regulation effects like in Sweden?

In Sweden, we’ve seen high channelization and minimal side effects. In Germany, the cooling-off period is crucial for licensed operators. Some unlicensed ones might stay active, but we hope regulation brings clarity by July and leads to more licensed customers.

10/02/2021 Are you seeing new competitors enter the U.S. live market?

No, we’re still the only live casino provider in the U.S., but we fully expect competition. The market is large and will grow significantly. I welcome it, we have the best product, and we’ll continue to improve it. Competition is natural and expected, just as in Europe.

10/02/2021 Are you in talks with Ladbrokes Coral now that the B2C contract is under review?

That’s a good question, but I won’t comment on it. Our ambition remains to sign all major operators, including Ladbrokes Coral and others in Europe.

27/04/2021 What is NetEnt’s market share across Michigan, PA, and NJ? How is competition evolving in slots and live?

NetEnt holds very strong market shares in all states where we operate, although I don’t have the exact figures at hand. The BTG acquisition strengthens our position further with its solid game portfolio. The U.S. remains an open market, you need to deliver the best games to win. We believe we have a strong offer in RNG slots and maintain significant share in each active state.

21/07/2021 Which European markets were softer in Q2 and how do you view the outlook for H2?

It's hard to quantify the opening-up effect. We stick to our prior Q1 2020 commentary: COVID continues to hamper our delivery capability for live products, while activity has increased. The two effects balance each other, resulting in a neutral or slightly negative net impact. For RNG, you can see a Q2 bump last year followed by some decline in Q3 and Q4, possibly reflecting seasonality or pandemic effects. It’s difficult to separate the two, but that’s the pattern we’ve observed.

21/07/2021 What explains your strong sequential performance in North America, particularly US vs. Canada and live vs. slots?

The US is the primary growth driver in North America right now, though Canada is also doing well on a smaller scale. Both live and RNG have developed well. That said, we haven’t been able to deliver as much live content as we should have, so there’s still significant potential, especially as we hope to emerge from the pandemic, though that remains uncertain.

09/02/2022 Will exclusivity deals like the one with FanDuel continue, and could operators open up to multiple suppliers?

Exclusivity won’t last forever. Right now, it's a way for operators to secure the best products, but over time, I expect the market to open up. There will be competition in the U.S., and we need to stay ahead by releasing the best products every year.

09/02/2022 Is growth in Asia driven by market expansion or by gaining share, and what’s your current share there?

Asia is a huge market, and we're still relatively small there. Growth is driven by user preference, trust, and entertainment quality, factors that apply globally. Total market share is hard to quantify, especially as competitors don’t disclose figures, but we have a strong position in Europe and a smaller one in Asia for now.

28/04/2022 Are competitors like Playtech or Pragmatic creating pricing pressure in live casino?

We think pricing is still too low for the value we provide. We innovate constantly and add substantial value, which isn’t always reflected in contract pricing. There are hard negotiations with each customer, but there’s no widespread price pressure. If anything, we believe we deserve a price increase, not the opposite.

22/06/2022 Will you continue to focus acquisitions on the slots segment, or are there other areas of interest?

We are always pushing to improve, and that includes our Live segment, where we’re extending our lead over competitors. While we don’t currently see a compelling acquisition target in Live, that could change. We’re also open to acquiring specific pieces of technology, as we did with DigiWheel, if they help us build better games. In slots, we have a clear roadmap and aim to be a complete supplier. Ultimately, our goal is to deliver the best content in the world to end users, and we now believe we have the key pieces in place to do that.

27/10/2022 Can you comment on North America’s performance this quarter and whether you’re maintaining share?

That can vary from quarter to quarter. There’s no real reason for the sequential slowdown. In fact, I believe we gained market share this quarter, these are normal fluctuations.

02/02/2023 Do you expect to maintain dominance in U.S. Live Casino given new entrants like Authentic Gaming and Playtech?

We don’t focus on any single market. We face competition across Asia, Europe, and the U.S., and that’s healthy. We fight every day, and I’m very satisfied with our current U.S. position and ongoing expansion. But competition is constant and global.

27/04/2023 Is your Live Casino growth driven by market share gains or broader market growth?

In Asia, it's definitely market share gains, that's been our growth path for a long time. In Europe, where we already have a significant share, we’re still growing, and some markets are moving forward again. The U.S. is a different case where we’re essentially alone in Live, which changes the dynamic.

27/04/2023 Is your Live Casino growth driven by market share gains or broader market growth?

In Asia, it's definitely market share gains, that's been our growth path for a long time. In Europe, where we already have a significant share, we’re still growing, and some markets are moving forward again. The U.S. is a different case where we’re essentially alone in Live, which changes the dynamic.

21/07/2023 What's your view on recent competitive activity, including new launches in New Jersey?

Competition is a good thing, it keeps us sharp. I’ve said before that the level of competition has been relatively stable for years. Different things will happen in different markets at different times, but overall, the competitive environment hasn’t changed dramatically.

21/07/2023 Can you comment on new competitors entering Live Dealer and recent deals you’ve not been part of?

Rhode Island isn’t regulated yet, so we’re in a pre-launch phase. Overall, I don’t see much change in the competitive landscape. We remain a large player with strong market share. Many operators depend on us, and we work hard to serve them well.

It’s natural for operators to diversify suppliers, but we don’t see any major shifts.

21/07/2023 In Q1, you were outgrowing the North America iGaming market. Should we now expect Evolution to grow in line with the market?

Our ambition is to gain market share and expand our footprint. In the first half, we did take share overall. That said, Q2 was not as strong as we’d like, and we aim to do better in Q3 and Q4. It can vary by quarter, but the long-term goal is consistent market share expansion.

26/10/2023 Are you still expanding your market share, particularly against competitors like Pragmatic Play?

We don’t have exact figures from competitors like Pragmatic, so direct comparisons are difficult. However, we’re growing faster than the market in Europe and Latin America. In North America, we saw a temporary dip last quarter, but year-to-date growth stands at 26%. We're performing well in Live Casino and continuing to invest in R&D.

26/10/2023 Are you still expanding your market share, particularly against competitors like Pragmatic Play?

We don’t have exact figures from competitors like Pragmatic, so direct comparisons are difficult. However, we’re growing faster than the market in Europe and Latin America. In North America, we saw a temporary dip last quarter, but year-to-date growth stands at 26%. We're performing well in Live Casino and continuing to invest in R&D.

26/10/2023 Given undersupply and slower growth, how can you demonstrate you’re holding or gaining market share?

It’s difficult to benchmark competitors, as we lack access to their figures. We base our view on available market data in Europe, parts of Asia, and the U.S., which you can also access. That’s the basis for our statement. But we’re not here to convince you; we just share how we see it.

01/02/2024 Is RNG losing market share in North America while Live grows above market?

We’re performing very well in Live. Q4 was a strong quarter for us in North America, but as we’ve always said, quarters can be lumpy, it goes up and down. For the full year, we're doing okay, and Q4 was better than okay. Overall, we believe our position is solid.

01/03/2024 Why is it still so hard for competitors to challenge Evolution in live gaming?

It was easier to challenge Evolution four years ago. Today, building a competitive live product is extremely costly, just standing up a basic offering requires major investment. And then comes distribution. Even if you build a great game, getting it to operators and players is like trying to beat Coca-Cola for shelf space. The game itself isn't enough, brand trust matters.

We’ve got brands like Crazy Time and Lightning Roulette that people recognize and love. Players trust us because they’ve had good experiences, maybe a big win. That trust creates inertia. Plus, we’re not just up against one or two new players, we’re competing with 40+ live providers globally. And in the U.S., you have to replicate your entire operation in every state. That’s a huge lift, and most companies just aren’t built for it.

01/03/2024 Does the launch of live casino by a giant like Sands concern you?

No. They’re effectively live provider #41. Yes, they have scale and capital, but Evolution could just as easily build a land-based casino and Sands wouldn’t be worried. These are fundamentally different businesses.

Sure, they’ll have operational competency from running physical casinos. But managing a distributed, camera-based, digital live operation with scalable hardware and software is a whole other challenge. I don’t think they’ll enjoy being in this business for long.

24/04/2024 Can you confirm if BAT365 has joined your system and explain its impact on your business?

Yes, we’re now live with BAT365. It’s a fantastic and long-awaited partnership, something we’ve worked toward for about a decade. While it’s a major achievement and a great opportunity to serve their large player base, it’s important to note that Evolution is now big enough that even a Tier 1 client like BAT365 won’t significantly move our financials on its own. Still, it’s an exciting milestone.

24/04/2024 In North America, are you seeing live casino growth offsetting RNG softness?

Live share is still relatively low in North America, so there’s meaningful room to grow. It takes time to build that market, as we saw in Europe. We are growing live in line with market trends, but we recognize we’re not yet performing at our best in RNG. We aim to improve RNG performance step by step, following the approach we took in Europe.

19/07/2024 Why is North America growing below market and how will you close that gap?

Initially, we had a strong position in slots, thanks to NetEnt. That gave us a good start, but the slot market became more competitive, many new entrants and titles. We’ve lost some share there.

However, we’re gaining ground in Live, where our share continues to rise. We’re launching more games and are confident we’ll close the gap over time. The challenge was defending our early slot lead; the strategy now is focused on broader content and execution.

30/01/2025 Are competitors making serious investments to close the gap with you?

I’m never comfortable , paranoia is part of my mindset. I always want to run faster and do more. At ICE, our booth is filled with games , everything is hands-on and focused on our product. In contrast, many competitors emphasize hospitality , bars, coffee stands , rather than showcasing their actual games. We go to ICE to demonstrate what we do, and we believe that focus widens the gap, not closes it.

30/01/2025 Are you seeing take rate pressure from operators due to competitors offering lower pricing?

It’s a constant theme , when a customer grows, they want better pricing. Negotiations are always ongoing. That said, we’re not experiencing general take rate pressure across the board. It’s more situational than systemic.

30/01/2025 Are competitors making serious investments to close the gap with you?

I’m never comfortable , paranoia is part of my mindset. I always want to run faster and do more. At ICE, our booth is filled with games , everything is hands-on and focused on our product. In contrast, many competitors emphasize hospitality , bars, coffee stands , rather than showcasing their actual games. We go to ICE to demonstrate what we do, and we believe that focus widens the gap, not closes it.

30/01/2025 Are you seeing take rate pressure from operators due to competitors offering lower pricing?

It’s a constant theme , when a customer grows, they want better pricing. Negotiations are always ongoing. That said, we’re not experiencing general take rate pressure across the board. It’s more situational than systemic.

30/01/2025 Based on your ICE impressions, are you still widening the gap versus competitors?

Yes, absolutely. No one else is producing the type of games we are. The gap is increasing.

17/07/2025 Does the 4% sequential growth in Asia reflect the underlying trend despite cyberattacks?

It’s a difficult question, but we’re happy to have turned Asia into a modest growth region this quarter. While it's hard to quantify precisely, we do see traction from the measures we've implemented.

Operations

04/02/2021 With NetEnt now part of Evolution, how do you balance quality vs. quantity of game releases?

I’m not focused on quantity at all. If anything, NetEnt might have leaned toward a quantity-driven model, but that’s not how we do things at Evolution. Our approach will be Evolution-style, we make only world-class games.

Slots are difficult. You can pour your heart into a game, and sometimes the public just doesn’t respond. That’s okay, it happens in every creative industry. But the aim is to build rich, high-quality games that can perform for a long time. One thing I noticed coming into the slots world is that performance is often judged based on the first 30 days, which is bizarre to me. In live gaming, the first day is typically the worst day. We think long-term, not short-term pops.

04/02/2021 What are your thoughts on hybrid gaming as the next disruptive move for Evolution?

I think there’s still a ton of room to innovate, especially in slots, which haven’t changed much since the 1920s. You still have a few reels and you try to get a line. There have been efforts to evolve them, but the public often likes what they know.

What’s fascinating is how dominant video has become, TikTok, YouTube, Facebook, Instagram, all shifting toward video, and yet there’s been little done in slots with video. That’s an opportunity. Evolution sees the world through a “live” lens, and I’m excited to bring slots over to live and live over to slots. You’ll see the first hybrid game in May. It’s really fun, very different, and blends both worlds in a way we haven’t seen before.

20/04/2017 How is Q2 recruitment progressing after four aggressive hiring quarters?

In 2016, we expanded aggressively and had a surplus of full-time game presenters. In Q1, we've adjusted to the right staffing level. This wasn’t a strategic or tactical shift, it was a necessary adjustment to bring balance, which is important both operationally and for employee morale.

20/04/2017 Has construction started on the new European studio?

No, construction on the European studio has not started yet.

20/04/2017 Have you decided on the location of the new European studio?

No. Final decisions haven’t been made yet. We're in the late stages, and the project will begin this year, but there’s no confirmed location I can share as of today.

20/04/2017 Will dealer recruitment always concentrate in Q2–Q3 ahead of Q4?

That depends on the year. In years with large sports events like the Olympics or European Championships, recruitment and table rollouts are front-loaded. In a year like 2017, which lacks major events, hiring and investment are spread more evenly across the year.

20/04/2017 How many tables do you currently operate?

We mentioned in the annual report that we're around 300 tables. That’s a ballpark figure, we don’t report table count every quarter.

20/04/2017 Will you add more tables this year compared to last year?

Yes, we will definitely add more tables this year. We’re currently on the same pace as we were last year at this time, and we believe we may even exceed last year's additions, despite 2016 being a standout year.

20/07/2017 Will exclusive environments impact Q3/Q4 revenues or headcount enough to affect margins?

No, there will be no significant change. We’ve had two quarters of some consolidation, and we expect a similar pattern to continue. Table expansion can vary slightly quarter by quarter, but nothing that would meaningfully impact margins. This is just the natural evolution of operations.

20/07/2017 When do you expect recruitment to pick up again? Is it tied to Georgia

Recruitment should start picking up in Q3. It's not directly tied to Georgia; it's just part of our operational pace.

20/07/2017 How many DreamCatcher wheels are running?

Just one. It’s a large wheel running 24/7 with short breaks for cleaning and maintenance. We’re exploring expansion, possibly with more wheels or language-specific versions.

25/10/2017 How has the new live casino product performed in Q3?

It’s working well. We have strong demand and a solid position in that segment. While land-based and dual play offerings are important strategically, they currently have limited impact on the overall P&L.

25/10/2017 Any additional commentary on dual play traction?

We signed a large number of new deals this quarter, and the product is gaining traction. Although it’s still a smaller revenue contributor, we see dual play as strategically significant for long-term growth.

25/10/2017 Is the jackpot product already live?

Yes, it is live.

25/10/2017 How many operators have implemented the jackpot product

We don’t disclose specific operator agreements. Adoption has been limited so far, but we're satisfied with the early results.

25/10/2017 Will dual play revenue be reported separately if it grows to 10% of total revenue?

Long-term, yes, we plan to report it separately. I can't specify if that threshold is 5%, 9%, or 15%, but it’s the right question. We will disclose it when the scale justifies it.

25/10/2017 Is dual play growing faster than traditional online

I see dual play more as a strategic bridge between land-based and online players rather than a fast-growing revenue stream. It’s a key tool to bring land-based users online, which is why we’re investing heavily in it now.

25/10/2017 Will the expansion into Georgia impact group profitability during ramp-up?

The new Georgian studio will be our best yet, high-quality, top-tier production. We’re not building it to reduce costs. It's too early to say whether it will have a negative impact on group margin during the ramp-up.

15/02/2018 Is this current investment phase similar to what we saw in late 2016?

There are some similarities, yes, but it’s not identical. Right now, we’re heavily focused on product enhancement and launching new products, aiming to increase our lead over competitors. I’m especially proud of what we showed at ICE, seven new products that really stand out. Those advancements stem from both investment and improved efficiency. At the same time, the World Cup will drive an increase in the number of tables in the first half of 2018. That’s similar to 2016 when many tables needed to go live simultaneously.

We’re also building a new studio in Georgia to support long-term growth, and that naturally comes with upfront costs. We plan to go live there in Q2. In parallel, we’re preparing to enter the New Jersey market in H2. So even though the context is different, there are comparable dynamics, but the scale is larger now than in 2016.

15/02/2018 Are operators already placing orders ahead of the World Cup?

Yes, there is a noticeable increase in demand. We’re closely monitoring our delivery capacity to keep up with the volume of orders.

15/02/2018 How many tables do you expect to have live in Georgia by the end of Q2?

We don’t disclose the number of tables by geography. But I did mention the studio size, 8,500 square meters. It’s a large facility designed to support years of growth, so while it won’t launch at full capacity, there’s significant room to scale over time.

15/02/2018 Will the New Jersey studio be able to serve Pennsylvania as well?

It’s not fully decided and not entirely up to us, but yes, there’s an opportunity to cater to Pennsylvania from that studio.

15/02/2018 Did you see weakness in the Nordic casino market in Q4, as reported by some operators?

Not particularly. That said, several operators noted unusually high sports margins, which can suppress casino growth. We may have underestimated the effect of that, but it’s a broader industry trend, not something unique to us.

19/04/2018 Should we expect a noticeable increase in employee numbers in Q2 due to World Cup preparations?

Yes, you should. We're already in the recruitment phase. While Q1 figures don’t yet reflect the full hiring effect, we anticipate a significant increase in staff during Q2 as we scale up operations ahead of the World Cup.

19/04/2018 Do you have an estimate for how many employees you’ll have by year-end?

We don’t provide exact employee forecasts, but naturally, we expect headcount to rise over the course of the year.

19/04/2018 How do you view product development around augmented reality or green screen features?

We were early adopters of green screen technology, but user response was underwhelming. Players didn’t enjoy it, so we pulled back. On augmented reality, we're testing and monitoring developments, but the market isn’t ready for mass adoption yet. Instead, we’re releasing more innovative products, like neuroleptic games combining R&D and live elements, and expanding into softer game formats to attract new audiences.

19/04/2018 What was mobile penetration in Q1?

Mobile accounted for 69% of total gaming in Q1. It wasn’t explicitly cited in the report, but that’s the correct figure.

19/04/2018 Can you share more detail on the timing and scale of customer go-lives from your backlog?

We've experienced strong customer growth in both 2016 and 2017, and we're pleased with the current trajectory. While we only announce major deals, there's always a consistent backlog. Integration takes time after signing, so it's normal to have a lag before revenue generation. Smaller operators often use the generic offering initially, which is logical given the limited number of large operators. However, agile smaller clients can scale quickly and move into dedicated environments faster than expected.

19/04/2018 Which markets still have significant desktop usage compared to mobile?

We don’t track a specific market where desktop dominates. Desktop remains an important channel across all geographies. While mobile is growing fast, up 100% last year versus 20% for desktop, desktop continues to contribute meaningfully and should not be overlooked.

19/04/2018 Have you completed staffing ahead of the new table launches for the FIFA World Cup?

Not yet. We're in a high-recruitment phase and will continue hiring throughout Q2. As in previous major event cycles, there may be an adjustment period before full efficiency is achieved.

19/04/2018 Were the Georgia and Canada studios contributing revenue in Q1?

No. Georgia went live on the final day of Q1, and Canada wasn’t yet operational. Georgia is a major hub, larger than Romania or Canada, designed to support growth over the next 2–3 years. It requires scale, around 100 tables, before efficiency kicks in, and until then, it adds significant cost.

19/04/2018 When will the Georgia studio reach efficiency similar to Riga?

We estimate efficiency will improve once Georgia reaches around 100 tables. That level allows us to optimize scheduling, operations, and delivery across the board. Until then, running costs will outweigh returns.

18/07/2018 Were most of the new tables rolled out before or during the World Cup?

We’ve been under heavy delivery pressure since mid-January, and throughout Q2 we delivered as much as we could to meet demand. So, installations occurred throughout the quarter.

18/07/2018 Do you still have a backlog of tables to deliver across your studios?

Yes, we see continued demand and strong potential for tables going live in the second half of the year.

18/07/2018 Does the Q2 headcount increase to 350 relate to upcoming table launches?

Yes, that’s correct. The staffi

18/07/2018 How many tables are live now, given the 500-table year-end target?

We don’t report table counts on a quarterly basis. It’s an annual metric, and the SEK 500 million mentioned is a full-year indication. The number will be above 500 by year-end, but we haven’t specified the timing or split across H1 and H2.

14/02/2019 How much excess capacity do you have in your studios, and how will that support margin improvement?

We're constantly adjusting studio capacity and are actively expanding in Georgia. That site alone will contribute capacity for another two years, as previously communicated. Other studios are also in good shape and offer excess capacity aligned with projected demand, with room for further expansion if needed.

14/02/2019 Are you aware of every operator your aggregators integrate your games with?

We rely on European regulators to ensure that platforms and their operators comply with the rules. We don’t monitor each brand or sub-operator directly.

14/02/2019 Will the number of new tables launched in 2019 match 2018?

We’re not guiding on absolute table counts. However, demand remains high, tables are consistently filled, and we aim to meet customer needs as they evolve.

25/04/2019 How ist he new Malta studio rollout going and is there any risk of disruption?

There’s always some risk with large projects, but we don’t anticipate any significant issues. The Malta studio is on track to launch during Q2 and should reach full production towards year-end. Some activities may take a bit longer than planned, but nothing out of the ordinary.

19/07/2019 Any upcoming decisions on launching new PPO studios?

We haven’t announced any new studio decisions yet. However, we’re expanding in Georgia, doubling our New Jersey operations, and have initiated construction in Pennsylvania. We’ve also completed a new studio in Malta. As 2019 progresses, we’ll evaluate how best to scale studio capacity and will communicate updates as decisions are made.

19/07/2019 How have you managed to keep personnel costs flat despite North America expansion?

As you noted, we’re expanding in North America, where wages are higher, but also in Eastern Europe, where they’re lower. This geographic mix has kept overall personnel costs relatively stable. While North American expansion may increase costs slightly, there’s no major shift in workforce structure right now.

19/07/2019 How much of the strong Q2 margin is due to Tbilisi studio efficiency versus new games?
It’s a combination. Tbilisi has delivered excellent efficiency and scale. But scalability across the business, operations, administration, and support functions, also played a role. We aim to place functions in cost-efficient locations, and overall, this has helped margins. While some one-off factors contributed, the margin improvement is not purely a one-time effect. Expectations for margins are now higher than they were three months ago.

19/07/2019 Is the Tbilisi studio now more efficient than the Riga studio?

Yes. Tbilisi has grown significantly and reached a scalable point. It’s now more efficient and contributes more to margins than it did previously, which is very positive.

19/07/2019 Are you building a new studio location specifically for these new games?

Not a new location, no. What I meant is that games like Monopoly are essentially small studios within our existing Riga facility. Each game requires quite an extensive build, much more so than simply adding a blackjack table. So these are substantial investments, but they’re located within our current studios. Thanks for the opportunity to clarify that.

19/07/2019 Has the New Jersey game mix been as expected, especially regarding blackjack?

Yes, it’s largely as expected, still a blackjack-heavy market. We’re adding other games, but the mix aligns with what we anticipated.

24/10/2019 Which studio is most efficient, and can those learnings be applied across the group?

Yes, we believe efficiency can always be improved. We’ve learned a lot from our operations in Tbilisi, and we’re actively implementing those lessons in other studios, including Riga and the new Malta site.

24/10/2019 Will the new Malta studio be more efficient than the old one?

The primary goal for the new Malta studio is to improve quality. That said, we do expect to enhance efficiency by applying what we’ve learned over recent years.

24/10/2019 Have you started testing Infinite Blackjack in New Jersey?

We’re in the process of doing that.

12/02/2020 Any update on Schlafner and whether it impacted Q4 results?

We haven’t seen any impact yet. The rollout is following a Software-as-a-Service model, and we are not live yet, so no effect in Q4.

12/02/2020 Can you elaborate on Malta, Pennsylvania, and Georgia studio developments?

In Malta, we’ve completed the move into a brand new studio in Wampla. It’s a significant upgrade from the old location, and operations are now consolidated in one place, which is a big efficiency boost. We’re very pleased with the setup and quality.
Georgia is performing well and expanding according to plan, it’s currently our largest setup. In Pennsylvania, we’re preparing to launch with a new studio that will actually be larger than the one in New Jersey. We’re also expanding our Atlantic City space and launching new games like Green Capture there.

23/04/2020 Can you say how many tables you're operating right now?
We haven’t disclosed a specific number, but we’re operating at reduced capacity. The situation changes constantly, and we’re adapting in real-time.

23/04/2020 Is the Spain studio fully operational? What is the status with Riga and Tbilisi authorities?
Yes, the Spain studio is fully operational. We're in constant dialogue with regulators in Riga, Georgia, and Malta. Overall, we’re in a good position and proactively doing more than required. As a major employer in several of these markets, we maintain active engagement and mutual cooperation with authorities.

23/04/2020 How did headcount evolve in Georgia entering April after scaling down operations

We don’t report employee numbers monthly, you’ll see that in the Q2 report. That said, we terminated probation employees in Georgia and Latvia to adjust for the paused expansion. Once the situation normalizes, we plan to resume recruitment accordingly.

23/04/2020 Can you say how many tables you're operating right now?

We haven’t disclosed a specific number, but we’re operating at reduced capacity. The situation changes constantly, and we’re adapting in real-time.

23/04/2020 Is the Spain studio fully operational? What is the status with Riga and Tbilisi authorities?

Yes, the Spain studio is fully operational. We're in constant dialogue with regulators in Riga, Georgia, and Malta. Overall, we’re in a good position and proactively doing more than required. As a major employer in several of these markets, we maintain active engagement and mutual cooperation with authorities.

23/04/2020 How did headcount evolve in Georgia entering April after scaling down operations?

We don’t report employee numbers monthly, you’ll see that in the Q2 report. That said, we terminated probation employees in Georgia and Latvia to adjust for the paused expansion. Once the situation normalizes, we plan to resume recruitment accordingly.

17/07/2020 How is recruitment progressing after the temporary layoffs?

Recruitment is running at full speed, with no constraints on that front. The main challenge is maintaining safety through social distancing, which limits studio capacity. As regulations evolve and the pandemic eases, we’ll continue to scale up.

17/07/2020 What is the current occupancy in your Georgia studio?

We don’t disclose figures for individual studios, but capacity is ramping up weekly. We’re adhering to each country’s health regulations, and social distancing still imposes some limitations.

17/07/2020 Can you share the number of tables you operated at quarter-end?

We haven’t provided that number. It fluctuates daily and isn’t a reliable revenue proxy. That said, we expect to return to Q1 levels by Q4, which gives some directional indication, roughly 750 tables.

22/10/2020 Are Pennsylvania and Kaunas studios fully operational, or still under construction while live?

Both studios are live and serving players, but we’re in an expansion phase. We continue to add tables month by month in each location.

22/10/2020 Is Kaunas considered a medium-sized studio? How much capacity does it add?

Kaunas isn’t as large as Riga or Tbilisi, but it’s still a significant studio. It adds meaningful capacity, though not on a double-digit percentage scale.

22/10/2020 Regarding your third studio announcement, what’s the expected scale and timing?

We’re seeing very high demand and need more capacity. We expect to open a new midsize European studio as soon as possible. That’s the third one, alongside Michigan and another yet-to-be-placed studio, possibly in Asia.

22/10/2020 Do you offer localized language support in Asia?

Yes, we support several local languages in the Asian region.

22/10/2020 What’s driving current demand, more dedicated tables, more languages, or both?

Demand is high across the board. If not for COVID, we’d be expanding as fast as possible, more studio space, more tables, longer hours. There’s demand for both dedicated and generic tables in more languages.

22/10/2020 How many tables did you launch with in Kaunas and Pennsylvania?

We don’t share exact starting figures, but we always launch with a small number of tables to ensure quality and operational consistency. We then scale gradually. Kaunas is a medium-sized studio, and Pennsylvania is 4–5 times larger than New Jersey.

10/02/2021 What’s the timing for the Michigan studio launch, and why only 1–2 rooms so far?

We’ve said it will be in 2021, and we’ll open as soon as possible. We want a state-of-the-art studio in Michigan that can support the market, and we’ll open it gradually. It needs to be large enough to meet demand.

10/02/2021 How has the NetEnt launch in Michigan been received?

Good. We’re pleased with the launch in Michigan.

10/02/2021 How has dedicated table capacity evolved compared to 3 and 9 months ago?

I’d split that in two. Coming out of the year, we’re actually where we should be, or even slightly better, compared to what we planned. That said, without the pandemic, we’d be much further ahead. When the pandemic hit, we had to close tables and restructure, which reduced capacity. From that point, we’re where we should be.

10/02/2021 Are you still facing undersupply issues going into 2021?

Yes. Like everyone, I hope the pandemic ends soon. We want to fully expand and recruit aggressively because demand is currently exceeding our supply.

10/02/2021 Can you sell future dedicated table capacity to new customers now?

Yes, we can sell future capacity. But, like in any business, we must be cautious not to sell what we can’t deliver. There are no limitations on these discussions.

10/02/2021 Will the new game rollout timing in 2021 be similar to last year?

Yes, the procedure will be similar. We’ll start gradually from February with rollouts throughout the year, except that we won’t launch live games in the same cadence.

10/02/2021 How many new Game Show vertical launches do you expect, and what stands out in the roadmap?

We’ll announce games publicly at launch, but since there’s no ICE event this year, we’ll adapt our communications. I’ve said this before, I’m very excited about our 2021 roadmap. We have extremely ambitious goals for product development.

12/04/2021 When will BTG be fully consolidated into Evolution?

We’ve stated it will happen during Q2, and we are working to close as soon as possible.

27/04/2021 What changes have you made to your slot strategy in the past few months?

We aim to produce the best slots in the market. Previously, some of our approach leaned more toward volume, and now we're shifting toward quality. We've identified areas where we can improve, limitations in past execution, and we're adjusting accordingly. Our goal is that when we release a slot, it should be viewed as a top-five contender globally for that year. That's the benchmark we're setting. We may not hit it every time, but that’s the ambition, and the strategy changes reflect that goal.

27/04/2021 Is the new direction focused more on quality than quantity?

Yes, that's a fair way to describe it. We're now concentrating on building slots that are best-in-class rather than aiming for high output. It's about making each release count.

27/04/2021 Are you ahead of plan on NetEnt synergies, and is Q1 a full run-rate quarter?

Yes, we've completed the planned synergy initiatives. That project is now effectively closed. Of course, we always continue to seek improvements operationally, but as far as synergies go, we’re done with the main phase.

21/07/2021 What supports your rate of capacity additions, are you pre-selling tables or anticipating demand?

We don’t comment on orders, but we see strong demand. We need to build many studios during H2 2021 and into 2022 to meet that demand. Last year, we couldn’t expand due to restrictions, and now all operators have increased traffic. There’s pent-up demand from 2020 that we’re working through step by step, which supports the need for more tables.

21/07/2021 Do you currently operate a standalone studio in LatAm or only through partners?

We do have a joint studio there. It’s not a standalone Evolution studio yet, but we have infrastructure in place through that partnership.

21/07/2021 What criteria are used to select locations for the two new European delivery studios?

One studio will serve as an English-language expansion hub, and the other will focus on international languages. We choose locations where we can effectively recruit for those language needs, either international workforce or English-speaking talent.

28/10/2021 Are you considering opening a studio focused on Asian-language dealers?

That could happen, yes.

28/10/2021 What is the scale of the new Spanish and Armenian studios?

They are medium-sized studios.

28/10/2021 Have you filled the pent-up demand for dedicated tables from last year?

There's still significant demand for tables. It’s hard to separate last year’s backlog from current demand, but overall, demand remains strong, we’re working hard to keep up.

28/10/2021 Why have operating costs remained stable despite rapid expansion, and could there be catch-up effects in Q4?

Costs will rise as we continue expanding, staffing, studios, tables all contribute. There's some natural quarterly fluctuation due to timing of expenses. We don’t classify them as one-offs, but each quarter has its own cost profile. We do expect continued cost growth going forward, driven mainly by staff, which is our largest cost item.

09/02/2022 When will the Connecticut live studio be ready?

We're currently in the construction phase for the Connecticut studio. Our expectation is to go live before summer.

09/02/2022 Can European studios be used to serve Ontario?

Yes, that’s correct. The commercial market in Ontario can be served using our European studios.

09/02/2022 What are you seeing from early adopters of One Stop Shop (OSS)?

OSS is a long-term strategic initiative. It's about seamless integration, our vision is for operators to be able to launch new products instantly across markets with full compliance. While we won’t see a dramatic short-term impact, adoption should gradually drive improvements in cross-sell and RNG growth as more clients migrate.

09/02/2022 Were the 1,000 tables rolled out evenly through the year, and do non-scalable games like Blackjack affect margins?

The pace of expansion accelerated toward the end of the year, so the majority of those 1,000+ tables were added in Q4. That naturally puts some pressure on margins during that period. Despite that, we still delivered a 69.7% margin, which we’re very happy with. That includes the effect of adding both scalable and non-scalable games.

09/02/2022 How many of your 1,000 tables are in North America, and where is that number headed?

We don’t disclose the geographic split of our tables, but we are in rapid expansion mode. The number of tables in North America is increasing significantly. I expect it to nearly double, particularly in key states like Pennsylvania and Michigan. Dealer operations are already underway, and we’re continuing to scale.

28/04/2022 How many games remain to be launched in 2022?

We’re at the beginning of the release period. The roadmap includes several launches, though I haven’t done the exact count yet.

28/04/2022 What are the key improvements in the new lobby for consumers and operators?

It’s intuitive, when you enter, you’ll know exactly what to do. Think Netflix or Amazon. It’s a significant step forward in user experience, especially around discovering and selecting games.

28/04/2022 Are you seeing increased staff turnover or difficulty filling roles?

We're aiming to recruit 1,000 engineers over the next 24–36 months across all 10 hubs, possibly more. It's always challenging to attract the best talent, and competition is high. We focus on hiring the right people, not just headcount volume.

28/04/2022 Can you identify strong-performing Asian markets?

We don’t break down performance by individual countries in Asia, so there’s nothing specific to call out.

28/04/2022 Have supply chain issues affected your growth in any regions?

Like many companies, we've faced supply challenges, semiconductors, misplaced containers, occasional need to use air freight. Gaming equipment and licensing are also complex due to regulatory approvals. Despite that, we’re progressing steadily and improving every day.

22/06/2022 Can you share details on No Limit's headcount and studio locations?

We don’t break down headcount numbers in detail, but to give you a rough idea, the business is around SEK 100 million in size. Their teams are located in Stockholm, Malta, and India, with some operations in other regions as well.

21/06/2022 Last quarter you said you were underserving the market. Where do you stand now?

It’s been a very strong quarter with solid deliveries. We launched two new studios in Europe, opened up Ontario and West Virginia markets, and launched a new studio in Connecticut just after the quarter. We’ve clearly picked up the pace. As you can see, we reached 1,200 employees in North America. The full effects will come gradually, but we are no longer underserving the market as we were before.

21/06/2022 Are you now more aligned with market demand?

Yes, that’s a fair conclusion.

21/06/2022 North America growth surprised on the upside. What's driving the acceleration, new studios or new states?

It’s driven by Michigan and Ontario. The new studios in New Jersey and Pennsylvania were only recently opened, so they aren’t impacting results yet.

21/06/2022 Will there be any new studio launches in H2, following West Virginia and Connecticut?

We haven’t communicated any new studio launches for the second half. We’ll continue investing inside existing studios, but I don’t expect any new ones to open in H2.

21/06/2022 Should we expect employee growth to slow in H2?

It’s hard to give exact guidance. During the pandemic, we scaled back and didn’t deliver fully across markets. We’re still in a catch-up phase, which is why we’re accelerating now. We’ll keep filling the newly launched studios. While the pace may moderate, I don’t expect a drastic slowdown in employee expansion in H2.

21/06/2022 Any update on the One Stop Shop rollout and its impact on Q2?

The rollout is on track in Europe and progressing globally. It depends partly on operators’ ability to integrate. All operators in Ontario are now using it, and it's also live in Asia. We’ve also started releasing Big Time Gaming content through One Stop Shop. We’re advancing globally, in line with our plan.

21/06/2022 Are there plans to launch a live casino in South America

Yes, we are working on it. However, there are ongoing regulatory discussions that need to be resolved. As I mentioned earlier, we don’t expect any new studios to launch in the second half of this year.

09/10/2022 How did Evolution start, and what made it dominant in live dealer gaming?

It started with a Logitech camera in front of a roulette wheel, manual number entry, basic setup. Back then, bandwidth was terrible, so it was a tech challenge. The founders made a bold move: five tables running 24/7, even when no one played. It was expensive and lonely at first, but slowly players came. Eventually, “Live Casino” got its own tab next to Sports and Casino, huge win. We began with blackjack, baccarat, and roulette, then added three card poker and ultimate Texas Hold’em. Later, we expanded to attract slot players too, and that’s where the game show genre was born. It redefined the space. But it’s a hard business, half casino ops, half tech. You’ve got to keep both clients and players happy.

09/10/2022 Where are your live dealer studios located?

They're spread across many regions. Major hubs include Latvia, Georgia (Tbilisi), Armenia, Lithuania, Romania, and Spain. In North America, we have studios in Vancouver, New Jersey, Pennsylvania, Michigan, and Connecticut. I'm probably missing one or two, but that's the core footprint.

09/10/2022 How do you recruit and train your live dealers?

They're almost never former dealers. At our scale, hiring around a thousand people a month, we can’t rely on prior experience. We target universities, hire young people, and offer flexible scheduling across all three shifts. Many students can only work weekends or a few days a week, and we accommodate that. Most recruits don’t even know how to pull a card or spin a roulette ball. After three intensive weeks in our academy, they’re fully trained as game presenters. No chips involved, so the training is more streamlined. But they face different challenges, being filmed constantly, staying friendly, and managing tables with up to a thousand players.

09/10/2022 How do you handle player volume in blackjack games?

We have two solutions. First, the standard table supports seven players, just like in any casino. Others can "bet behind" those seated players. We even show a hotness meter indicating how many hands a player has won in a row, so you can decide who to follow. Second, we offer a scalable blackjack version. Everyone gets dealt the same initial hand, but then players make their own decisions, hit, stand, split, and the interface shows each person’s outcome. It avoids chaos but isn’t as fun as a traditional game. Still, it works well when demand exceeds available seats

09/10/2022 How did you adapt craps for live dealer, given its social nature?

We leaned into the vibe. We built a 1920s speakeasy-style craps set with an Al Capone aesthetic. Dealers are trained to call the game with energy, and we show a board behind them displaying who’s betting on what. You can see how many players are cheering for a 7 or a 5. It helps recreate the communal feel. That said, it's not quite like being at a real table. Still, it's faster, more efficient, and the interface offers rebet options, simple pressing, and clear visual cues. In some ways, it's even better operationally.

09/10/2022 What makes your live craps experience superior to the land-based version?

We show you payout previews in real time, like, if a five hits, you’ll win $32; if a six hits, $47; if a seven hits, you’ll lose. It’s all laid out clearly. In many ways, it’s superior because the interface makes even esoteric bets more understandable. At physical tables, dealers often guide players through the chaos, but online you need intuitive design. We also introduced “Easy Craps”, a simplified mode where the layout changes to show only one-roll bets and core numbers like 4, 5, 6, 8, 9, 10. It’s ideal for players who like the vibe of craps but don’t fully understand the rules.

09/10/2022 Do you allow players to take odds bets in craps, and how common is it?

Yes, we support odds bets, typically 2x odds, but we can accommodate requests for 3-4-5x from our operator partners. What's fascinating is, for the first time, I have actual data on how many players take odds. It’s shockingly low. Most people either don’t take them or don’t even take full odds, which is a huge missed value opportunity. It really surprised me.

09/10/2022 Are your blackjack and roulette games full-pay, or do they follow land-based trends like 6:5 or triple-zero?

Everything at Evolution is full pay. All our blackjack pays 3:2, there’s zero 6:5 anywhere. Same with roulette: no triple-zero, and almost no double-zero. We were born in Europe, where single-zero is standard, and we believe 2.7% house edge is more than enough. It’s about offering a fair game. Baccarat, the most played game in the world, runs with just over 1% house edge, so there's no justification for bloating it to 5–7% online. We're not going down that road.

09/10/2022 How are you managing technical performance as bandwidth improves globally?

While 5G is exciting, only around 10% of our traffic uses it currently, so we focus on supporting the lowest common denominator. We constantly monitor connection quality in real time and stream multiple video feeds to adjust accordingly. If your connection drops from HD to high, then to medium, or even lower, we maintain the video as long as possible. If needed, we cut video but keep the game interface active so you never lose your ability to make a decision. It’s critical, if a player is dealt a 16 and has to decide whether to hit, they can’t lose that video feed. Game shows might draw people in, but technical reliability is what keeps them.

27/10/2022 What’s driving the slower R&D growth, and what are your plans to address it?

We simply need to accelerate execution and get more games out. We’ve done a lot of foundational work with OSS and the platforms. Now it’s time to increase the pace of rollout. That’s the main driver, speed of execution.

27/10/2022 RNG continues to underperform. Do you need to hire more or has talent been lost?

We’re entering a phase where we simply need to accelerate the rollout. In the recent period, we focused on building the proper infrastructure, defining where to place games across Big Time Gaming, Red Tiger, and NetEnt. That structural foundation is now largely in place.

Going forward, the priority is to increase the pace of new game launches

02/02/2023 How many of the 88 releases were live games, and will you focus more on game show-style formats like MONOPOLY Big Baller?

Of those 88, somewhere between 15 and 20 were Live games, including titles from Ezugi. Some games target specific markets, some are standard table games, and others are game shows. We don’t break it out precisely, but that 15–20 range is typical, and we expect to maintain it in 2023.

There’s constant innovation, including UI improvements and new features in existing games. Game shows do receive attention thanks to their spectacle, but there’s also a lot of work happening on traditional formats.

02/02/2023 Will new studios be in Eastern Europe or other regions like Latin America?

We aim to be closer to all markets. There are no plans for a studio in Asia at this point. Latin America and Europe, yes, those are important regions where we need to expand capacity.

02/02/2023 Which LatAm markets are performing well, and what matters most when deciding where to place a studio?

We don’t break down performance by country. But generally, the markets follow population size and socioeconomic factors, just like in Europe or elsewhere. A large part of LatAm is regulated or moving toward regulation. That influences our studio placement decisions along with several other operational and strategic parameters.

02/02/2023 Is 300 new live tables a capacity benchmark, given it’s been consistent since 2021?

It’s not a hard target, but yes, we added around 300 live tables in both 2021 and 2022. That seems to be a stable range, though it’s not a fixed cap.

27/04/2023 How many new studios will you add this year?

We’re expanding studios across all regions. In Latin America, we’ll add a couple. In Europe, a few more. In North America, we just launched a fantastic new studio in New Jersey, our third in the state, and we’re expanding that too. More studios could be added depending on state rollouts. We’re building as fast as we can to meet demand across regions.

27/04/2023 When will the pro forma R&D growth and game releases pick up?

We are ramping up our release pace now and expect a stronger plan for the second half of 2023. It’s a gradual shift rather than a sudden jump. As noted on the call, Q1 2023 was roughly in line with prior release levels.

27/04/2023 How many new studios will you add this year?

We’re expanding studios across all regions. In Latin America, we’ll add a couple. In Europe, a few more. In North America, we just launched a fantastic new studio in New Jersey, our third in the state, and we’re expanding that too. More studios could be added depending on state rollouts. We’re building as fast as we can to meet demand across regions.

27/04/2023 When will the pro forma R&D growth and game releases pick up?

We are ramping up our release pace now and expect a stronger plan for the second half of 2023. It’s a gradual shift rather than a sudden jump. As noted on the call, Q1 2023 was roughly in line with prior release levels.

27/04/2023 How is the studio ramp-up going, particularly in markets like Gravanis?

Studio expansion always feels too slow, we want to move faster. That said, things are improving. Gravanis is growing well, and we're continuously adding capacity. There’s no specific bottleneck, just a constant push to scale.

21/07/2023 Can you explain the delivery delays in Europe and how you're addressing them?

We're currently undersupplying in Europe. It's a natural challenge when you're growing a company of our size, with 17,500 employees. That sometimes leads to shortfalls in delivery capacity. We're aware of it and working on it.

We're entering an expansion phase in the second half of the year, and we're doing everything we can to speed up that expansion. It's not an instant fix, but the goal is to improve our delivery pace in Europe.

21/07/2023 In Europe, what specific demand are you not meeting, branded tables, Blackjack, etc.?

I won’t disclose specifics, but overall, we are undersupplying the market and need to expand capacity. That’s the key issue right now.

21/07/2023 What operational improvements have been made to RNG that support H2 growth targets?

We've done a full reorganization of the slot delivery process, brought in new responsibility areas, and improved the quality of games. Releases are now coming out as they should, and I’m happy with the upcoming roadmap. There have been significant changes to RNG operations at Evolution.

21/07/2023 Has One Stop Shop (OSS) helped improve RNG performance?

Yes, OSS has helped, and it's progressing well. We're on track with it.

21/07/2023 Employee count grew 14% in Q2 while revenue grew 28%. Will hiring pick up in H2, especially with the Colombia studio?

Yes, we’re currently undersupplying several regions, including Europe. Headcount growth is tied to that. We do expect to increase hiring in H2.

21/07/2023 Are you planning a new European studio in H2, or is that a 2024 story? What caused the delays?

We’re pushing hard to open a new European studio in 2023. There have been some delays, mostly related to staffing, but we’re moving forward at full speed.

26/10/2023 Why is resolving this issue in Europe so difficult, is it mainly a recruitment problem?

Our major hubs are in Europe, though we face challenges elsewhere as well. Constructing 100,000 square meters of operational space, fully equipped, is a complex process. Delays can occur just like when building a house, there are supply chain and vendor issues. On top of that, we need to recruit thousands of people. There’s no structural change behind the scenes, just very high demand, which we view as a positive problem.

26/10/2023 Why is resolving this issue in Europe so difficult, is it mainly a recruitment problem?

Our major hubs are in Europe, though we face challenges elsewhere as well. Constructing 100,000 square meters of operational space, fully equipped, is a complex process. Delays can occur just like when building a house, there are supply chain and vendor issues. On top of that, we need to recruit thousands of people. There’s no structural change behind the scenes, just very high demand, which we view as a positive problem.

26/10/2023 Why has studio rollout been delayed despite strong cash flow and demand?

Building studios is a major undertaking, each one takes at least 18 months and covers hundreds of square meters. We're in a continuous process, but delays have occurred, and recruitment is also lagging. We're hiring, but not fast enough to meet demand. Both factors contribute to undersupply.

26/10/2023 Are you still struggling to recruit specific language groups within existing studios?

Yes, language-specific recruitment is part of the equation. We strategically place studios, like in Madrid and Malta, where we can attract the right nationalities and scale up delivery. We're adding more studios in Europe to increase capacity.

26/10/2023 Are you planning large studio sites like WIGA, or more focused medium-sized ones?

We’re planning to add medium-sized studios. Some may be slightly larger, but we consider them upper medium in scale.

26/10/2023 How long does it take to open a new studio from planning to full operation?

From planning through execution to full staffing, the lead time is typically 12 to 24 months. It’s a continuous process, we’re always working on it.

01/02/2024 Will you increase studio capacity and tables beyond the 300 added in 2023?

While we don’t provide exact guidance on table numbers, we are accelerating growth. In 2024, we plan to open four new studios and add more capacity than we did in 2023. That reflects the fact that we were behind in meeting demand last year, and we now have some backlog to address. So yes, we’re ramping up in 2024.

01/02/2024 Why did you delay your recruitment push until late 2023?

It wasn’t a sudden October decision. We already saw in Q1 that we weren’t where we needed to be. Several factors slowed us down, we didn’t expand fast enough, didn’t have all the studio capacity ready. We addressed inefficiencies gradually throughout the year. You’re seeing the results of that buildout now. Don’t forget, we indicated €94 million in investments, with a push to €120 million in 2024. That kind of scale takes time, and sometimes you face delays, just like when a bathroom renovation doesn’t go to plan.

01/03/2024 What do players and operators actually want from your products?

It’s so easy to lose focus and stop asking the essential question: what do our customers want? Not what we want to sell, but what they truly care about. For me, that means understanding what both players and operators want. Do they prefer a higher or lower RTP? Are they looking for faster gameplay, more engaging mechanics, or more bonuses? And for operators, do they want more tools, or just simpler ones? These are the questions we constantly have to ask ourselves if we want to stay relevant.

01/03/2024 What is the One-Stop Shop (OSS) platform and how does it help operators?

OSS is Evolution’s long-term infrastructure play. It consolidates all our studios, NetEnt, Red Tiger, NoLimit City, Big Time Gaming, into one integration channel. Today, we work with around 800 operators, but not all of them offer every product. Some might only carry live casino titles, others just a subset of our slots. OSS is about enabling any operator, through one integration, to access everything Evolution offers.

The goal is that all 800 operators eventually have access to every game studio in our portfolio. And for future acquisitions, OSS allows seamless onboarding from day one, no lengthy negotiations or technical fragmentation. The challenge, of course, is getting existing operators to shift over. Many already have fragmented integrations, NetEnt from one channel, Evolution from another, and so on. Migrating them to OSS isn’t trivial. It’s backend-heavy and requires changes like game code realignment, which can disrupt features like "recently played games." But the foundational work is mostly done now, and we’re positioned to scale this out.

01/03/2024 How do you convince operators to migrate fully to One-Stop Shop?
It’s not always easy. Even if a client already has all of our brands except one, moving everything to OSS is still a big project. There’s often some resistance, or at least a need for time. But now that we’ve built so many valuable tools on top of OSS, the benefits are becoming impossible to ignore. Clients are seeing real value, and that’s driving adoption.

Once a client is fully integrated, the conversation changes. You can say, “You already have NoLimit City integrated, want us to turn it on?” Then it's just a matter of rollout strategy, do you activate all the games at once or stagger them? Many clients still don’t have access to all brands, so there’s still a lot of upside. I think 2024 will be a big year for expanding OSS adoption, even though I don’t have exact integration numbers, I'm focused on the product side, building the tools operators want.

01/03/2024 Are sequels becoming a more proven strategy across studios?

Absolutely. Hollywood figured this out, and game makers have too. If a brand resonates, doing a V2 makes complete sense. You try to stay true to the original while enhancing the experience. Players love familiarity, and a successful sequel delivers that while keeping the gameplay fresh. It’s formulaic in the best way.

01/03/2024 Will you build more live game studios across different U.S. states?

Absolutely. We’re already doing that. We built Crazy Time in New Jersey, and that was just the beginning. We’ll continue building state-by-state because we want to bring our full suite, game shows, bakara variations, blackjack variants, to each jurisdiction. Our 2024 roadmap is very blackjack-centric, with multiple innovations planned specifically for the U.S.

We also launched craps just for the U.S., which we might not have done otherwise. But it’s not just about building; it’s about teaching regulators and training our own staff on how to run and maintain these games in every new state. It’s a complex process, but yes, more studios and games are definitely coming.

01/03/2024 How does Evolution adapt game design to changing user behavior and attention spans?

A lot of our newer games are built with the modern user in mind, someone who might have Netflix on in the background, who might only want to play every other round. We think a lot about how to design for those shorter attention spans. How do you keep someone engaged for 90 minutes when they’re only actively playing for 45? You have to meet them where they are.

One exercise we use is asking, “If TikTok were a casino, what would it look like?” That mindset leads to innovations like Livespins, where you play alongside a streamer, or fast-format crash games. We also ask, “If technology wasn’t a limiting factor, what would we build?” That’s how DigiWheel was born, video in the center of a wheel, and games like Lightning Storm followed from that.

01/03/2024 How do you avoid internal distractions or fears of cannibalization when launching new games?

We don’t waste time predicting outcomes we can’t know. Will Lightning Storm cannibalize Crazy Time? Maybe. Do I care? Not really. If it’s a great game, players will want to play it, and that’s enough.

We stay paranoid. We try to disrupt ourselves daily. We don’t sit back and assume incumbency protects us. If anything, we push harder, more ideas, faster execution, less hesitation. Relentless focus on the player, every day, in every detail, that’s how you build something lasting.

24/04/2024 Can you explain the 10% OpEx increase and the rise in cost per employee?

Yes, you're right. Personnel costs increased mainly due to higher volume. If you look beyond just Q4, the trend is relatively stable but slightly upward. Inflation in many markets has played a role, salaries have risen. The other OpEx line is more volatile quarter to quarter, and while it's up now, we’ve seen it lower in past quarters. Over time, it’s expected to increase with volume but will remain lumpy.

24/04/2024 Why did receivables increase this quarter and what’s the impact on cash flow?

Cash flow overall remains strong. The increase in accounts receivable this quarter is largely due to a few items that were settled shortly after the quarter ended. If adjusted for those, the level would have been similar to the prior period. Of course, we always aim to reduce receivables and get paid faster, but we're comfortable with the current situation.

24/04/2024 What changed to finally enable the BAT365 live dealer extension?

It’s the conclusion of a long-standing business relationship. Many parameters go into these decisions, including exclusivity. We’re simply very happy that the agreement is now finalized.

19/07/2024 What drove the significant rise in other OpEx this quarter, was it due to studio builds?

There’s no single item to call out. The increase is tied to our elevated activity levels, yes, projects like the Czech Republic and Colombia studios contribute, but that also affects costs beyond just personnel. It’s all broadly related to ongoing expansion.

19/07/2024 Has Lightning Storm launched and what’s the final timing?

Yes, Lightning Storm has already launched, two and a half days ago. The delay was minimal. Instead of arriving at the end of H1, it came at the start of H2. So it’s live now.

19/07/2024 Are Evolution live casino games technically hosted on Evolution servers, and how does that differ from slot play?

Yes, the video and game feeds come from our servers. At the same time, the player remains connected to the operator for wallet and transactional control. It’s essentially a three-party connection, just like with slots, so the experience is technically similar.

19/07/2024 How will spin gifts be implemented, across all slot games or also usable in live casino?

That’s a very good question. When I talk about exciting developments in slots and the Wazas Foundation, this is one example. Spin gifts are a way to provide controlled bonuses, financed by us, but distributed through the operator, not directly to the player.

It’s a more structured alternative to traditional bonuses, and yes, we will develop this further in a thoughtful, integrated way going forward.

24/10/2024 Is the reduced capacity in Georgia mostly affecting low-stakes Blackjack or other games like Baccarat?

When we face capacity constraints, we prioritize higher-value tables. So yes, we remove lower-value tables first, and those are the ones primarily affected.

There are limits to how much we can rebalance within the market, but the closures are mostly on the lower-stakes side.

24/10/2024 Have you received customer feedback or seen migration to competitors due to reduced capacity?

Naturally, it’s not a positive situation. When one union blocks access and thousands of employees can’t work, the impact is felt.

24/10/2024 How are you mitigating the effects of running Georgia at 60% capacity?

Evolution as an organization responds quickly. We’re not a company that stands still. When we’re faced with challenges, we act decisively. That attitude is what helped us deliver a solid Q3, even if the full financial upside isn’t yet visible.

I’m proud of our team’s execution during this period.

24/10/2024 What is your total studio capacity now, considering Georgia at 60% and new studios?

In a normal scenario, we’d be expanding while also maintaining existing capacity. Right now, even though we’re opening studios in Colombia and the Czech Republic and adding tables elsewhere, overall we’re still a bit behind.

That’s why I mentioned we’re not serving all the volume we’d like to. The game round index reflects that as well.

30/01/2025 Has the studio build in the Philippines started, and when will it open?

Yes, construction has started. As for the opening, we’re aiming for sometime this year. That’s the safest answer I can give without having to revise it later. But the pace reflects urgency , we’re full and moving quickly.

18/02/2025 How do you approach game development at Evolution, intuition first or product testing?

It’s definitely a bit of both, but let me walk you through Dreamcatcher as an example. At that point, we had already adapted all the classic casino games, roulette, blackjack, baccarat, three-card poker, casino hold’em, and I started asking: who’s not playing these games, and why? The answer was: players who don’t like table games.

We weren’t ready to move into slots at that time, so I asked, how do we create something that appeals to those players, specifically slot players, without actually building a slot? Sportsbook players already overlapped with table games like roulette and blackjack, so the bigger opportunity was in converting slot players to live games. That’s where the idea for Dreamcatcher came from: a simple, dynamic, wheel-based format with strong visual and emotional appeal, no complicated decisions, just excitement. That’s how we opened up an entirely new category.

18/02/2025 How did you design Dreamcatcher to appeal to players who dislike table games?

So I said, let’s get rid of the table entirely. We needed big win potential, drama, and near-miss moments. I wanted something visually familiar but mechanically different, no cards or dice, so we landed on the jumbo wheel. Then we asked: how can we offer slot-level wins? That’s when we added multipliers to the wheel.

From the start, I banned any casino-sounding names like “Big Six” or “Money Wheel” because of the bad reputation, the highest house edge in the casino. I pushed for “Dreamcatcher”, playful, Willy Wonka-esque, light, like a game show. People resisted: concerns about cultural insensitivity, etc., but I said, relax. It’s a fun name. We showed it at ICE that year and the response was mixed. Some people were asking for speed roulette instead. I told them: you’ll get speed roulette, but Dreamcatcher is a conversion tool, built to bring slot players into live casino. We didn’t even call it a “game show” then, we just knew we were solving a real customer gap.

18/02/2025 What was the market response when Dreamcatcher launched, and how did you defend the concept?

When we showed it at ICE, reactions were tepid. No one was rude, but people said, “This isn’t what I need.” They wanted speed roulette or more traditional offerings. But Dreamcatcher wasn’t built to satisfy existing demand; it was made to create new demand. I framed it as a conversion tool, something you could put in the slots tab to onboard new players into live casino. That lens changed how people thought about it. We didn’t even realize we were inventing the “game show” category. That came later. At the time, it was just about solving for the players who didn’t like any of our current products.

18/02/2025 How do you balance customer feedback with visionary product design?

I always go back to that Nintendo quote, the one about the Wii. The president said, if we listened to customers, we’d have just made a better console with a better controller. But they took a risk with motion controls and got 60-year-old women playing video games. Or the Henry Ford quote: “If I asked people what they wanted, they’d say faster horses.” People often don’t know what they want until you show them.

With Dreamcatcher, we didn’t wait for validation. We built what the underserved players needed, even if they didn’t know it yet. And I’m still asking that question today: who’s not playing Crazy Time, Funky Time, Dreamcatcher, Monopoly Live? Why not? What’s missing? That’s the core of our 2025 roadmap, solving for the players we don’t yet reach.

18/02/2025 How critical is polish and first impression when launching new games?

It’s absolutely critical. When we launch a new game, we get maximum visibility in the first few days. Our commercial team activates partners, runs campaigns, puts marketing dollars behind it. We promote it hard in the lobby. That’s your shot. You don’t get a long window to tweak and relaunch.

If the product is 95% done, and that’s often just half the total effort, we’d always be left wondering, did it fail because we didn’t finish it? That uncertainty costs time and morale. So now, we always design to completion and polish it before launch. You only get one first impression, and for us, it has to be exceptional from day one.

18/02/2025 What's the risk of striving for perfection before launch?

There’s definitely a dark side. Toward the end of development, better ideas often pop up. But implementing them means delays, cost overruns, or crushing the team’s morale. It’s very easy to say you only want to ship perfect products, but sticking to that can be painful. You have to be disciplined: lock the scope, know when to say no, and protect the team’s energy. That discipline is what makes polished products possible.

18/02/2025 How do you handle late-stage changes that delay a launch, like adding another bonus round?

It’s brutal. Like with Crazy Time, we added the red door bonus round very late, after already having three other bonuses. Internally, the reaction was, “Really? Another one?” Meanwhile, the game was polished, commercial had 100 people prepping for launch, 1,000 clients lined up, marketing campaigns scheduled. Then I have to say, we’re pushing from June 3 to July 15. That’s not easy, people are frustrated, money’s spent, timelines are tight.

Now that we’ve had some major hits, there’s more goodwill. But early on, we didn’t have that reputation. We weren’t yet the game show company. So while it’s easy to say “ship only when perfect,” living that is painful. You take the heat, and it’s dark in those moments.

18/02/2025 Is Evolution’s willingness to rebuild games late in development part of its cultural edge?

Absolutely. That culture of perfectionism runs deep. Richard Hadida, one of our founders, once bought a €10,000 antique clock just to sit in the background of VIP Roulette. He could’ve used a €200 fake, but that wasn’t good enough. That tells you who we are.

We even built our own machine shop because no one could manufacture to our standards. We buy bingo machines, break them apart, reinforce them, make them faster. Like, if 20 balls take 3 seconds each to draw, that’s a 60-second round, dead on arrival. So we redesigned the draw mechanics to hit 1.5 seconds per ball. That creates downstream problems, glass domes cracking, balls degrading, real-time randomness, but we solve every one of them. That’s Evolution. The culture is embedded in every department.

18/02/2025 As the central figure in product innovation, do you worry about overshadowing team creativity?

That’s a great question. I may be the face on the podcast, but I make it a mission to clarify: most of these ideas don’t come from me. What I do bring is the ability to lead great brainstorming sessions, to set the tone, spark discussion, and help others build their ideas.

There’s a tension, though. Being a senior figure, my suggestions can sometimes dominate or bias the room. And if nine out of ten ideas get rejected, people get discouraged. That’s why I always say, what we call a “product review,” others might call a “mugging”, but it’s a loving one. Our process is collaborative, intense, and focused on extracting the last best idea. It’s not for everyone. People might say, “I want to run it my way,” but that’s not the Evolution way. Here, the best ideas win, no matter where they come from.

18/02/2025 Why is designing a gambling game with high RTP and excitement such a difficult product challenge?

Because the math is stacked against you. RTP, return to player, is just 1 minus the house edge. If you bet a dollar and the house edge is 2.7%, you get back 97.3 cents long term. So you’re creating a product where the customer pays you, and still wants to do it again and again, ideally recommending it to friends.

And we’re not giving them a drink or a prize or anything tangible. It has to be pure entertainment value. Plus, it’s the only form of entertainment where the upside is: you might actually win money. That’s a unique position.

But crafting that balance is brutally hard. RTP targets vary by audience, Baccarat players, Americans, Latin Americans, game show players, all want different things. Our goal is to preserve familiarity but add punch. With Lightning Roulette, for example, we kept all the standard bets unchanged, red/black, even/odd, but reduced straight-up payouts from 35x to 30x, and added lightning strikes for huge multipliers. That tradeoff is everything. Players must feel like what they’re getting is more exciting than what we took away.

18/02/2025 What’s the danger of thinking only about the “additions” to a game and not what you’re taking away?

That’s the trap. First-order thinking is, “Let’s give players this new feature!” Sounds great. But what are you taking away? It’s so easy to lie to yourself and say, “Oh, they won’t miss that.” For example, if you make ties lose in Blackjack, that’s a violent experience for players. So the trade-off better be meaningful, what are you giving them in return?

That’s the dance. And it varies massively across player types. What’s acceptable for Baccarat players may not work at all for slot players or game show audiences. But you tell me the player type, and we’ll go deep. That sensitivity to both sides of the ledger, what you give and what you take, is where great game design lives.

18/02/2025 What happens if you make the RTP (return to player) too low?

A low RTP means players lose faster over time, and with reasonable volatility, the game just crashes. Wagering goes down, people play fewer rounds, and the core product proposition, entertainment, dies. In land-based casinos, that’s sometimes tolerated because operators want to free up seats on busy nights. But at Evolution, where most games have unlimited seats, we want sessions to last as long as possible.

Our goal is to hold players' hands, take them on a journey, and let them have fun with the possibility of a big win. If they lose, it still has to feel worth it. That’s why designing games is so hard, you’re not giving them anything physical, but they still have to love the experience.

18/02/2025 Why is volatility often more important than RTP?

Because RTP alone doesn’t tell the full story. I could offer a game with 1,000% RTP, but if the volatility is insane, like pulling one red marble from a thousand, you’ll almost certainly lose. That game feels awful unless you play it 20,000 times.

Volatility defines how players experience the RTP. Lotteries have horrible RTP, 50%, but no one cares because of the dream. Blackjack or Baccarat, on the other hand, offer small, frequent wins. You can’t apply the same math lens to both. So if you get volatility wrong, even with good RTP, the game feels broken.

18/02/2025 What’s your philosophy around RTP for different game types?

It’s all contextual. Baccarat has a 1.05% edge on banker, that’s the biggest game in the world. Blackjack is sub-1% edge. Players love fairness. Meanwhile, in slots, the trend has been to push RTP down, which might backfire. Those players may eventually find their way into live casino if the entertainment value in slots drops too much.

Operators sometimes ask for lower RTP to allow more bonuses or marketing flex. I get that, they have their own levers. But if you push too far, you break the entertainment cycle. I design games around maximizing time and fun per dollar, that’s the metric that matters.

18/02/2025 What does it mean to design an “honest” game?

That’s a deep and subtle question. First, understand: these are financial transactions. Real money changes hands. If your online bank started showing you Red Bull ads while you moved money between accounts, you wouldn’t trust them. Even if they weren’t doing anything wrong, they’d feel disrespectful. That’s the kind of dishonesty I’m talking about.

In gaming, that same principle applies. Are you celebrating wins properly? Are you gently cushioning losses? Are the camera angles reinforcing trust? Are you optimizing the experience for new players or mature ones, because they’re both at the same table. Do your interfaces respect that reality?

We go deep on that. I’ve invented card shuffling machines, I have patents in this space, and every decision, from UI timing to how we reinforce outcomes, is calibrated around this idea of honesty. Players may not be able to articulate why, but they feel when something’s off. Respecting that feeling is everything.

18/02/2025 Why did you ban card shuffling machines at Evolution even though you used them at MGM?

At MGM, we brought in automatic shufflers because they made operations smoother. But at Evolution, I’ve largely banned them. Instead, we have hundreds of people manually shuffling cards every day. Why? Because it’s simply more honest. People don’t want to play against machines.

Yes, it’s labor-intensive. And yes, we load those manually shuffled cards into clear, see-through shoes, which would be questionable in a land-based casino. But online, trust and transparency are everything. Players can’t physically inspect anything, so we overcompensate with visual honesty. Even camera angles matter. If a competitor shows the wrong angle, players go ballistic. So we obsess over every detail to build trust.

18/02/2025 How do you handle player superstition and perceptions of fairness?

You absolutely need to consider that. Superstition is baked into the gambling experience. When players lose, they don’t want to blame luck, they’ll say the game is rigged. So you must ask: how much should we address those concerns?

Too much, and you’re pandering. Too little, and you lose trust. That’s where the last 5% of development lives, and it takes 50% of the time. You sense something’s off, and it’s not from market research. It’s intuition. You feel it by watching how players interact, how long they play, how they engage with the interface. That tells you everything.

18/02/2025 How useful is gameplay data in evolving your product strategy?

It’s directionally useful. We track rounds per player, engagement by country, behavioral patterns. But honestly, the biggest value isn’t the data itself, it’s the discussions it sparks. For games that flop, we spend far more time analyzing why than we do on hits. And there’s no answer key.

We tried fixing Gonzo’s Treasure Hunt by adding a bonus round. Thought that would solve it. It didn’t. We’ve tried reviving other games too, usually with poor results. So it becomes about roadmap discipline. Wasting time fixing something that’s structurally flawed means sacrificing future hits.

18/02/2025 What is One Stop Shop (OSS), and why is it so strategic?

OSS is Evolution’s unified distribution and backend platform. Instead of integrating each game brand separately, operators do one integration, and get access to Evolution live games, Izugi, Red Tiger, NetEnt, Big Time Gaming, NoLimit City, and now Tapperoo.

We can launch new brands with day-one reach no one else can match. We also offer bonusing tools like in-game rewards and free spins, automated, flexible, deeply embedded. Operators use a single backend to manage all of it. It reduces friction, boosts time-to-market, and makes us easier to work with. That convenience increases share-of-wallet without pressuring operators, it’s simply the better setup.

18/02/2025 Do operators resist OSS out of fear they’re losing control over the customer relationship?

At the integration level? No. For them, OSS simplifies everything, it’s one integration instead of seven. They retain full control over what’s active. They can turn off any brand or feature.

If anything, it helps smaller operators compete by removing barriers. As for larger operators, yes, OSS could make it easier for challengers to enter, but those incumbents still benefit. We push new features constantly, so they’re the first to receive them. And ultimately, the battle is always about CPA and LTV, getting players in, then keeping them delighted.

18/02/2025 Could Evolution open OSS to third-party developers?

Yes. We’ve gotten good at integrating new studios because we had to, after acquiring several slot brands. With Tapperoo, we’re again pushing new IP through the pipeline. If another studio has outstanding games and doesn’t fit an acquisition, we’d still consider it. OSS is now the strongest distribution engine in the industry, and we want it full of the best content, whether it’s ours or not.

18/02/2025 Why is the slots industry more competitive than live casino?

Because it’s easier to build for. No dealers. No hardware. No fraud risk. Just developers and designers. Distribution is commoditized, you can plug into aggregator platforms that handle everything and take a revenue cut. With relatively small teams and modest capital, you can launch.

In 2020–2022, capital was cheap, so we saw an explosion of new studios. Acquisitions inflated expectations. And now everyone with a laptop and a couple million is building slot content.

18/02/2025 Has OSS been a major driver of slot growth recently?

Absolutely. Slot revenue had been flat for a while, then it inflected. Part of that is better games. But OSS turbocharged distribution. We can push content across all our operators immediately, with consistent backend tools and marketing support. That scale is what moves the needle. So yes, OSS has become a competitive multiplier in slots just like it is in live casino.

18/02/2025 Is launching a new slots studio still a viable opportunity given market saturation?

It’s brutally difficult. Everyone had the same idea at the same time. I heard 2,500 slots were released in December alone. We launched 10. And there’s only so much real estate on a phone screen, especially at the top.

You’ll see a lot of studios burn through their initial capital, and many won’t get a second round. The market will thin out, but remain hyper-competitive. For us, it’s been a journey, refreshing legacy NetEnt platforms, repositioning brands like Red Tiger and NoLimit City, and pushing all of that through OSS. So it’s not one strategy, it’s everything, running in parallel.

18/02/2025 How does OSS affect player behavior and Evolution’s control of the player journey?

It’s huge. In live, we’ve always understood player flow, if a player doesn’t like one dealer, they’ll jump to another table. It’s why we built live lobbies. Now we’ve extended that principle across OSS.

A player finishes a roulette session, and now we can recommend a slot, our slot. They don’t need to go back to the general lobby. The more games and touchpoints we own, the more data we have to power recommendations. And we use that data to guide them to games they’ll love. Not out of control, but in service of delight.

18/02/2025 Do operators ever push back against Evolution’s recommendation engine?

Sometimes, but usually because we haven’t done a good job telling the story. Our algorithms serve their players on their platforms. We’re not trying to dominate, we’re trying to retain. If we help a player discover Crazy Time, which they didn’t even know existed, we’ve just created a high-LTV user for the operator.

It’s like what Meta says about Reels, better recommendations boost total platform usage. That’s what we’re doing. Operators who embrace this generally benefit.

18/02/2025 Have algorithmic recommendations boosted player engagement?

Hard to say definitively. Evolution is a growing network, and tracking individual players across multiple operators is tricky. A player may bounce between DraftKings and FanDuel with the same behavior, and we can’t always match that. So we don’t obsess over the data.

But one thing you can’t fake is rounds per player. That’s my favorite metric. If players aren’t enjoying the game, they won’t stay. So even if you can’t perfectly measure uplift, you can feel it in repeat visits and deeper sessions.

18/02/2025 Are you looking to bring Evolution’s online IP into land-based casinos?

Yes. I’d love to see Lightning Roulette on the casino floor. Not to replace the online experience, but to enhance it, like a reverse acquisition funnel. You play it in a physical venue, get hooked, and later find it online. Online is the mothership, but land-based presence builds brand equity.

It’s also a milestone: for the first time, content is going from online to land. That’s new. And long overdue.

18/02/2025 How are you using AI at Evolution?

We use it across the board, lobby optimization, risk tools, camera recognition, even game ideation and math modeling. But it’s not the core driver. We still run on HI: human intelligence.

If you offered me better AI or 10% more joy from our dealers, I’d take happier dealers. That’s the experience that matters most. AI is a great partner, but we don’t overstate its role.

18/02/2025 Any progress on VR gambling?

Too early. We built a native VR game and launched it. We had maybe 20,000 players on the game per day. The number of VR users? Three. One. Five. Zero. Two. Five. One. That’s not a market, it’s a novelty.

People like live casino not because it's futuristic, but because it’s trustworthy. You’re watching cards come out of a shoe. It’s real. When the stakes are high, even just emotionally, players default to what feels authentic.

18/02/2025 So why is live casino growing so fast?

Trust. Live casino is the most transparent form of gambling. Even if you intellectually trust RNG games, when it’s your money on the line, you want to see it happen.

It’s also about connection. The dealer is a real person. They smile, chat, call the action. It gives players a loose sense of camaraderie, even if they never type in the chat.

And finally, it’s about format. 2025 is the age of video. Reels, TikToks, Shorts, everything is video. Live content feels more immediate, more real, more engaging. It’s no different in gaming.

18/02/2025 Will live casino grow by expanding the total market or cannibalizing others?

Both. You’ll see two simultaneous tailwinds. First, broader adoption. Gambling is being normalized, apps are everywhere, celebrities are promoting it, and it's on your phone. That expands the total market.

Second, you’ll see cannibalization. Land-based is still the dominant format for table games. But with better RTPs, more engaging game formats, and lower minimum bets online, players will start questioning whether that 45-minute drive is worth it.

18/02/2025 Do you think land-based casinos will increasingly feed online play?

Yes, because adoption will rise, and tech will finally catch up. Phones today are still terrible. It's 2025, we’re putting crawlers on Mars, but we can’t hold a phone call without it dropping. That will improve. Buffering, latency, all of that.

Better infrastructure, 5G and beyond, will smooth the experience. That becomes a tailwind. And over time, yes, land-based casinos will push more players toward online, especially as operators look to extend loyalty digitally.

18/02/2025 How critical is that bench strength for localization?

It’s important, but localization is misunderstood. People from outside a market tell you how to localize for it. They're often wrong.

We once built a game we thought was hyperlocalized for a specific country. It blew up somewhere else entirely. Why? A streamer in that other country started playing it, and the game caught fire. So we’ve learned: what works is often unpredictable.

The real localization wins are simpler: native-speaking dealers, localized interfaces. We run Lightning Roulette in ~21 languages. But in terms of deep cultural tailoring, it’s less about geography and more about player type. A game show fan in India is a lot like a game show fan in the UK.

18/02/2025 Why does the aggregator/white-label model exist more in Asia?

I don’t think it’s just Asia. You’ll find it across Europe too. The dynamic is simple: small operators need to get off the ground. They can go to a white label, get a ready-made site, integrated games, support, payments, all for a share of GGR.

That’s how many casinos start. As they grow, they may go direct, build their own platform. But in markets with lots of small operators, the aggregator model thrives. It’s just pragmatic.

18/02/2025 Could OSS (One Stop Shop) from Evolution disrupt that model?

Yes. OSS gives small operators the full Evolution portfolio in one integration. If I’m a new casino, that’s a huge unlock. I get all the content, branded environments, and tools without piecing it together supplier by supplier.

It shifts power toward us, and toward the operators who use us, because we’re helping them reduce complexity and offer top-tier content from day one.

18/02/2025 Could OSS eliminate the need for aggregators?

Possibly. If you’re a small operator, OSS (One Stop Shop) gives you everything, every Evolution brand, native integrations, full content stack, without the aggregator tax. It’s a compelling option.

But I don’t live that close to operator economics day-to-day. I mostly think about players. So I don’t want to speculate too far. But it’s a fair question, and worth exploring.

18/02/2025 How do you update hit games like Crazy Time without ruining them?

You don’t touch them. We leave them alone. Once a game is live, it’s a business, really, a franchise, not just a game.

Crazy Time spawned Funky Time, Crazy Coin Flip, Crazy Pachinko. Lightning became a whole franchise too. If these were public companies, they’d have the highest margins in the world.

Instead of tweaking, we build the next thing. Funky Time is softer, longer-form, less volatile. Lightning Storm is brutal, massive bonuses, max volatility. Different personalities for different players.

The key is not to force-migrate people from one game to another. I want to reach the player who says, “I don’t like any of these.” What can we offer them?

18/02/2025 How do you keep new games intuitive for first-time users?

We fight complexity. Game designers always want to add features. But everything comes at a cost: visual clutter, learning curve, decision fatigue. Even if only 3% of players use a feature, it still clutters the interface for everyone.

We prefer restraint. Tinder nailed it with two buttons: swipe left, swipe right. It created a whole UX category. That’s the spirit.

Every new feature is a visual tax. If it doesn’t pay for itself, we cut it.

18/02/2025 Do you believe in removing all friction from the product?

No. That’s a product religion, and it’s wrong in gaming.

I add friction deliberately. Choosing a blackjack table? I want players to pick their seat. That builds agency. That builds ownership. If they lose, they won’t blame us. They chose.

Some people want to sit at Seat 1. Some at Seat 7. Some want male dealers. Some female. Some care about shoe depth. Let them decide.

We could auto-seat them. But I’d rather slow them down and make it meaningful.

18/02/2025 What happens when you prioritize player experience over features?

Everything else follows. If the player’s experience is great, the game sustains. That’s the real business. Not optimization for the sake of metrics.

That’s why we resist gimmicks. Upload wins to social media? Print-screen buttons? Maybe those ideas help short-term marketing, but they pollute the interface. A new player shows up and says: “I just want to play roulette.”

Design restraint is hard, but it’s the ultimate innovation.

18/02/2025 How do you avoid chasing complexity just to prove you’re innovative?

That’s a real trap. You hear: “Let me guess, another big wheel game?” And you want to prove you’re clever. You want to show range.

But the best move might be to say: “Yes. Another wheel game. And it’s going to be incredible.”

We acquired DigiWheel. It’s got a built-in screen, custom visuals, and an accelerometer to anchor display elements during spin. The potential is enormous.

Innovation doesn’t always mean novelty. Sometimes it means purity, clarity, and patience.

18/02/2025 How do you view game development today?

We build games for player types, not for vanity or flash. It’s like soda: to a non-drinker, Pepsi and Coke seem the same. But to a Coke loyalist, they’re worlds apart.

Same with games. Lightning Storm isn’t for Crazy Time players. Funky Time is for people who want a friendlier ride. We build flavors, not replacements.

Every addition is tested against: will this delight a specific player type? If not, we cut it. And that’s why the franchises last.

18/02/2025 What’s the latest example of design restraint at Evolution?

Crazy Balls. It’s basically Crazy Time, but with a ball machine instead of a wheel.

Some people rolled their eyes, “You just put a ball machine in front of Crazy Time?” Yes. And thousands of players love it.

That’s the point. Restraint isn’t always about subtraction, it’s about giving players another way to engage with something they already love, without overcomplicating it.

18/02/2025 What do you fear most as a product leader

Making bad games. Losing the roadmap. Getting seduced by premature ideas or over-innovation. That’s the real fear.

Not VR. Not AI dealers. Not new competitors. If all those trends hit tomorrow, we’d adapt and players would wait for us to catch up.

But if we release a string of duds? That’s on us. And that’s the only thing that keeps me up at night.

18/02/2025 You’re not worried about AI dealers replacing live casino?

No. The #1 reason people love live dealers is trust.

AI avatars can be beautiful, smooth, even hyperreal. But people trust live humans more. And those AI-driven concepts have existed for years, they haven’t moved the needle.

Our live games, authentic, dynamic, human, are what players return to. That’s our edge.

18/02/2025 Do you worry about new competitors launching breakthrough games?

Honestly, no. Eventually someone will land a hit. But that could help us too, growing the whole category, bringing in new players, expanding the total pie.

When Mirage launched in Vegas, it helped all the casinos. Same with Bellagio. Same thing here.

If more studios release great live games, it could reduce slot or sportsbook time, and grow live gaming overall. We’re not afraid of that.

18/02/2025 So what is Evolution’s true competitive moat?

Daily engagement, emotional moments, and brand equity.

When 20,000 players hit a 300x Pachinko bonus at once, that’s a shared experience they never forget. Those are lifelong players.

When a blackjack session goes well, and the dealer smiles at the right moment, our moat widens. Quietly, imperceptibly, but permanently.

This happens across our portfolio, every day.

30/04/2025 What exactly are the technical actions you're taking in Asia?

We're working both technically and commercially with our customers in Asia. On the technical side, we're strengthening our defenses against theft and improving detection. When we detect issues, we shut down certain segments, while others continue to grow. It’s a mix of both.

17/07/2025 What role will the new studios in the Philippines and Brazil play?

We’re proud to have launched the new studios. However, their financial impact won’t be significant in the immediate term. Their contribution will ramp up over time.

17/07/2025 Will the new studios follow the same gradual build-up as others?

Yes, the rollout will follow the same pattern as previous studios.

17/07/2025 What do you mean by ‘changing resource mix’ and how does that support margins?

It refers to regional allocation of our workforce. After downsizing slightly in Georgia last year, we ended up with a less-than-ideal mix. Now, with new studios being added in more cost-efficient regions, we’re adjusting that resource distribution accordingly.

17/07/2025 Do you make your streams available to any third parties outside licensed B2C operators?

No. We work only with licensed operators and aggregators. We do not distribute our streams to unlicensed third parties.

Financials

04/02/2021 Are U.S. operators like DraftKings overvalued relative to incumbents like William Hill?

That depends on whether they retain players long term. DraftKings is burning through cash to acquire users, spending more on marketing than they make in revenue. The bet investors are making is that once they’ve locked in those players, the payoff will come later

But that’s far from guaranteed. The market is competitive, new brands, celebrity deals, ESPN partnerships, everyone’s trying to lure players away. That said, inertia is real. A lot of players won’t switch once they’re comfortable. Just like I won’t ditch my iPhone even if offered a free Samsung.

20/04/2017 How will the lack of big sports events and lower Q2/Q3 activity impact margins?

We don’t guide margins quarterly, but for reference, our last 12-month margin was 39.5%, and we would not be satisfied with anything as low as 35%. As for sports-driven activity, we believe their importance is sometimes overstated for us. Events like the Champions League may have a visible impact, but overall, large sports ramps don’t drive our performance materially.

20/07/2017 Why were other operating expenses significantly lower in Q2 than Q1?

That’s a fair question. I’ll have to get back to you with the specifics, but there’s no major trend shift behind it.

20/07/2017 What was mobile revenue share this quarter?

Mobile accounted for 52%.

25/10/2017 Can you elaborate on Q3 costs and your Q4 outlook, especially with the recent ramp-up?

We are currently in an increased delivery phase and expect to reach approximately 400 basis points by year-end. While this may not substantially affect figures, it's something we're monitoring.

We’ve also increased inventory this quarter, particularly towards the end. This is connected to an uptick in table collateral. Three months ago, we expected table additions to be more gradual, but actual growth has been weighted towards September through December rather than earlier in the quarter.

25/10/2017 Where will the Latvian tax be reported in your P&L?

It will be reported as a fee in operating expenses, similar to a licensing cost. It will likely appear under other expenses.

15/02/2018 What tax rate assumption should we use for the year, 7% or 9%?

For 2017, we had 7%. It might be slightly higher this year, so assume somewhere around 7–8%.

19/04/2018 Why did Q1 start slow but pick up in February and March, company-specific or a broader market trend?

It’s a bit of both. We saw strong sportsbook margins carry over from late last year into January, which tends to hurt casino wallets. Marketing spend was also tilted more heavily toward core capital markets early in the year. Plus, activity usually starts slow and picks up later, so it’s not unexpected. Last year’s 60% growth creates tough comps as well, but there’s no single structural issue behind the softness.

19/04/2018 What portion of your revenue comes from Sweden or the broader Nordic region?

We don’t disclose revenue by individual geographic markets such as Sweden or the Nordics.

19/04/2018 Why was there margin pressure in Q1, and how does that compare to 2016?

Margin pressure in Q1 2018 stemmed more from non-staff costs, mainly new studios in Georgia and Canada, than staffing. Additionally, unlike 2017, Q1 didn’t benefit from exceptional revenue momentum, which also affected margins. This differs from 2016, where margin pressure was more directly linked to large-scale event staffing.

18/07/2018 Was there a 2% negative FX impact this quarter?

That sounds about right. We haven’t broken it out in detail, but your modeling is probably accurate.

24/10/2018 Is the margin decline purely due to new table investments, or is there a structural margin issue?

I would like to comment on the margin. We're constantly focused on increasing revenue before margin, and when that pays off, such as when we build more tables than expected, there's naturally a P&L impact. I'm comfortable with the scalability of our business model and not concerned about the margin going forward.

24/10/2018 Why will margins improve in Q4, slower expansion or something else?

The cost side is definitely part of it, we’re working actively to improve margins. Demand in Q4 will still be strong, but likely a bit slower than in Q3. That dynamic should help support margin improvement.

14/02/2019 What’s behind the over 100% quarter-on-quarter increase in other receivables?

There was an increase in the quarter that breaks the prior trend of declining receivables. That said, it’s still within a normal fluctuation range, and our position remains much better than earlier in the year. Regarding the spike in "other receivables" specifically, I’ll need to look into that and get back to you with a detailed answer.

25/04/2019 How much do Bitcoin casinos contribute to the 'rest of Europe' segment?

We haven’t broken that out. It’s not a segment we monitor or report separately.

19/07/2019 How sustainable are current commission levels in Asia, given the volume dynamics?

We don’t comment on commission levels.

24/10/2019 How many contracts are based on NGR versus JJR, and is that sustainable?

We don’t comment publicly on the specifics of our contracts, including the revenue model split between net gaming revenue (NGR) and jackpot/Jackpot Revenue (JJR).

24/10/2019 The difference between DGR and actual revenue reporting seems quite large, why is that?

Because they’re fundamentally different. The previous method was based on GGR (DGR in your words), which tracks game-level metrics. Actual revenue includes both volume-based and fixed components and is allocated differently. That creates the observed variance.

12/02/2020 Can you explain the increase in accounts and other receivables this quarter?

Yes. Most of the increase in other receivables is related to current tax liabilities. This is due to the tax system structure in Malta, where you receive a refund once a dividend is made. So the movement you’re seeing is more of a structural feature tied to how taxes are set up there.

There was an adjustment after year-end, so we expect that to go down in Q1. It’s still tax-related, nothing unusual. As for accounts receivable, it continues to grow with revenue. We are maybe slightly higher than Q3, but overall it’s in line with growth, nothing abnormal.

12/02/2020 Why did accrued expenses and prepaid income rise from €7.1M in 2018 to €21.7M?

It relates to investments made in prepayments. There’s nothing outstanding or concerning in that line item.
I wouldn't expect this to continue increasing at the same pace into 2020. We don’t provide detailed guidance on that line, but I wouldn’t anticipate further significant increases.

12/02/2020 Can you clarify the €10M in revenue listed under 'Other' regions?

That figure includes all revenue from regions not broken out separately, such as South America and Africa. We don’t currently provide a more detailed breakdown for the ‘Other’ segment.
While we might revisit that policy in the future, we’re not offering further granularity on it at the moment.

12/02/2020 How do you allocate revenue geographically, by player location or operator?

It’s a mix. The bulk of our revenue is player-volume-driven and allocated based on where the player resides. Some revenue streams that are fixed or not based on player activity are instead allocated based on the operator’s location.

23/04/2020 Why were personnel costs flat despite more full-time employees?

As Martin noted, the effect of COVID-19 on Q1 personnel costs was minimal. Some of the lower costs may relate to operating fewer tables, and we've paused some expansion efforts. However, long term, we expect growth and rising personnel costs. I can’t provide a specific number for Q2 yet.

23/04/2020 Why was U.K. revenue down 20% year-on-year?

None of the common assumptions apply. The main driver was operators relocating from the U.K. to Malta, which shifts the revenue allocation based on billing addresses. A few million euros moved from the U.K. to the broader Europe category. While player numbers in the U.K. are positive, growth has been flat for some time. The sudden drop between Q4 and Q1 is due to billing address changes.

17/07/2020 What was the estimated revenue impact from the pandemic this quarter?

We entered Q2 with strong momentum from Q1, which showed excellent growth. That said, COVID-19 affected our activity, sports stopped and we weren’t at full capacity, so revenues were lower. We did launch several new games, Cat Launch, Crazy Time, and Mega Ball, but isolating the impact of each component isn't possible.

17/07/2020 Will personnel costs increase in H2 as you scale up capacity?

Yes, as operations ramp up, costs will naturally return. If we had run at full capacity in Q2, we would’ve had more revenue and slightly lower margins. Operating fewer tables means higher margin per table. As we reopen, revenue will rise, margins may ease slightly, but dedicated fees will also return. All of this depends on how fast we can safely scale.

22/10/2020 Can you explain why net bet activity remains strong? Is it due to game shows like Crazy Time or temporary factors from Q2?

Coming out of Q1, we had strong momentum entering Q2. We lost some dedicated tables then, so Q2 revenue wasn’t fully maximized despite increased activity. When Q3 started, many of the new players from Q2 stayed on, resulting in continued growth, albeit slower due to the earlier Q2 bump.

The game show category contributes significantly here. It attracts high-volume, low-stake bets, which has driven bet spots to grow faster than revenue. That dynamic has been consistent over the past year.

22/10/2020 How does the table vs. slot game mix compare between New Jersey and Pennsylvania?

That’s a very good question, and we’re watching it closely. Pennsylvania has greater market potential than New Jersey, but it’s still early. More detailed figures will be available soon, and we’ll be able to comment further then.

22/10/2020 Personnel costs were up 24% QoQ, did new hires come late in the quarter, and will employment return to pre-COVID levels?

We expect to return to pre-COVID table levels by year-end, which implies higher employment. Personnel costs will continue to rise as table count and operational hours increase.

10/02/2021 Was the strong start to 2021 driven by ARPU or volumes?

We have great momentum entering 2021, driven by a variety of factors. But I’m particularly excited about player numbers and engagement levels.

10/02/2021 How many operated tables are you running now compared to pre-pandemic levels?

We’re back to or slightly above pre-pandemic levels, just over 700 tables. We’ll publish final numbers in the annual report, as usual. While the count is similar, the studio footprint has changed during the year. So it's not a like-for-like comparison operationally.

10/02/2021 How many NetEnt employees remain after restructuring, and what’s their share of the total?

There are 818 NetEnt employees remaining, and the broader group totals 8,700 staff.

10/02/2021 Why was NetEnt’s December margin below its Q3 level? Were there one-offs or was it volume-driven?

The margin was slightly lower. It’s only one month, and there are many moving parts. Some nonrecurring items are captured in the figures, but not all. I wouldn’t read too much into that single-month margin number.

12/04/2021 How much revenue did BTG generate in 2020?

BTG had revenues of €33 million in 2020. That corresponds to around 16% of our slots business, which itself generated approximately €200 million. For context, Evolution’s total revenue for 2020 was just over €540 million.

12/04/2021 How will the acquisition affect Evolution’s margin? Are there synergies?

BTG had an EBITDA of €29 million in 2020, representing a margin of over 85%, so adding them won't dilute group margins. There aren’t material direct cost synergies; in fact, we may incur short-term negative synergies due to integration investments required to align BTG with our broader operations.

27/04/2021 How did strong Q1 revenue impact your margins, and do you see upside to your 65% margin guidance?

When we deliver a very strong quarter in terms of revenue, that naturally flows through to margin. That’s been the case here, revenue strength also boosted margin. While we haven’t stated a new number, compared to the earlier 65% idea for the year, there is definitely upside.

21/07/2021 Was the negative working capital change in Q2 normal or driven by a specific factor?

It was a normal swing. We’ve seen lumpy developments in working capital before, so there’s nothing out of the ordinary to flag this quarter.

21/07/2021 What drove the 33% increase in operating cash flow versus the 110% EBIT growth, and was any region a major contributor?

There was nothing specific driving it. Similar variations have occurred in the past, and we view this as within the range of normal quarterly fluctuations.

21/07/2021 Should operating cash flow normalize in Q3?

Yes, that’s a fair assumption. While we don’t guide quarter-by-quarter, accounts receivable were slightly elevated this quarter compared to the average over the last 18 months. A reversion to the mean is likely.

28/10/2021 How should we view Q4 EBITDA margin compared to Q3, considering seasonal strength and recent cost ramp-up?

As we mentioned in the presentation, the margin this quarter is stronger than expected a few months ago. The year-to-date margin is 68.7%, and we now expect to exceed 68% for the full year, which was our original guidance. That doesn’t mean margins will keep rising every quarter. During periods of rapid expansion, we take on cost to support future growth. We focus on top-line growth more than precise margin targeting. Over time, the business has scalability, and we expect margins to improve with revenue growth, but quarter-to-quarter variations are normal.

28/10/2021 Is the 69% consensus EBITDA margin for 2022 realistic?

We’ll provide full-year margin guidance with the Q4 report. That said, as we grow top line, margins can still improve. At 68.7% today, a range of 67% to 69% seems reasonable.

24/11/2021 Why has Evolution’s share price dropped sharply in recent days?

If you look at our share price over the last six months, it resembles a heart monitor, very volatile. Just in the past week, Evolution’s share price dropped 25%. This was triggered by a short-seller report, supposedly commissioned by an anonymous U.S.-based competitor. The report accuses Evolution of providing access to players in sanctioned markets like Syria and Iran. When such allegations surface, especially involving U.S. sanctions, it’s natural for shareholders to react strongly.

As of this morning, the share price had fallen another 6.5%. The report is about 100 pages long and includes anonymous interviews with current and former Evolution employees. It alleges that Evolution is aware of traffic from black markets, despite it being routed through operators using VPNs. Evolution responded with a press release reaffirming that we are a content supplier, not an operator. We rely on operators to comply with local regulations and determine who can access our games. That said, some might argue that we bear an ethical responsibility in choosing which operators to work with, especially when some are known to serve black-market play

09/02/2022 Why did other operating costs rise to €38M this quarter, and is this the new normal?

We’ve doubled the company in the last 18 months, adding 6,700 people, and that comes with significant operational demands, stocking, onboarding, scaling infrastructure. Despite that, we maintained a 69% EBITDA margin in the quarter, which I think is a strong result.

To add detail, that line item is inherently volatile. Royalties scale with revenue, and we’ve also seen increases in freight, equipment, and indirect costs related to expansion. Going forward, we don’t expect the same increase next quarter, but overall, costs will trend upward as the business scales.

09/02/2022 What was the organic or constant-currency growth of Live Casino in Q4?

There’s no direct FX impact since we invoice mainly in euros. Operators may deal with different currencies on the player side, but it doesn’t materially affect our top-line live revenue. Indirect effects may exist, but we don’t track them closely.

28/04/2022 Have you seen any trend shifts in April compared to Q1?

We’re very happy with Q1 momentum. I’ve emphasized we have our strongest product roadmap ever, and we’ll be releasing many new products. The momentum remains solid coming out of Q1.

22/06/2022 Can you confirm that No Limit is a founder-led company and clarify the ownership structure?

Yes, No Limit is indeed founder-led. Emil and Jonas, who built the company, will remain on board and play a key role in the next phase of the business as part of our combined operation.

21/06/2022 You said you’re not content with the 69.3% margin. Is that your Q3/Q4 floor or a year-end blend?

From an operational standpoint, this was a fantastic quarter, we delivered exactly what we intended. Financially, it was a good quarter, but not great. I’m not happy with the 69.3% margin; it’s at the lower end of our 69–71% guidance. Personally, I always want more revenue and more performance. So while it's within range, I’m not content with it.

21/06/2022 Can you give more detail on wage inflation and its future impact on margins?

Yes, in general, we are seeing wage inflation. Salaries go up every year, and likely a bit more this year, depending on the market. We expect personnel costs to continue increasing, mainly due to ongoing expansion. There’s no fixed number we can give, but yes, wage pressure is more noticeable this year in many regions.

21/06/2022 Should we treat SEK 37 million in other OpEx as the current run rate?

We don’t typically guide line-by-line on OpEx, just the margin. I mentioned it specifically in Q1 because it was a bit lower then. Over time, this line will increase with expansion, but it’s more lumpy than others and harder to model. So we won’t single it out further, but yes, it will grow as we continue expanding.

21/06/2022 Was Q2 the peak quarter for cost pressures? Will it ease despite inflation?

This was a heavy rollout quarter, with new studios in West Virginia and Connecticut. Some cost pressures may ease going forward. Still, we’re maintaining our margin guidance. As for inflation, we see cost increases, and expansion pace can vary depending on recruitment speed, which impacts wage growth.

21/06/2022 Are you seeing similar cost inflation across all regions, or are some areas worse than others?

Inflation varies by geography. For instance, while Sweden may have recently seen lower inflation, countries like Georgia have had consistent 5–9% inflation for several years. It’s not new for us, we’ve been managing inflation for years. Now it’s more global, but we’ll continue monitoring and adjusting salaries accordingly. Our approach remains consistent: stay tight on cost control regardless of region.

09/10/2022 How do tipping and compensation work for dealers in the U.S.?

It's similar to Vegas casinos, tips are pooled across the shift. There's a tipping button in the user interface where players can choose how much to tip. We're not aggressive about it; it's just there as an option. But tipping is deeply ingrained in American culture, and partners like MGM insisted it be available. In Europe, it's not as common, so we run it differently in those markets.

27/10/2022 What’s driving the increase in personnel expenses per employee, and should we expect Q3 levels going forward?

There’s no single cause. In general, we’re seeing cost increases across many areas due to broad inflationary pressures. Wage inflation is part of that, though it will probably become more noticeable next year when salary reviews occur, which is typically an annual process. So yes, costs were a bit higher this quarter, and cost per employee can vary depending on hiring timing.

That said, we had similar salary per employee levels in Q1 as we do now. It’s not a dramatic change. The trend, however, is toward higher costs, and that’s something we need to manage.

27/10/2022 Can you break down how energy costs impact your overall cost base?

Energy costs are rising like many others. While we consume a lot of electricity, particularly for server operations, energy is not a major part of our total cost base. Roughly, it's about 1%. So even if it doubles, it would only be 2%.
It does matter, but in isolation, it’s not highly impactful. Cost increases overall, though, are something we clearly feel.

27/10/2022 What is the like-for-like wage inflation, and how much of the cost increase is due to salaries?

It’s difficult to isolate exactly what portion is inflation versus general increases. It’s a bit of both. The metric also depends on where we’re hiring, for example, expansion in North America can affect the average. There is upward pressure on wages, but that’s not the sole driver this quarter.

We expect to see some continued upward pressure into next year. Salaries in 2023 will likely be somewhat higher than in 2022, but the final impact will depend on multiple factors.

02/02/2023 How do you think about the margin range and the evolution of related costs, particularly personnel?

We will continue to expand and build studios, which brings associated costs. Growth is our priority, but we need to stay cost-aware across all areas. That said, it's hard to predict the exact month-to-month or quarter-to-quarter dynamics. We've widened the margin guidance to 68%–71% because of current macro volatility, there’s a war in Europe, and the environment is unstable.

The added buffer reflects that reality. Still, our ambition for margin remains high. We have a scalable business model, and we aim to continue strengthening it.

02/02/2023 Given inflation, are you raising royalty rates when renegotiating contracts with operators?

Our goal is always to offer the best products and act as a one-stop shop for operators. We don’t view our position as leverage for pricing. We believe in competition and running faster, not in exploiting pricing power. It's about partnership, not extraction.

27/04/2023 Should we expect higher salary pressure or cost inflation going forward?

The cost increases we flagged last year were across the board, including wages. Some of that has already been reflected as we’ve continued hiring. The main annual salary review is happening this month, so its full effect isn’t in Q1 yet. Personnel costs adjust gradually as we expand. Coming out of the pandemic, we had to loosen spending controls, but in the second half of 2022, we started regaining pre-pandemic cost discipline. Cost pressure will continue this year, and it’s already reflected in our full-year margin guidance of 68% to 71%. This quarter was strong margin-wise, partly thanks to our team’s disciplined spending.

27/04/2023 Should we expect higher salary pressure or cost inflation going forward?

The cost increases we flagged last year were across the board, including wages. Some of that has already been reflected as we’ve continued hiring. The main annual salary review is happening this month, so its full effect isn’t in Q1 yet. Personnel costs adjust gradually as we expand. Coming out of the pandemic, we had to loosen spending controls, but in the second half of 2022, we started regaining pre-pandemic cost discipline. Cost pressure will continue this year, and it’s already reflected in our full-year margin guidance of 68% to 71%. This quarter was strong margin-wise, partly thanks to our team’s disciplined spending.

27/04/2023 Why were personnel costs down sequentially in Q1, and how will that develop?

You're right, on a gross basis, if you look at personnel costs over headcount, it’s slightly up year-on-year, mainly due to wage increases and regional staff mix. But compared to Q4, it’s slightly down in Q1, which is partly due to hiring timing. We added many employees late in Q4, so the incremental Q1 growth was smaller. There are fluctuations each quarter, but overall, personnel costs will keep rising as we grow. We haven’t guided on per-headcount cost, but the overall trend remains upward.

27/04/2023 What drove the EUR 3 million FX hit in the quarter?

If Q1 had been consolidated using Q1 2022 FX rates, EBITDA would’ve been EUR 3 million higher. That said, we don’t focus heavily on FX, it’s just one of many external variables. The main currencies involved were the U.S. dollar and Georgian lari. But since most of our revenue and expenses are euro-denominated, currency impact remains limited overall.

21/07/2023 Can you clarify the Q2 drop in operating costs? Was Q1 inflated or is Q2 unusually low?

It’s lumpy, so not easy to predict quarter to quarter. But a reasonable base case for modeling would be somewhere between Q1 and Q2. In Q1, we had some extra marketing spend, which we have every year, and in Q2 we reduced consultant costs as part of tightening up operations.

Over time, costs will rise with growth, but Q2’s reduction reflects some temporary factors.

21/07/2023 Despite 8% sequential growth in game rounds, top-line growth was only 3%. Can you explain the discrepancy?

As I mentioned earlier, the macro environment is quite challenging right now. Inflation, wages, and other pressures are factors we all face. We began cost control initiatives in June last year, and you're now seeing some of those effects.

The timing of product releases also plays a role, many are scheduled for later in the year. I’ll let Jacob speak to the currency aspect.

21/07/2023 How much of the Q2 performance was impacted by currency?

Compared to Q2 last year, currency movements created a €2.5 million EBITDA headwind. There might also be a slight headwind versus Q1, but nothing dramatic. It’s not a core focus area for us at the moment.

26/10/2023 Were the interest income figures this quarter impacted by one-offs or recurring items?

There weren’t really one-offs. The IFRS 16 charge is recurring, and the FX impact, such as a euro account holding dollars, is variable and was slightly negative this quarter. The underlying interest income is slightly higher than the total reported, but nothing material is distorted by one-offs.

26/10/2023 Were the interest income figures this quarter impacted by one-offs or recurring items?

There weren’t really one-offs. The IFRS 16 charge is recurring, and the FX impact, such as a euro account holding dollars, is variable and was slightly negative this quarter. The underlying interest income is slightly higher than the total reported, but nothing material is distorted by one-offs.

01/02/2024 Can you elaborate on the 8% FX headwind and which regions were most impacted?

We haven’t broken it down regionally, and I understand your expectation was closer to 4%, so yes, the 8% came in higher than that. These are still estimates rather than exact numbers, and we continue to assess the FX impact holistically rather than by region.

01/03/2024 How was 2023 for Evolution, and what stood out across the business?

From a product lens, which is how I see everything, 2023 was a spectacular year. The roadmap was strong and we delivered some great games. One of the major highlights was our efficiency gains, especially on the NetEnt side. Coming out of the prior year, we’d launched maybe nine games. By the start of this year, we were running at a pace of 24 games. That’s a major leap in productivity. We’re now creating richer, better games overall.

We also made significant progress on OSS, our "One-Stop Shop" platform. It’s a huge effort that brings together all our acquired studios, Red Tiger, NoLimit City, NetEnt, Big Time Gaming, and Evolution, under a single integration layer. On top of that, we’re building a unified suite of bonusing tools to simplify operator workflows and improve distribution. While this required a lot of backend migration and some short-term hits, it’s largely behind us now. We ended the year strong with hits like Funky Time and a series of big game launches. I’m really proud of where we landed.

24/04/2024 Can you explain how you calculated the 7-point FX impact?

The FX impact reflects two components: first, the actual conversion effect from operating in multiple currencies but reporting in euros; second, the GGR (gross gaming revenue) generated in local currencies compared to prior year FX rates. If we had converted that GGR using last year’s rates, reported revenue would have been higher. This effect has remained fairly consistent over recent quarters, but we expect a much smaller FX impact heading into Q2 due to the base effect from last year’s rate shifts.

19/07/2024 How much did sports margin volatility impact the quarter, and is it linked to Lightning Storm’s delay?

No, it’s unrelated to Lightning Storm. Sports margins are inherently volatile and hard to quantify. Some external factors worked against us, but we also acknowledge things we could’ve done better internally. It’s not accurate to pin the quarter’s result solely on sports margins.

19/07/2024 How should we view the €35M Crazy Time payout in terms of player behavior and impact?

That €35 million payout from a single Crazy Time event is the largest we’ve seen. The statistical probability is very low, so it did affect the quarter. We've had similar events before, like the €25 million one we mentioned in the past, and they’ll likely continue as we scale.

Quantifying the exact impact is tricky because big wins also drive player activity and revenue in other games. It’s a large figure, but part of a broader ecosystem.

19/07/2024 How much did the €75M Crazy Time payout drag on Q2 revenue growth?

It had an impact, but it's hard to quantify precisely. As you noted, winnings can be recycled, which offsets the headline number. While it affects the quarter, it’s not the only factor, there are multiple dynamics at play.

30/01/2025 Are employee costs in Georgia similar to other studios where you’ve moved capacity?

We don’t comment on specific cost levels by studio. That said, we currently have a more expensive resource mix. After downsizing in Georgia, we only added around 100 tables. Toward the second half of the year, we expect a better mix. But I will refrain from comparing cost levels between studios.

30/01/2025 Can you clarify how the margin drivers break down between revenue and cost impacts?

Asia affects revenue most significantly. The resource mix is a cost driver , Georgia remains a large, efficient studio with a good cost profile, while other locations come with higher costs. Finally, regulatory ring-fencing will extend beyond the UK and have some effect, though it’s relatively limited. So in order of magnitude: Asia and resource mix are primary; regulatory changes are secondary.

30/01/2025 Are employee costs in Georgia similar to other studios where you’ve moved capacity?

We don’t comment on specific cost levels by studio. That said, we currently have a more expensive resource mix. After downsizing in Georgia, we only added around 100 tables. Toward the second half of the year, we expect a better mix. But I will refrain from comparing cost levels between studios.

30/01/2025 Can you clarify how the margin drivers break down between revenue and cost impacts?

Asia affects revenue most significantly. The resource mix is a cost driver , Georgia remains a large, efficient studio with a good cost profile, while other locations come with higher costs. Finally, regulatory ring-fencing will extend beyond the UK and have some effect, though it’s relatively limited. So in order of magnitude: Asia and resource mix are primary; regulatory changes are secondary.

30/04/2025 Can you help quantify the cyberattack impact to better assess underlying Q1 growth?

It's very hard to quantify the growth impact in Asia. We've had three quarters now where we are essentially flat. If you look back further, you'll see stronger quarter-on-quarter growth. Even if we turn things around soon, we may not return to those prior levels immediately. But naturally, we aim to resume quarter-on-quarter growth.

30/04/2025 Have there been any material commission rate changes this quarter?

No, I don't see any structural changes in pricing, player mix, or commission rates. The slowdown is linked to one-offs, cyberattacks, and geo-blocking , not pricing.

30/04/2025 Does the recent growth come from higher win margins or more volume from existing customers?

We’ve worked with the majority of the market for years. Growth today comes more from our larger existing customers increasing activity than from adding new ones. But I wouldn't attribute margin changes to win rates. Many other factors, like resource mix, play a greater role in driving margin.

17/07/2025 Is RNG revenue in line with previous quarters once the large payout is excluded?

It’s an okay quarter, definitely not great, even without the RNG payout. Still, we're tracking where we need to be.

17/07/2025 Was Europe weaker than expected in Q2 due to ring-fencing or other regional effects?

There are several factors. We had two months of ring-fencing effects in Q1, and the impact was slightly stronger than anticipated this quarter. Europe is complex, with many countries involved, making exact predictions difficult.

17/07/2025 What explains the higher working capital in Q2? Any specific customer or timing issues?

There wasn’t a specific customer or mix issue. Summer months often cause delays, some customers may not have their full teams in place to process payments. We saw a slightly larger effect than expected, but after reviewing the data, we view it as a timing issue, not something alarming.

17/07/2025 What were the main FX impacts this quarter, and why was it worse than expected?

The FX impact was slightly worse than some estimates had anticipated. The biggest drivers were specific currency movements. We’ll continue monitoring, but the divergence wasn’t driven by anything fundamentally new, just variance in assumptions.

17/07/2025 Was Q2’s sequential improvement steady, or influenced by events like Easter?

There are always seasonality effects in online gaming. Summer months like June are generally weaker than Q4 periods like November or December. But there's no specific monthly event we’re pointing to. The quarter progressed as expected overall.

Risks & Macro

04/02/2021 Are the biggest disruptions usually obvious from the beginning?

No, they’re often not. Airbnb is a perfect example. It started with people renting out couches in San Francisco, super low-key. Nobody thought it would challenge Hilton or Marriott. Same with Uber, getting into a stranger’s car who’s not even an employee? That would’ve sounded crazy. But with the App Store enabling it all, these things scaled massively.

Disruption doesn’t always look big at first. You live through it without realizing it. Looking back, it’s all obvious, but in real time, it’s ambiguous. Are we in the middle of the electric car revolution? Maybe. Just 1% of cars are electric, but it feels like something big is starting. Same with economic shifts, maybe we’re in a depression now, but nobody’s saying it outright. We’ll only know in hindsight.

04/02/2021 What was the most disruptive innovation of the 1950s?
I’ll go with birth control. When it launched, people may not have realized how significant it would become. But in hindsight, it was a major societal shift. It empowered women to control their own timelines, no longer tied to early motherhood by default, they could participate more fully in the workforce and in public life. That changed the shape of the economy and society.
50% of the population was suddenly freer to pursue education, careers, and leadership. That’s massive. It transformed family planning, corporate life, and even innovation itself.

04/02/2021 What was your choice for most disruptive innovation of the 1950s?

Mine also liberated women, the home appliance. Things like the washing machine, dishwasher, and refrigerator may seem mundane, but they radically changed daily life. No more milk deliveries, no more daily ice runs, just independence and efficiency.

Sure, some of these existed pre-1950s, but that decade is when they became mainstream. These appliances reduced the amount of time required to manage a household, which in turn allowed more women to shift their time toward education or careers. It was an infrastructure-level innovation that supported the broader social transformation birth control enabled.

04/02/2021 Why is resisting technological disruption ultimately futile?

Because tech doesn’t stop. Whether it’s sequencing DNA, test-tube babies, or online gambling, attempts to block progress almost never succeed long-term. Look at land-based casinos 25 years ago, they didn’t see online gaming as a threat. They were focused on local legal competition. In hindsight, it’s obvious.

It’s the same today. You have to be the land-based operator who did see the threat coming, not the one who tried to stop it. Trying to halt innovation is like trying to stop a hurricane, you can't. The smart move is to embrace the shift, not resist it.

04/02/2021 What was Sheldon Adelson’s impact on Las Vegas and gaming?

Sheldon was a gambler in the truest sense. He started COMDEX, sold it at the peak, and used the money to build the Venetian. He was aggressive, visionary, and bold, he built a version of the Vegas Strip in Macau and tried to do the same in Spain with a proposed $30–40B project.

He was polarizing, some worshipped him, others loathed him. He opposed online gambling and spent a fortune lobbying against it. But love him or hate him, he reshaped global gaming. He thought in decades, not quarters, and went after opportunities few dared touch.

04/02/2021 How do home appliances count as disruptive innovation?

Because they fundamentally changed the structure of daily life. You no longer had to spend your day procuring food or manually doing laundry. That freed up massive amounts of time, especially for women, which opened up possibilities for education, careers, and broader participation in the economy.

It’s a perfect example of disruption that doesn’t look world-changing on Day 1, but in hindsight clearly was. That’s the pattern we keep seeing, disruption only becomes obvious once the revolution is well underway.

04/02/2021 What was your top innovation of the 1960s?

The Apollo program. The U.S. dedicated around 6% of federal spending to reach the moon, and the tech that came from that effort transformed society, materials science, computing, telecommunications, avionics.

It also created a culture of ambition. The 1960s were a decade of dreaming, of Mars, of flying cars, of a tech-forward future. You see it in the pop culture of the time. That spirit was partially lost in the '70s, but it’s coming back thanks to people like Elon Musk.

04/02/2021 What was the most important innovation of the 1980s?

Mandatory seat belts. It sounds low-tech, but the introduction and enforcement of seat belt laws globally saved millions of lives. The three-point belt became standard, airbags followed, and fatality rates plummeted.

This was a social and regulatory innovation. You’ll never know how many lives it saved, or the knock-on effects across generations, but it’s one of the most quietly transformative interventions in modern history.

25/07/2025 Why is DNA sequencing and editing such a transformative breakthrough?

Because it changes mankind forever. We’re talking about a potential cure for cancer, and in fact, for everything. You just go in, cut the faulty DNA segment, stitch it back together, and that’s it. Of course, this opens the door to all sorts of ethical debates, designer babies, enhancement. But trying to stop this is like trying to stop a hurricane. It’s coming.

25/07/2025 Are we already seeing gene modification in practice today?

Yes. In fact, in the U.S., it’s already possible to modify genes to increase the likelihood of traits like blue eyes. You can’t guarantee it, but you can get something like a 75% probability. And it actually works. This isn’t science fiction, it’s here now. The real debate is no longer about feasibility but about what should be allowed.

25/07/2025 Will we see post-birth physical enhancements, like having more limbs or ambidexterity?

Hard to say if that’s biologically feasible post-birth, but if it ever becomes possible, I’d sign up. If I could increase my productivity by 50% with an extra arm, why not?

25/07/2025 Would that mean overpopulation becomes an even bigger issue?

Yes, that’s one of the major challenges. But there’s still a lot of unoccupied land on Earth, and if we manage resources well, we could feed everyone. The bigger point is that we’re already seeing demographic shifts: the global average birth rate is now about two children per couple. That means we can predict when population will peak.

25/07/2025 When is global population expected to peak?

The current estimate is around 2050, at roughly 10 to 11 billion people. And we’re not that far from it. It’s fascinating to imagine that we might live to see “peak population”, a day nobody before or after us might experience, unless people start living to 300 years.

25/07/2025 Are there good resources for understanding global population trends?

Yes. I recommend looking up Hans Rosling, a Swedish scientist known for his exceptional data storytelling. His talks on global population trends are on YouTube, very insightful and visual. He passed away a few years ago, but his presentations are still incredibly relevant.

25/07/2025 Do you trust politicians who promise things like UBI?

I’m skeptical. If you and I talk about it over drinks, we can weigh pros and cons. But when a politician says they’ll give you money every month, it sounds like a vote grab. Maybe the idea is good, but the delivery raises questions.

25/07/2025 Will solving aging, automation, and resource issues make us happier?

That depends on whether we find purpose. Many people who reach financial independence don’t stop, they redirect that time into passions, sports, learning, creativity. I think the future could be a time where people have the freedom to truly explore who they are and what they care about, without the daily stress.

20/04/2017 What is your exposure to Sweden, and thoughts on the 18% tax proposal?

We don’t disclose market-specific percentages, but Sweden is not a large revenue contributor. That said, we see great potential in the proposed Swedish regulation, it looks well-balanced with reasonable tax levels. Historically, we’ve benefitted from regulation, and we’re optimistic. Regulation brings both new entrants and shifts in operator revenues, but we view this positively.

20/07/2017 What’s your view on recent regulatory developments in the Netherlands?

I do have insight and opinions, but it would be too speculative to comment publicly. The situation is complex with many variables, so I’ll refrain from speculating.

25/10/2017 What is the status of the Latvian table fee? Will it be implemented?

As of now, there has been no final decision in the Latvian parliament on the proposed 11% table fee. It’s still unclear how it will be calculated. We’re engaging with the relevant authorities to either remove or amend the tax, but it currently does not have a substantial impact on us. That’s the factual situation at this stage.

19/04/2018 How should we think about Q2 performance relative to typical seasonality?

Online gaming generally sees strong Q4 and Q1, with a softer middle of the year. That said, we’ve historically grown through seasonality. Even with a slower start to Q1, we ended the quarter strong and are still growing at about 30%. So for us, seasonal patterns haven’t strongly applied.

19/04/2018 Could Q2 and Q3 margins be pressured like in 2016 due to new table launches for major events?

There are similarities to 2016, big events and demand for dedicated environments, but we’ve matured since then. Our business model is now scalable, and we’re past the margin compression phase we experienced back then. So while the demand profile is similar, we’re better positioned to maintain margin stability.

19/04/2018 How is Q2 starting in terms of market performance, any regional weaknesses?

The end of Q1, particularly March, showed strong improvement. The first few days of Q2 have continued that positive trend. While we haven’t detailed market-by-market performance, we noted some temporary effects in the UK, possibly due to increased activity by the Gambling Commission. But we haven’t provided a broader market breakdow

19/04/2018 What are the regulatory risks of expanding into Asia through European operators?

We're cautious with Asia. Operators must have the right licensing, and we rely on them to comply with their regulatory obligations. We won’t work with operators lacking proper licenses. Regulation is key for us to support any market expansion.

19/04/2018 Will you only support clients in Asia if they are fully licensed?

Correct. We won’t support operators without proper licensing in Asian markets. Any expansion must comply with regulatory standards through the operator’s European license.

18/07/2018 How much did the FIFA World Cup affect your Q2 revenue performance?

I wouldn’t say the World Cup had a major impact on revenue, it had more of an effect than we initially expected, but the real spike was in player volumes and activity, not revenue itself. It’s difficult to quantify precisely, but the increase in first-time players engaging with Live was significant.

18/07/2018 Did the strong Q2 results reflect a particularly strong final month due to the World Cup?

Yes, that’s fair. The quarter started decently, and then there was a bit more of a lift from World Cup-related activity than we had expected, especially toward the end. Nothing dramatic, just a solid push to close the quarter on a strong note.

18/07/2018 Can you estimate the World Cup’s contribution to revenue, 1–5%?

It's difficult to isolate the exact revenue impact. Activity levels and new player sign-ups rose significantly during the World Cup, but these are mostly first-time, low-value players. The long-term value is what matters. In revenue terms, the contribution wasn’t significant.

18/07/2018 Why has regulated market revenue share declined from 35% to 31%?

The main reason is the relative decline in UK market contribution. Growth from Rest of World, especially Asia, is a factor too, but the UK’s reduced share is the primary driver behind the decline in regulated revenue proportion.

24/10/2018 What are the risks of operating in grey markets compared to regulated ones?

Our priority is ensuring that any operator we work with holds the proper licensing in Europe. We want the regulatory environment to be as clear as possible, and it’s up to the regulator to confirm that each operator is compliant with local rules.

19/07/2019 Has the Dutch market slowdown affected your numbers, and what’s your view on the Italian marketing ban?

The Netherlands is still growing but at a slower rate than other European markets, this trend continues. As for the Italian marketing ban, we don’t see it as dramatic. Italy is still performing well.

24/10/2019 What share of your regulated revenues comes from operators with licenses in each market, not aggregators?

The share of revenue from regulated markets is 42%. However, we don't track whether the end operator, beyond the aggregator, holds a license in each territory. That level of granularity isn't available in our current reporting.

24/10/2019 Will you stop serving unlicensed operators in other markets like you did in Sweden?

We’re in close contact with regulators and comply with their requirements. We're also in ongoing discussions with several authorities. So yes, similar actions could be required in other jurisdictions depending on how those discussions evolve.

17/07/2020 What long-term risks do you see in the NetEnt acquisition?

There are always risks with acquisitions. Success requires focus, energy, and fast integration. Execution is critical, we need to move quickly into the delivery phase. That said, Evolution is well positioned, and our management team is strong.

17/07/2020 What did you learn about player behavior during the pandemic?

The main lesson is the need to plan better for resilience in future disruptions. On player behavior, we saw that when fewer options are available, players are more open to exploring new games. That’s fine short-term, but in the long run, forcing them to settle for less could backfire. Our game shows proved especially attractive to new users, validating our strategy from three years ago to build that segment. Players will likely engage with a broader mix of games going forward.

17/07/2020 Has the pandemic affected your creativity or 2021 game pipeline?

Not much. The pipeline remains strong, and creativity hasn’t been meaningfully impacted.

17/07/2020 What discussions are you having with operators about U.S. market access and game offerings?

We’re currently active in Michigan and Pennsylvania, and we're well established in New Jersey. In New Jersey, we’ve added more games and tables as capacity grows. Pennsylvania will launch with a broad selection too. We're in active discussions with nearly all operators in these states. For future states, it's still early, those are driven by regulatory and political processes.

17/07/2020 Has COVID-19 accelerated the U.S. online casino regulatory process?

It's hard to make a five-year forecast for the U.S. market because regulation, taxation, and political dynamics all play a role. That said, the pandemic has clearly shifted public perception, people realized that if online gaming had been in place, there would have been alternative revenues when land-based casinos shut down. So while attitudes are changing, it's too early to quantify how that will affect the regulatory pace.

22/10/2020 If Germany represents 5–10% of group revenues, how can the regulatory impact be limited?

Long term, regulation in Germany is a positive development. In the short term, it depends on whether operators decide to seek licenses or exit. That’s their choice. Some may act differently, so the near-term impact is more nuanced.

22/10/2020 Could you lose up to half your German exposure in the near term?

It’s too early to say. The 5–10% figure gives a general sense of our exposure, but the actual outcome depends on how each operator responds to the regulatory changes. We haven’t made a firm estimate yet.

22/10/2020 What have you observed so far under the new German regulatory regime?

It’s still very early. We’ll have a clearer picture in Q4 reporting. For now, we expect some form of negative impact, but the situation is still unfolding.

22/10/2020 What percentage of your German customers plan to apply for a license?

We don’t know. That decision lies with each operator and depends on their individual strategy for the German market.

22/10/2020 With some operators still targeting German users, will you reduce dedicated German tables and rely more on generic offerings?

It’s too early to say. We expect to have dedicated German tables after regulation, along with generic ones. Germany is a strong long-term market, and regulation will be a positive step.

10/02/2021 What’s your view on the German market and its regulatory impact?

As mentioned in Q3, around 5–10% of our revenue came from Germany. Due to the new regulations, we’ve taken a hit there. We don’t have detailed insight into how that splits among operators, especially smaller ones not seeking licenses.

10/02/2021 Did NetEnt’s larger exposure to Germany result in a greater hit to volumes in December?

We haven’t provided exact numbers, but the impact is in line with what we said in Q3. There’s been a significant drop in German volumes. NetEnt does have more exposure to Germany, so the effect is there, but not dramatically different. Overall, Q4 was negative for Germany.

12/04/2021 Does this deal require clearance from competition authorities?

No. This is a much smaller transaction than, for example, the NetEnt deal, so no regulatory approvals are expected.

21/07/2021 Have you fulfilled most of the pent-up demand from last year ahead of the football Euros?

The simple answer is no, we haven’t yet delivered most of that pent-up demand.

28/10/2021 Are there still pandemic-related restrictions affecting studio operations?

Yes. There's still a wide range of rules depending on the country, curfews, transport limits, distancing mandates. Some places are opening, others are reimposing restrictions. It’s more open for private life than work, but we as an employer still face many rules. We’re not using this as an excuse, but the reality is complex and constantly changing.

28/10/2021 What measures are being taken in Riga given Latvia’s pandemic policies?

We’re in constant dialogue with the health ministry and follow evolving government rules. Latvia is close to passing a law prohibiting unvaccinated employees from working, so unvaccinated staff may be placed on leave without pay. There’s also a night curfew. Every country has its own shifting regulations, and they’re far from harmonized.

28/10/2021 What impact do you expect from the U.K. Gambling Act review, particularly on slots or deposit limits?

Any regulatory changes that restrict gameplay will affect us via our operator partners. There's still a lot of speculation and no confirmed changes yet. So we’ll wait for clarity before evaluating impact. Based on what we know now, we don't expect a material impact, but we’re monitoring closely.

24/11/2021 Can you give your view on the anonymous report released last week?

Yes. First, I want to clarify our business model. We innovate, develop, and produce content for online casinos on a B2B basis. We supply services to licensed B2C operators and B2B aggregators. Before engaging, we perform full due diligence and require them to be licensed. In some jurisdictions, though not all, we, as a supplier, also need a B2B license to operate.

We currently hold around 20 such licenses. Importantly, we do not handle players or their money. We provide content to operators, who then provide services to players. It’s the operator’s responsibility to conduct KYC, decide on markets and players, and comply with their licensing and regulatory obligations. This structure is comparable to land-based casinos, where a cabinet supplier has no responsibility over who enters the casino or uses the equipment. The same applies online: control over who plays lies strictly with the operator.

24/11/2021 Does Evolution have any financial or ownership interest in any operator or aggregator?

No. We are a pure B2B service provider. We have no other business operations and no financial or ownership interest in any operators or aggregators we work with. Evolution does not control which players operators allow to play. Additionally, we use all tools at our disposal to block access from certain countries, including those on international sanctions lists.

24/11/2021 Can Evolution do more to prevent black market revenue?

Evolution works closely with regulators and operators to support their efforts to manage markets in line with licensing and regulatory requirements. Regulatory frameworks frequently evolve, which in turn impacts both our services and how we interact with operators. Again, we do not handle players or their money, we supply services to operators. It is their responsibility to conduct KYC and ensure compliance with their regulatory obligations.

24/11/2021 How do you respond to claims that Evolution games were played in Iran?

These allegations came from an anonymous third party with an apparent intent to discredit Evolution. It has been falsely stated that our games are accessible directly from countries under U.S. sanctions. This is not technically possible without sophisticated manipulation. The report describes a method where a VPN was used to simulate access from an accepted country, establish a session, and then switch back to a blocked-country IP after the session had been initiated. All direct access attempts from blocked-country IPs were rejected. This was a deliberate attempt to circumvent standard geo-blocking protocols, clearly aimed at creating a misleading narrative.

24/11/2021 Is Evolution concerned that the New Jersey regulator received the report? Any updates?

We maintain an ongoing dialogue with all regulators and regularly address issues collaboratively. Our goal is always to improve, both in terms of player security and regulatory compliance. In this case, we proactively reached out to the New Jersey Division of Gaming Enforcement, as is standard practice. An internal review has been initiated to ensure we can respond quickly to any inquiries. We maintain similar proactive relationships with regulators across all our operational markets, including Europe.

24/11/2021 Could the report be driven by competitors or hedge funds? How feasible is detection by suppliers?

Yes, I’ve heard varying theories. Some think it was commissioned by a competitor trying to manipulate valuations, while others believe hedge funds with short positions are behind it. On Evolution’s response, it's true that suppliers have limited visibility when an operator KYC’s a player who then logs in via VPN. It’s difficult, though not impossible, to detect the origin country.

That said, some suppliers have implemented mechanisms beyond the operator’s launcher to block certain markets, though these can also be bypassed. From experience, even using a basic VPN can allow access from restricted jurisdictions. So, while Evolution isn’t the operator and can’t directly vet the player, there’s a case to be made that suppliers could do more. And given how markets react, especially for listed companies, this kind of risk must now be addressed more proactively.

24/11/2021 Is VPN usage really that hard to detect, and should providers do more?

t’s not highly sophisticated, but it is still hard to track. As a supplier, you typically only see limited data, like currency or language, not the player’s true origin. VPNs and other obfuscation methods make circumvention easy for users with basic technical skills. At our own studio, we’ve seen people actively try to break or exploit our systems. That’s part of the reality when offering products online.

At the same time, choosing who you do business with matters. It comes down to risk appetite, a conversation every boardroom is having. In B2B, it’s hard to strike the right balance, but it’s essential. You need to be smart about your partners' intentions and how their risk tolerance aligns with your own.

24/11/2021 Did investors underestimate Evolution’s exposure to grey markets?

That’s what it feels like. Many investors likely bought into Evolution believing its revenues came from clean, regulated markets. But in this industry, we know black and grey market exposure is common. Investors, however, might not. So a report like this spooks them. When you're a €30 billion company, expectations around diligence and ESG standards go up significantly. This issue is increasingly ethical, not just legal.

24/11/2021 Could we see a regulatory shift where suppliers are held liable?

Yes, and we’re already seeing movement in that direction. For example, in Germany, there are discussions about holding game suppliers accountable, not just operators. With Evolution’s market power, especially in live casino, it matters a lot if they pull out of certain regions. For slots, there are 150 suppliers, so competition fills gaps quickly. But in live casino, that's not the case.

There’s also talk of implementing a “blacklist” in Germany, rather than a whitelist, to prohibit suppliers from serving certain operators. This would be more effective than IP or payment blocking, which are easy to circumvent. You can’t spin up a credible new game supplier overnight. Content is king, and if players can’t access the games they want, they may shift to regulated operators. A blacklist could provide much-needed clarity, forcing all serious suppliers to comply and significantly weakening black-market sites.

24/11/2021 What would the proposed blacklist look like, and how would it work?

The idea is to create a centralized blacklist of banned operators, those that suppliers are prohibited from working with. Unlike whitelists, which can be slow and ambiguous, a blacklist makes it explicitly clear who is off-limits. Suppliers would then have a legal obligation to avoid those entities. This could be a very effective regulatory lever, as it targets the source of high-value content, something black-market operators can’t easily replicate. If adopted in Germany, this model might spread to other jurisdictions.

24/11/2021 Does Evolution have the technical ability to block specific markets, like it does in the U.S.?

Yes, and that’s an important point. A listener messaged me during this chat saying that Evolution must already have mechanisms in place to block specific markets, because in the U.S., they operate state by state and are able to ensure that traffic only comes from permitted jurisdictions. This suggests that similar technical infrastructure could be applied elsewhere.

24/11/2021 Could this ESG scrutiny actually be a positive for the industry?

Absolutely. From an ESG perspective, this shift is healthy. Investors and the market are clearly signaling that they expect companies operating in regulated markets to avoid black-market activity. It's a trend toward more sustainability-focused governance. We've seen parallels, like the Hindenburg report involving DraftKings and SBTech, which show that the U.S. market, in particular, takes these matters seriously. In time, I believe regulation will push companies to follow supplier and partner due diligence standards similar to affiliate marketing rules or what we saw in industries like fashion after factory collapses in Bangladesh. It’s no longer acceptable to say, “It’s outsourced.” Companies must know and take responsibility for their supply chains.

24/11/2021 Will ESG pressure force Evolution to conduct deeper partner diligence?

That’s exactly the question. Like H&M in the apparel industry, Evolution may now be forced, by markets, not regulators, to clean up its act. H&M only began changing after public backlash revealed the poor conditions in their outsourced factories. Investors are now raising similar questions for Evolution. If the company is serious about being seen as ethical and sustainable, it needs to demonstrate stronger oversight over the operators it works with.

24/11/2021 Why do investors react so strongly when such reports surface?

Most investors don’t live and breathe this industry like insiders do. They hold diversified portfolios and might see Evolution as a high-growth leader without understanding the operational realities of B2B gaming. So when they hear “U.S. sanctions” and “Iran” in the same breath as a company they own, they panic. It’s the same reaction we saw after the Hindenburg report. It’s not that the information is new to industry insiders, it’s that this is the first time these realities are being presented in language that scares investors.

24/11/2021 Will ESG drive a broader industry correction and cleanup?

Very likely. More boardrooms are now discussing risk tolerance, and whether it's acceptable to derive revenue from gray or black markets. ESG is becoming a core lens for strategic decisions. Companies will need to disclose ownership structures, partner details, and their regulatory footprint. Those who don’t adapt may face devaluation. In the long run, this is positive, it improves the reputation of the industry and reduces regulatory uncertainty.

24/11/2021 Will investors start asking Evolution how much revenue comes from black markets?

Yes, and that’s the next natural question. It’s not something Evolution would want to include in its quarterly reports, but investors will demand to know. If the company is forced to pull back from certain partners or markets, revenue will take a hit. The question is: how much? Most assume it’s substantial, but no one knows for sure. The answer could be critical to the valuation moving forward.

24/11/2021 Isn’t this data already disclosed in Evolution’s reports?

Actually, yes. If you check Evolution’s quarterly or annual reports, there’s a section for Asia, for example. It’s not hidden. That’s why I find some of the investor reaction naive. This information is public. Of course, Evolution can’t monitor every player trying to bypass geo-blocking. In the U.S., they operate with state-specific infrastructure. But applying that level of control across Europe or global gray markets would require enormous technical and human resources. It’s not realistic to expect full control in a decentralized environment.

24/11/2021 Do supplier contracts include restricted markets, and can these be enforced?

Yes, I’ve worked on both sides, as operator and supplier. Contracts typically include lists of restricted markets, and operators must sign off on them. But enforcement is hard. Players can bypass restrictions using alternative credit cards or IPs. In Germany, for example, even the regulated market is seeing increased gray activity. Until there’s a global standard for controlling money flows, it will be nearly impossible to fully lock out bad actors. Suppliers can only optimize their systems, not eliminate all risk.

09/02/2022 How easy is it to roll out game shows in the U.S. and get regulatory approval?

Good question. The U.S. live casino market is still relatively new, and with that comes a learning curve for regulators. It’s a collaborative process to ensure they’re comfortable and well-informed about the new products. It takes time, but we've been actively working on this for a while.

09/02/2022 Has anything changed in your discussions with the New Jersey Gaming Division following recent acquisitions?

No, nothing has changed. We continue to engage with regulators as part of our standard processes. We're always identifying areas for improvement across all functions, including compliance.

09/02/2022 Are you concerned that regulators like New Jersey could block markets or customers beyond sanctioned ones?

We’re confident in our business model, we only provide content to licensed operators. We've operated in the U.S. since 2018 without issue. Still, we take every matter seriously, and we’re always looking for ways to improve. So far, the impact on revenue has been insignificant.

09/02/2022 Are you seeing wage inflation or increased staff churn, especially in North America?

There’s a lot of talk globally about inflation, driven by monetary stimulus during the pandemic. So far, we haven't seen a direct impact on our cost base or any notable wage inflation. Recruitment at our scale is inherently expensive, but it's more about pace and volume than inflation per se. If inflation becomes a factor, we’ll revisit it, like any global business would.

28/04/2022 Can you elaborate on the internal review mentioned in media today?

As stated earlier, we review everything internally and prepare to hand over information as requested. We always find areas for improvement, which is healthy. We’re happy with where we are now and ready to move on. We maintain good relationships with regulators globally.

28/04/2022 Has the internal review had any business impact recently?

As previously stated, there’s been no material impact on the business.

28/04/2022 How have Asian lockdowns and the war in Ukraine affected Q1 growth?

We have no exposure to Russia, no operators or material revenue from there. For Asia, we haven’t attributed growth to lockdowns specifically. We've had strong momentum in Asia for a while, and it’s a large market with great long-term potential.

28/04/2022 Are post-COVID effects or regulation more important in Europe right now?

It’s primarily regulatory pressure, not post-COVID effects, that’s impacting European markets. Some operators haven’t secured licenses; some countries, like Germany, haven’t issued them yet. The UK is also tightening rules. We don’t see COVID as the main variable, network effects and delivery capacity have balanced out over time.

28/04/2022 Are some regions more affected by supply constraints than others?

No, the constraints are global. It’s not more difficult to supply North America than Europe or other regions. The bottlenecks are at the global logistics level.

28/04/2022 Is the share of unregulated sales continuing to decline long term?

Yes, long term, the share of regulated revenue will increase. More countries will regulate, it’s just a matter of time, though that could take 1 to 10 years depending on the region. Europe’s regulation is still relatively new, many countries only started between 2019 and 2021. The rest of the world will follow a similar path. Online casino revenue from regulated markets will rise, though not to 100%. Land-based still represents 85–88% of total casino revenue today, but as regulations progress, more of that will move online.

21/06/2022 Are UK operators showing hesitancy due to regulatory uncertainty around the white paper?

We’re not heavily dependent on the UK, but there’s high uncertainty in that market. There’s constant communication and regulatory change. Many operators are now overly cautious, even afraid to use their full legal rights. I expect clarity to improve over time, but it’s unclear how long that will take. The UK has far more potential than what we currently see, but regulation remains a challenge.

21/06/2022 Have you experienced payment issues in Ontario post-regulation rollout?

No, we haven’t encountered any such issues. We had high expectations for Ontario, and so far the rollout is going well and in line with those expectations.

21/06/2022 What are the main risks you see going forward? Is the labor market affecting your ability to scale?

It’s a difficult but good question. In fact, the labor market might become more favorable for us since we’re hiring at scale. With inflation and rising wages, more people are entering the labor pool, so I’m not worried about recruitment. There may be timing issues, costs rise before revenue catches up, but we are maintaining our margin guidance of 69–71%. Globally, we’re not overly concerned; we have no debt, strong cash flow, and we’ll continue operating debt-free.

21/06/2022 Why was the UK market particularly soft in Q2?

The UK has been soft for a while. The main issue is regulatory uncertainty, particularly the delayed white paper, which makes operators cautious. It’s been holding the market back for some time. Greater regulatory clarity would help, but for now, it’s a drag on performance.

09/10/2022 How important is trust in your U.S. partnerships with operators like MGM and Caesars?

It’s everything. These operators come from land-based gaming, where procedures are strict, shuffle audits, physical security, chip handling. They’re extremely sophisticated when it comes to game protection. So when we partner with them, they dig deep and scrutinize every element of our systems. The entire relationship hinges on our ability to earn and maintain their trust.

27/10/2022 Have you seen any signs of consumer slowdown recently, especially from August to October?

We haven’t observed any signs of consumer slowdown in August, September, or earlier. Of course, there’s a lot of global uncertainty, and no one can predict what’s coming. But as of now, there’s nothing to indicate a drop in consumer activity.

02/02/2023 Any update on the defamation lawsuit related to the 2021 competitor report and the regulatory reviews?

We are pursuing legal action because we believe we have the right to know who was behind that report. The process has moved forward to a higher court, which then pushed it back down. I actually view that as a positive step in the process.

02/02/2023 Are you seeing improvement in the UK market, and are operators adjusting ahead of the upcoming white paper?

The UK has been volatile, but there are signs that 2023 might be more stable than 2022. It's too early to say definitively, but I’m hopeful the regulatory environment will improve, making operations smoother moving forward.

02/02/2023 Has the war in Ukraine caused delays in your slot development?

Yes, we had a significant development hub in Ukraine, so we were affected, mainly in early 2022. It’s a very tough situation. We've since rebalanced and offset that impact by shifting development elsewhere.

27/04/2023 Why is Live Casino penetration growing slowly in the U.S., and where is it now?

Live games have a higher barrier to entry for players than slots. There's an intimidation factor, players feel more pressure at table games, so many start with slots, which are more passive. It takes time for players to move from slots to live games. But once they do, Live offers a more engaging and entertaining experience. Adoption takes time, just like it did in Europe. Right now, we estimate U.S. Live Casino penetration is around 12–15%, though this varies by state. The potential is still large.

27/04/2023 Why is Live Casino penetration growing slowly in the U.S., and where is it now?

Live games have a higher barrier to entry for players than slots. There's an intimidation factor, players feel more pressure at table games, so many start with slots, which are more passive. It takes time for players to move from slots to live games. But once they do, Live offers a more engaging and entertaining experience. Adoption takes time, just like it did in Europe. Right now, we estimate U.S. Live Casino penetration is around 12–15%, though this varies by state. The potential is still large.

27/04/2023 Why is RNG not growing faster in high-potential regions like North America and LatAm?

RNG game rollout is constrained by regulatory approval. Every game must be certified individually in each jurisdiction, which takes time, not just ours, but the regulators' and the certifiers'. We’re pushing hard to accelerate releases, but these external bottlenecks are real. We’re also in the middle of rolling out our games to [OSS], which adds complexity. As stated earlier, the release pace is currently similar to last year, but we expect a gradual acceleration toward the end of 2023.

27/04/2023 Which U.S. states are most likely to legalize iGaming soon?

It’s still the usual suspects, Indiana, Illinois, New York. But it remains politically driven, and sometimes other states can move unexpectedly faster. There’s no clear frontrunner at this stage.

26/10/2023 Are you seeing any macroeconomic headwinds or tailwinds from cost of living pressures?

We haven’t observed any general slowdown from the broader economy. While interest rates, inflation, and FX are influenced by global dynamics, we’re not facing headwinds. On the contrary, cost-of-living pressures may encourage some players to stay online rather than visit physical casinos, which could benefit us.

26/10/2023 Was there any transactional FX headwind, or is it mostly translational?

There are two main components. The direct FX effect, revaluing invoicing and expenses in non-euro currencies, was actually a slight positive this quarter at the EBITDA level. The more indirect impact, which we estimate at 6%–8%, relates to revenue being generated in local currencies but reported in euros. A stronger euro reduces reported GGR. So while we track this, it’s not something we actively try to control.

26/10/2023 Did FX movements have a significant cash impact this quarter?

No, apart from the translational impact, the cash impact was minimal.

26/10/2023 Are you seeing any macroeconomic headwinds or tailwinds from cost of living pressures?

We haven’t observed any general slowdown from the broader economy. While interest rates, inflation, and FX are influenced by global dynamics, we’re not facing headwinds. On the contrary, cost-of-living pressures may encourage some players to stay online rather than visit physical casinos, which could benefit us.

26/10/2023 Was there any transactional FX headwind, or is it mostly translational?

There are two main components. The direct FX effect, revaluing invoicing and expenses in non-euro currencies, was actually a slight positive this quarter at the EBITDA level. The more indirect impact, which we estimate at 6%–8%, relates to revenue being generated in local currencies but reported in euros. A stronger euro reduces reported GGR. So while we track this, it’s not something we actively try to control.

26/10/2023 Did FX movements have a significant cash impact this quarter?

No, apart from the translational impact, the cash impact was minimal.

26/10/2023 Will the global minimum tax raise your effective tax rate above 15%?

Malta currently has an effective 5% tax rate, which will rise to 15%. Since a large portion of our profits are based there, this will push the group-level tax rate up. We've already seen a rising trend due to global expansion. Some countries may adopt incentives to remain attractive, but our base case is a 10-point increase.

01/02/2024 When do you expect FX headwinds to ease based on current spot rates?

Major currency movements occurred in Q3, Q4 of 2022 and Q1 of 2023. If current spot rates hold, we expect the FX headwind to ease starting around Q2 2024. But keep in mind, it's not about returning to prior rates, some may never revert to 2022 levels. So it’s more about mitigating the impact than eliminating it entirely.

01/03/2024 How do you view the AI shift in content through the lens of game supply and news media?

It’s an insightful comparison. In news media, I can absolutely see tier three portals disappearing because AI lets them repurpose PR and content automatically, and pretty well. That shifts them into tier two. Even tier twos will lean on AI more to pump out volume. But the tier ones, the outlets that still chase original stories, will become rarer and stronger.

The same goes for games. The cost pressure and temptation to use AI to cut corners will be high. Some studios will pat themselves on the back after a quarter or two of lower costs and unchanged KPIs. But over time, product quality drops, and players will move on. It’s like charging $50 for a movie ticket, you might get away with it once, but the next time people will go bowling instead.

People notice. If you skimp on quality, even subtly, they figure it out. Product wins in the long run. Always.

24/04/2024 Is growth in Latin America being affected by Brazil’s regulatory environment?

Yes, your assessment is correct. Brazil, being the largest market in Latin America, is currently in a transitional phase due to expected regulation. That has created some muted activity, but we look forward to faster movement once the regulatory environment becomes more favorable.

24/04/2024 Have game approval timelines in North America improved, especially for RNG?

Yes, slightly. A year ago, approvals took a long time. We’re now moving a bit faster, step by step, though there’s still a long way to go. It’s improving gradually but remains behind the efficiency we see in Europe.

19/07/2024 Does Evolution knowingly earn revenue from players in sanctioned countries, given your live casino architecture?

We’ve answered this many times. Our direct relationship is only with the operator, who must be state- or government-regulated. We don’t interact directly with the player. Player location is the operator’s responsibility. While we can see IP addresses, they offer limited geographic precision, and all Know-Your-Customer obligations lie with the operator.

24/10/2024 When did the cyberattacks begin, what exactly happened, and can you estimate the impact?

There have always been attempts to intercept and redistribute our products, especially because we offer a high-quality product. But in Q3, we saw a significant increase in the scale and sophistication of those attacks. It's not something new, but the extent and impact have grown notably.

Quantifying that impact is difficult, it’s subjective, and we don’t have an exact number to provide. But we acknowledge the effect is material and something we’re actively addressing.

24/10/2024 Have cyberattacks or other factors impacted growth in Asia?

There are always a number of factors in play across markets, some positive, some negative. Right now, we’re specifically highlighting cyberattacks because they are the most prominent issue.

We do not see any underlying weakness in demand or player volumes in Asia apart from that.

24/10/2024 Have strikes or negative publicity in Georgia hurt your regulatory or government relationships, or future investment plans?

That’s one question, or maybe two, but I’ll address it briefly.

We’re continuously assessing our operations and relationships in every market, including Georgia. While the situation has been challenging, we remain focused on managing it constructively.

24/10/2024 Why did the game round index fall while revenue increased? Any effect from Asia?

Our countermeasures against cyberattacks aren't surgically precise. In practice, that means we’ve had to cut a bit more broadly than just the sources of the attacks, which has caused a small dip in the game round index.

There is some geographic effect, including in Asia, but the main driver is the mitigation strategy.

24/10/2024 How exactly do cyberattacks lead to lost revenue and lower game round index?

Put simply, someone else is selling our product. They illegally intercept and redistribute our game feed.

That means players who would otherwise be on our platform are diverted elsewhere. It’s hard to quantify, but the impact is real.

24/10/2024 What are your expectations around potential regulation in France?

France has been rumored to regulate for years, but this time it’s more concrete, it’s in the budget. That’s a great step forward.

France is one of the largest online casino markets in Europe, not just by population but by actual market activity. However, the proposed tax rate is high, around 55%, which is worth noting. Still, I hope to see regulation happen.

30/01/2025 What’s the relative impact of Asia, Georgia, and regulatory ring-fencing on margins?

In terms of impact, Asia is the biggest factor, followed by the resource mix. The regulatory ring-fencing has a smaller effect. Regarding the changing regulatory landscape, we’ve historically seen regulations without internet blocking. Now, we’re seeing pressure to restrict access, and we’re cooperating fully. We support high channelization, meaning consumers in regulated markets should be playing regulated products. While this change is notable, its impact on us is limited at the moment. We are also optimizing our resource allocation as we expand and aim for cost efficiency.

30/01/2025 Any timing update on the UK Gambling Commission investigation? Could losing the UK license affect your licenses elsewhere?

We’re actively working with the UK Gambling Commission and following all requests. From my perspective, things are progressing well. We cooperate with regulators across Europe and support the broader trend toward internet restrictions and controlled access. Our goal aligns with theirs: 100% channelization. The UK isn’t one of our largest markets, but we still want it properly channeled.

30/01/2025 Has the UK ring-fencing measure shown any measurable impact yet?

It’s been very limited. If the impact had been significant, we would have commented more extensively. For now, the effect is minimal.

30/01/2025 What’s the relative impact of Asia, Georgia, and regulatory ring-fencing on margins?

In terms of impact, Asia is the biggest factor, followed by the resource mix. The regulatory ring-fencing has a smaller effect. Regarding the changing regulatory landscape, we’ve historically seen regulations without internet blocking. Now, we’re seeing pressure to restrict access, and we’re cooperating fully. We support high channelization, meaning consumers in regulated markets should be playing regulated products. While this change is notable, its impact on us is limited at the moment. We are also optimizing our resource allocation as we expand and aim for cost efficiency.

30/01/2025 Any timing update on the UK Gambling Commission investigation? Could losing the UK license affect your licenses elsewhere?

We’re actively working with the UK Gambling Commission and following all requests. From my perspective, things are progressing well. We cooperate with regulators across Europe and support the broader trend toward internet restrictions and controlled access. Our goal aligns with theirs: 100% channelization. The UK isn’t one of our largest markets, but we still want it properly channeled.

30/01/2025 Has the UK ring-fencing measure shown any measurable impact yet?

It’s been very limited. If the impact had been significant, we would have commented more extensively. For now, the effect is minimal.

30/01/2025 Beyond the cyberattacks, are there other reasons for the slowdown in Asia?

No, the underlying market is healthy. The main issue has been cyberattacks , someone is stealing our product. But structurally, the demand remains strong.

30/01/2025 Are Asian cyberattacks mostly about stolen streams, and are former clients now stealing instead of working with you?

It's difficult to say definitively. It would be speculative for me to comment on whether it's former clients or new ones opting for illegal streams. It's more like piracy , think of someone downloading a movie from Pirate Bay instead of watching it on Netflix. We simply don’t know exactly who is behind it.

30/01/2025 Why are cyberattacks more common in Asia than in Europe or North America?

I don't have a definitive answer. But the technical defenses we're now implementing will be applied across the entire network. If we didn’t act, these attacks could spread to other regions. We’re taking the right measures now to contain and prevent that.

30/01/2025 Can you clarify what ring-fencing measures you’ve implemented outside the UK?

We don’t break it down country by country. Each regulator requires different actions, but in general, it involves restricting internet access through hyperdoc-level measures.

18/02/2025 Why is online gaming still so small relative to land-based?

Regulation. We’re late in the transition to online because laws have slowed the shift. In most industries, the digital migration is already done, travel agencies, bookstores, video rentals. But gambling is lagging. If online were more widely accessible, far fewer people would drive 45 minutes to a smoky casino.

30/04/2025 What's the status of the U.K. Gambling Commission review and are you in active dialogue?

We’ve taken all actions requested by the U.K. Gambling Commission and provided all necessary information. It’s a regulatory process, so the timeline is driven by their agenda. We have good cooperation and ongoing communication with them. I can't say exactly when it will close because it’s not up to us.

30/04/2025 Do you have any indication of the outcome?

No, I do not. I don’t want to speculate on it.

30/04/2025 Were the February actions proactive, or triggered by the U.K. situation and other regulators?

I've personally met almost every major European regulator in this period. What we did was close to 100% proactive. We want to be ahead of potential situations and maintain our long-standing compliant approach. We've been regulated for nearly 20 years and have always acted responsibly. Now, with regulators moving more assertively, we’re staying ahead.

30/04/2025 How much of the European impact comes from blocking unregulated sites versus gameplay restrictions?

That’s an insightful question. I wouldn’t say players are leaving because of gameplay speed or restrictions. If a player is ringfenced, but can still access unlicensed providers, they often choose to do so. The impact is not due to regulated gameplay parameters but more about channelization and access. That’s where the real stiffness comes from.

30/04/2025 So previously, unregulated sites had no regulatory gameplay restrictions , is that shift significant now?

A heavily regulated market with low channelization discourages players. But I don’t think there’s a direct Q1 effect from gameplay restrictions like slower spin speeds. That’s not the main factor. Post-ringfencing, our games are only accessible where a license exists, and we’re strict about that.

30/04/2025 Do you anticipate any further proactive regulatory actions in other markets?

No, I don’t expect more. We’re now aligned with existing regulation across Europe. We’ve reached a new baseline and will continue to stay compliant. For now, no additional actions are planned.

17/07/2025 Are your anti-cyberattack measures in Asia now fully deployed, or is more upside possible?

This issue isn’t new, look at illegal sports streaming, for example. Our content is like a Champions League stream: valuable and vulnerable. You must continually invest in protecting it. We were initially caught off guard by the method used to access our stream, but we’ve responded and are now at the forefront of technical defense. That said, this will remain an ongoing effort.

17/07/2025 Is geoblocking outside the UK mostly proactive or reactive? And how much is now implemented?

It’s mostly proactive. We don’t guide by country, but Q1 had two months of impact, and now we see the full-quarter effect. It's a bit more expensive than expected. We’re focused on positioning ourselves correctly in regulated European markets, and that sometimes comes with higher short-term costs.

Outlook & Guidance

04/02/2021 What are we going to do in this podcast episode?

We’re going to name one major disruptive innovation from each decade, starting in the 1940s and projecting all the way to the 2040s. It’s a bit of a game, and obviously we’ll look back and probably laugh at some of our predictions, but it’s a fun way to reflect on how disruption evolves.

The idea is to emphasize how, at the time, most disruptions don’t feel obvious. That’s the essence of disruption, it doesn’t always shout. So if you're trying to predict the next one, you can’t just follow what's already trending. You have to think outside the box.

04/02/2021 How do you reconcile Adelson’s innovation in Macau with his resistance to online gaming?

It’s a paradox. On one hand, he was the first Western operator in Macau, which created an entire new frontier for global gaming. On the other, he fought hard to halt online gaming in the U.S. That tension, driving innovation in one area while blocking it in another, is part of his complex legacy.

That said, now that he's gone, Sands may pivot. With people like Rob Goldstein and Andrew McDonald at the helm, smart, strategic thinkers, I expect they’ll move into online. But given their size, they won’t do it halfway. If they enter, it’ll be with a major move, likely a large acquisition.

04/02/2021 Will the next big iGaming disruption be technological?

Not necessarily. Disruption doesn’t have to mean a new device or platform. It could be a clever reconfiguration of existing components, like bundling sports content and betting. The last big disruption was mobile. The next could be behavioral or strategic, not technical.

People often look for a “tech leap”, VR, AR, etc., but a shift in consumer access, payment models, or partnerships might be just as powerful. Like Tesla or Airbnb, the disruption often comes from outside the industry with a different mindset.

25/07/2025 Do you think the 2030s are too soon for this level of technology?

I don’t think the technology is far off, actually. What’s really holding it back is regulation. But once the genie is out of the bottle, if there’s more geopolitical friction or urgency, things will accelerate very quickly.

25/07/2025 What’s your take on Clubhouse and the fast-moving social media space?

Clubhouse is a great case study. It launched with nine employees, gained traction fast, and attracted attention when Elon Musk joined a discussion. That’s the power of cultural leverage. Suddenly, every investor and tech insider wanted in. It’s audio-first, which makes it more personal, like having high-level discussions in a room rather than broadcasting to an audience.
But traction doesn’t equal staying power. Spotify and Apple are already talking about Clubhouse internally. They could launch competing features or buy it. The real question is: can it build enough content to hold attention at scale? Social media is brutally competitive.

20/04/2017 How did March and Q2 start after strong performance in January and February?

January and February started exceptionally well, and March also performed very well. April is too early to comment on. Overall, Q1 was strong from start to finish. Seasonally, Q2 and Q3 are typically a bit weaker, but we see great momentum carrying through.

20/04/2017 Is your seasonality comment a signal that Q2 won’t grow sequentially?

Not necessarily. We're simply providing context. Historically, we’ve grown sequentially into Q2, but seasonality can affect activity. We're performing very well, and nothing has changed our positive outlook. Still, projecting quarter-to-quarter growth is always challenging.

20/04/2017 Should we expect margin expansion again in Q4?

There are many moving parts. We manage the expense side well, but player activity isn’t entirely within our control. Q1 was strong in both growth and margins, and we believe we’ve reached a new level. While we can’t predict Q4 margins specifically, the outlook for the year remains solid.

20/07/2017 Do you expect full-year EBITDA margin to exceed 40%?

Yes, our expectations start at 40%, same as in Q1. We had over €45 million in EBITDA this quarter, which is an excellent margin. We’ll continue investing in growth, but right now the margin is higher than expected.

20/07/2017 What’s the latest update on Canada?

Canada is progressing according to our internal plans, which we haven’t detailed publicly. As previously stated, we aim to go live in late 2017, though it could slip into early 2018.

20/07/2017 Will the Georgia site be operational next year, and how will its size compare to Riga?

Yes, Georgia should be operational sometime next year. The potential of the site is comparable to Riga. We also want to maintain maneuverability in the studio, so we won’t fill it to max capacity. Balancing across studios is important, but Georgia’s potential is similar to Sweden’s.

20/07/2017 Will the new activity KPI correlate with revenue over time?

Yes, over the long run they’ll correlate directionally. But it's not a reliable quarter-to-quarter indicator.

20/07/2017 Will you add more KPIs to give better visibility?

Yes, that's the idea. We’ll add relevant KPIs slowly to build a more holistic picture of the business, without revealing too much to competitors.

20/07/2017 Can you share performance figures for DreamCatcher?
We won’t disclose specific figures yet, but our internal expectations for DreamCatcher are high, and it’s currently meeting them. It’s still early, and we may share numbers next quarter, but it’s too sensitive to comment further now.

20/07/2017 Should we expect H2 EBITDA margins to stay above 40% but below H1 levels?

We haven’t made that statement. We see continued growth and strong margins. While we’re investing in table expansion, which could be margin dilutive, we don’t foresee anything that would significantly drag margins down. Our expectations start at 40%.

20/07/2017 Will Q3 table expansion drive higher personnel costs relative to sales?

Yes, with more tables in H2, personnel costs will rise modestly. But we expect to maintain healthy margins, even with increased recruitment. We don’t anticipate a dramatic shift, but margins will likely not mirror H2 2016 levels exactly.

20/07/2017 Are you targeting sub-45% EBITDA margins in Q3/Q4?

We’ve already said we expect margins to start at 40%. It’s difficult to pinpoint exactly where they’ll land, as it depends on several variables. Nothing is limiting us from delivering strong margins, but we’re not providing a fixed number.

20/07/2017 Will Q3 activity be slower than Q4 due to seasonality?

Seasonality is strongest in Q3 and Q4. Generally, December through February are peak months. Q2 is typically the weakest quarter, with activity picking up in Q3 and again in Q4. So yes, Q3 should be stronger than Q2, with Q4 likely even stronger.

25/10/2017 What is the expected capacity increase from the new production hubs?

We don’t comment on the specific number of tables by location. However, the market we're operating in is sufficient to support our growth over the next 2 to 3 years.

25/10/2017 Could the number of tables double in the next 2 to 3 years?

We don’t provide a forward-looking outlook on the number of tables. That said, based on our current premium positioning and the financial pool we’re operating in, we consider it sufficient for the next 2 to 3 years.

25/10/2017 Given your margin above 45%, why not raise your 35% target? What is your margin outlook?

Our stated margin target remains at 35%, but with the 48.7% margin delivered in Q3, we've clearly established ourselves at a higher level. What’s more important is the improvement in scalability in our business model. Margins may vary quarter to quarter, but the current figures underscore prudent and scalable operations.

25/10/2017 With more new table launches in Q4, should we expect utilization to decline versus Q3?

We've maintained a high margin level and proven scalability. While expansion might create some quarter-to-quarter fluctuations, we don’t expect Q4 expansion to significantly impact the P&L.

We’ve historically referred to a 12-month margin run rate around 40%. Now, we are seeing 45% and slightly above, but we’re not formally updating our target. This improvement is driven by scalability, and we expect that to continue. Still, depending on events, margins can vary. Even with rapid expansion, like we saw around the 2016 World Cup, we’ve shown that margins can recover once growth stabilizes.

25/10/2017 Will the 2018 World Cup lead to licensing deals or increased demand from operators?

Major sporting events like the World Cup tend to drive traffic, which benefits our offering. While we aim to keep margins high, we’re comfortable with temporary dips if they support longer-term growth. Our history shows that once revenue growth stabilizes, margins return to stronger levels.

25/10/2017 When will the Latvian table fee take effect?

The effective date is set for the first revenue of 2018.

15/02/2018 How do you view the margin outlook for the full year given the Q1 decline and 45% level mentioned?

Yes, I think SEK 45 million is probably a decent estimate for the full year. It matches the 2017 level, and we feel we've established that as a new baseline, which is higher than what we had going into last year. That said, we haven’t given any firm new guidance or long-term objectives regarding margins. It will still fluctuate quarter to quarter, but as a starting point, that’s a reasonable assumption.

15/02/2018 You previously guided 45–50% margin; now it's under 45% and heading lower in Q1. What changed?

Nothing dramatic, really. You’re right, Q3 was close to 48%. But the 45% margin we referenced was for the full year, up from 38% the previous year. Margins will continue to vary quarter by quarter depending on table expansion, product development pace, and studio buildouts. We always aim for higher margins, of course, but nothing specifically changed at the end of the quarter.

15/02/2018 Can you comment on Q1 seasonality and top-line performance?

As mentioned in our presentation, percentage growth is expected to come down slightly in Q1. That’s largely due to tougher comparables. There's no structural barrier to growth, plenty of opportunity remains. Live casino is still a relatively small category in Europe, and we're optimistic about the new products. But yes, Q1 growth will likely be a bit lower, and we shouldn’t simply extrapolate 2017’s exceptional results.

15/02/2018 With lower top-line growth and ongoing investments, should we expect margins to drop sharply in Q1?

No, not significantly. Margins will vary as they always do, and Q1 could be slightly lower than Q4. But for the full year, we don’t see a major shift. Similarly, growth in Q1 will be down somewhat versus Q4, but nothing has fundamentally changed.

15/02/2018 Do you think 30% sales growth for 2018 is a fair market expectation?

We don’t comment directly on consensus numbers. But we are excited about our ICE launches and believe these products will widen our lead over competitors. The impact won’t be immediate, it takes time to roll them out, but we expect contributions in the second half of the year.

19/04/2018 Are margins expected to improve gradually throughout the year to reach the 45% guidance?

Margins were at 42.6% in Q1, so yes, in order to approach 45%, we’ll need an improvement. That said, it won't necessarily be a straight line. We expect some quarter-to-quarter variance, which we’ve seen in the past and likely will again. Directionally, the margin needs to improve through the year, especially in H2, to reach levels comparable to 2017.

19/04/2018 Has sales momentum in Q2 returned to 2017 growth levels?

We’re happy with how Q2 started, momentum picked up at the end of Q1, and that’s continued. However, it's still early in the quarter, and we’re not guiding on full-quarter or full-year revenue growth. But yes, we’ve seen a solid start.

19/04/2018 With 45% margin guidance, should we expect 30%+ revenue growth like last year?

We don’t have new revenue guidance. That said, if margins are to rise from Q1 to near 2017 levels, revenue must increase too. So, while we can’t provide specific figures, revenue growth is implied in the margin improvement.

19/04/2018 How will upcoming regulation in Sweden impact your business?

We’re very positive on Sweden’s regulation. It brings clarity and structure, which we welcome. Like other regulated markets, it could increase costs, particularly taxes, and pressure operators a bit. Still, we expect the market to grow and aim to win new customers. Overall, it’s a net positiv

18/07/2018 How will your work with existing and new Swedish customers change under upcoming regulation?

There won’t be major changes in how we work with existing customers, we’ll continue providing the best solutions to both current and new clients. That said, we do expect an increase in marketing activity in Sweden as the market regulates. We're proud to have signed Strassberg Speer and APG, two prominent customers in the region, and we're actively working with additional prospects.

18/07/2018 Can you share month-by-month trends for Q2, and how Q3 has started?

We don’t provide monthly data, but as mentioned earlier, we had a good start to Q2 and then a slight boost toward the end from World Cup activity. As for Q3, it's too early to comment, we’re satisfied with Q2’s outcome and will monitor developments as we go.

18/07/2018 Will the Q2 commission revenue boost help you reach your full-year EBITDA margin target?

We continue to expect a full-year EBITDA margin in line with 2017. The momentum in Q2 is encouraging, and we remain confident heading into the second half.

18/07/2018 Will the increase in bet spots and player counts on new tables accelerate growth in H2?

Yes, tuning and optimization of tables will continue constantly. As we roll out large volumes, we expect better leverage and performance over time. We’ve already indicated that we foresee a stronger second half compared to the first.

18/07/2018 Should we expect meaningful differences between Q3 and Q4 in H2 performance?

In terms of margin, we’re seeing a strong trend that supports our guidance of a full-year EBITDA margin in line with last year. We expect the second half to be stronger overall, but we haven't provided quarterly granularity beyond that.

24/10/2018 Can you provide any guidance on 2019 revenue growth given the current investment pace?

We haven't issued specific guidance for 2019 yet. That said, we continue to see strong demand, which is certainly encouraging. But as of now, we’re not providing additional details on what that might translate to in terms of revenue.

24/10/2018 Was Q2 or Q3 the peak of table expansion, and what should we expect going forward?

The peak was probably in Q2 or Q3. We expect the pace to slow slightly in Q4, but demand will remain very high. Overall, it’s a very strong environment.

14/02/2019 How is your UK business performing, and is the headwind from stricter enforcement easing?

It’s difficult to forecast the UK market in 2019. We did see some improvement during Q4, and we hope for a better and clearer environment over the course of the year. Ideally, the market returns to healthier growth, but as of now, we don’t have a definitive outlook.

14/02/2019 Can you elaborate on how you plan to achieve your EBITA guidance, given North America growth and recent acquisitions?

2018 was a heavy investment year. Our margin improvement going forward will come from leveraging those investments more efficiently. We believe we’re well positioned to extract more value from the infrastructure and operations we’ve already put in place.

14/02/2019 What’s your outlook for Live in North America?

Long-term, the outlook is fantastic. We expect the US to eventually become a market as large as Europe, but it will take time. States like Pennsylvania are delaying timelines, and regulation in other states remains uncertain. But over time, it will be a major market for Live.

14/02/2019 Which of your new games do you believe will have the greatest impact over the next few years?

That’s a tough one, we all have our favorites. The Monopoly game stands out with its immersive 3D interface, animations, and integration of RNG elements with live features. It’s a strong candidate to become a flagship game. Others like Deal or No Deal offer game-show-style formats with wide appeal. Our Dice Games also open up new segments of players. It's really a matter of preference.

25/04/2019 Is there anything seasonal to consider given strong Q1 growth despite new games not contributing yet?

We’re seeing the benefit of leverage from the investments made in 2018. There’s nothing particularly seasonal driving the Q1 performance, it’s in line with our expectations and reflects normal business momentum.

25/04/2019 Was the increase in regulated market share from 30% to 34% driven by Sweden or other markets like the U.S. and Canada?

The increase was mainly due to the Swedish market becoming regulated.

25/04/2019 What’s the expected timeline and size for the Pennsylvania studio relative to New Jersey?

It’s difficult to be precise. Our best estimate is sometime in 2019, it could be Q2 or as late as Q4. As for size, based on the market composition, Pennsylvania’s studio is likely to be roughly twice as large as New Jersey’s.

25/04/2019 What explains the strong Rest of World growth this quarter versus the weaker Q4?

The Rest of World numbers are based on smaller volumes, so percentage swings from quarter to quarter can be more pronounced. This quarter, growth was supported by strong traction in the U.S. and Canada, especially post-SUGI integration. In Asia, while we’re not proactively pushing the market, we follow our European operators. The figures also reflect tariff-related impacts.

25/04/2019 Do new games launching this year need to succeed to sustain Q1-level growth and margin guidance?

We’re cautious in how we forecast the impact of new games. It typically takes time for products to gain enough traction to influence financials meaningfully. So while the launches are positive, we are prudent in our margin outlook for 2019.

19/07/2019 How sustainable is your 47–49% margin guidance for 2019 in the long term?

We increased our full-year guidance to 47–49%, and we believe that level is sustainable for 2019. However, we have not provided any guidance beyond this year.

19/07/2019 Will new scalable games support margins as they grow in share?

Yes, they will support margins. Most were launched in Q2 and have had a strong reception. They align with our strategy to expand our live offering. Their contribution will increase in Q3 and Q4.

19/07/2019 Do new scalable games require significant investment?

Yes, although the games are scalable and less staff-intensive, the upfront investment is substantial. That’s partly why we raised our investment outlook for the second half. Studio build-outs don’t immediately reflect in EBITDA.

19/07/2019 When will Infinite Blackjack launch in New Jersey?

Soon. I can’t provide an exact date, but it’s on the way.

24/10/2019 Will the Flutter deal focus mainly on regulated markets?

Yes, it’s a milestone deal for us. We're excited to begin working with Paddy Power and Betfair. Our aim is to help them grow their Live Casino offering and boost total revenues, particularly in regulated markets.

24/10/2019 Is it realistic that your 2020 growth rate will be 50% lower than current levels?

I can’t comment on consensus forecasts, that’s up to the analysts. We don’t guide on that specifically.

12/02/2020 How are scalability, fixed costs, and game mix affecting your margins?

All our games are generally scalable, though Blackjack is the exception due to its labor intensity. That said, we do have scalable versions of Blackjack. As we grow the number of tables, Blackjack remains a large component, which has contributed to the margin improvements this year.

That’s not the whole story, there are many moving parts impacting margins. But for 2020, our guidance is to maintain the margin levels of 2019 and potentially increase them, depending on how revenue develops.

23/04/2020 Was March the strongest month in Q1 given the COVID-19 situation?

We had strong momentum coming into Q1 from Q4, and that carried through most of the quarter. The final two weeks were during the onset of COVID-19, but those weeks didn’t significantly impact our Q1 results. As shown in the back spots, we performed very well overall.

23/04/2020 Was there a step-up at the end of the quarter?

The last two weeks of Q1 didn't have a material effect. We're seeing a strong start to Q2, but there was no major step-up at the very end of Q1.

23/04/2020 Should we expect lower personnel costs in Q2 due to fewer operating tables?

I don’t want to speculate without having Q2 numbers. We are operating fewer tables, and that does impact personnel costs. But we’re only a couple of weeks into Q2, so I can’t offer a definitive view at this point.

23/04/2020 Will reduced capacity affect dedicated table fees in Q2?

Yes, that will be affected. The impact depends on how long the COVID-19 situation lasts. If it continues for an extended period, both personnel costs and dedicated table fees will be impacted. That said, we've had a strong start to Q2 and continue with good momentum.

23/04/2020 Will the strong customer momentum in March and April have lasting effects post-COVID-19?

We have a fantastic product, and I'm pleased to introduce it to many new players who hadn’t seen it before. I hope some of them will stay, but it's difficult to predict the lasting level of retention.

23/04/2020 Should we expect margins to decline after the strong Q1 result?

Our guidance is that we aim to increase margins year over year, and Q1 is a strong start. However, we don’t guide margin development quarter by quarter, it may fluctuate. We expect margin improvement over time, but I won't comment specifically on Q2.

23/04/2020 What does limited capacity in the reopened Georgia studio imply? When will operations normalize?

It's hard to say when we’ll return to normal. We're in regular discussions with the Georgian authorities at all levels. They remain very cautious. The studio is operational, but at very limited capacity. We're working to gradually expand it.

23/04/2020 Was March the strongest month in Q1 given the COVID-19 situation?

We had strong momentum coming into Q1 from Q4, and that carried through most of the quarter. The final two weeks were during the onset of COVID-19, but those weeks didn’t significantly impact our Q1 results. As shown in the back spots, we performed very well overall.

23/04/2020 Was there a step-up at the end of the quarter?

The last two weeks of Q1 didn't have a material effect. We're seeing a strong start to Q2, but there was no major step-up at the very end of Q1.

23/04/2020 Should we expect lower personnel costs in Q2 due to fewer operating tables?

I don’t want to speculate without having Q2 numbers. We are operating fewer tables, and that does impact personnel costs. But we’re only a couple of weeks into Q2, so I can’t offer a definitive view at this point.

23/04/2020 Will reduced capacity affect dedicated table fees in Q2?

Yes, that will be affected. The impact depends on how long the COVID-19 situation lasts. If it continues for an extended period, both personnel costs and dedicated table fees will be impacted. That said, we've had a strong start to Q2 and continue with good momentum.

23/04/2020 Will the strong customer momentum in March and April have lasting effects post-COVID-19?

We have a fantastic product, and I'm pleased to introduce it to many new players who hadn’t seen it before. I hope some of them will stay, but it's difficult to predict the lasting level of retention.

23/04/2020 Should we expect margins to decline after the strong Q1 result?

Our guidance is that we aim to increase margins year over year, and Q1 is a strong start. However, we don’t guide margin development quarter by quarter, it may fluctuate. We expect margin improvement over time, but I won't comment specifically on Q2.

23/04/2020 What does limited capacity in the reopened Georgia studio imply? When will operations normalize?

It's hard to say when we’ll return to normal. We're in regular discussions with the Georgian authorities at all levels. They remain very cautious. The studio is operational, but at very limited capacity. We're working to gradually expand it.

17/07/2020 When do you expect to return to pre-COVID capacity?

From what we see, it will take several months. A return to pre-COVID levels won’t happen next month, it could take the rest of the year.

17/07/2020 What should we expect for H2 EBITDA growth, revenue-led or cost-led?

We don't provide quarter-to-quarter guidance, but broadly speaking, H2 will involve gradually reopening tables. That will bring back fixed fees from dedicated environments and some cost increases. Revenue recovery is uncertain, especially since the marginal player on a live table adds significant margin. But your assumption is broadly correct, H2 growth will be more revenue-driven.

17/07/2020 Will Q3 see a setback in Asia due to sports returning and limited dedicated fees?

I wouldn’t expect a major setback in Asia. The region’s growth hasn’t been driven by the presence or absence of sports betting. We’ve had steady growth in Asia for a while, and I don’t see that dynamic changing significantly because of sports.

17/07/2020 Will table ramp-up offset any negative effects from sports returning?

Yes, I believe the momentum from Q1, combined with continued recovery, puts us in a strong position for H2. Provided there's no second wave or further disruption, we should return to more normal operations and growth.

22/10/2020 Are you planning to open studios in Asia in the medium term or is that a long-term objective?

We currently have no finalized plans for studios in Asia.

22/10/2020 Are you continuing to focus on the game show category in next year’s pipeline? What genres will dominate?

We’re currently developing our 2021 and 2022 game roadmap, and game shows will definitely be part of it. There’s a lot of exciting innovation in this space, and we plan to showcase more around the ICE period next year.

22/10/2020 Do you have any visibility on the size or timing of that final, unplaced studio?

It’s a bit early to comment on that. We’ll provide more detail in our Q4 report, but it is part of our forward-looking expansion plan.

22/10/2020 Do you expect German regulation and licensing to come into force on 1 July 2021?

We don’t have any additional information beyond what’s already been communicated. Our expectation is aligned with the stated date, but we can’t confirm anything further.

22/10/2020 Do you expect growth in Germany to come from new or existing operators?

We believe both will contribute. We expect to onboard new licensed customers during this transition period, but some existing ones will likely choose to continue and comply as well.

22/10/2020 With this year’s scalability and strong growth, how should we view 2021 margins given higher personnel costs?

We believe we can maintain the higher margin level seen in Q2 and Q3 through the end of the year. For 2021, we’ll provide more clarity at the start of the year. That said, as revenue grows, we should be able to continue increasing margins.

22/10/2020 Do you expect pent-up demand to accelerate table growth versus a normal year like 2019?

It’s hard to define a “normal” year, but yes, there’s clear pent-up demand. COVID forced us to close many tables and slowed studio construction. We expect table growth to resume more strongly, especially with events like the Euros coming up.

22/10/2020 Can we expect similar absolute growth levels in Asia in Q4 as in Q3?

We don’t provide top-line guidance. Our goal is to grow as much as possible, but we’re not making specific growth projections for Q4.

22/10/2020 Will you release more game show titles in 2021 given strong traction?

We’re already developing our 2021 releases, and game shows will be a key part of that. But we’re also continuing to innovate in table games. With our current size and resources, we can push forward in both categories.

10/02/2021 Can RNG growth exceed 10% going forward?

We don’t guide on RNG growth. However, at the €30 million synergy level, revenue synergies are higher than cost synergies. There’s significant geographic potential, particularly in the U.S. as regulation evolves. Additionally, we see opportunities to innovate with both live and slot products, and even hybrid combinations.

10/02/2021 Does your 2021 margin target assume aggressive expansion in H2?

Not specifically. The assumptions are as we've said, if we can expand faster, we’ll do so, even if that raises costs temporarily and pressures margins. But faster expansion should also raise top-line performance, which ultimately supports margins. It’s a full-year view, and we expect quarter-to-quarter variation.

10/02/2021 Do you believe recent growth and engagement is structural and will persist post-COVID?
The pandemic has pushed many sectors online, not just gaming. That shift benefits us. However, we’re also a physical company, 8,700 employees, and operations have been difficult. Still, the broader behavioral change toward online services is real and likely to continue.

10/02/2021 Can you quantify the COVID impact on your growth?

It’s hard to quantify precisely. We were already experiencing strong growth before the pandemic, and that didn't just disappear. All online businesses have seen a tailwind. That said, we’d prefer the pandemic gone, it would allow for faster scaling. Our strategy remains to pursue growth, even if that means short-term margin trade-offs.

10/02/2021 What’s the current run rate of NetEnt-related cost synergies, and when will the €40M be realized?

The synergy realization is underway. Savings initiated in December are starting to have an effect now, and we expect full impact starting Q3 2021. Some cost savings began pre-deal. The €40 million should be achieved in the second half of 2021.

12/04/2021 What is the strategic rationale behind acquiring Big Time Gaming (BTG)?

As I mentioned earlier, our long-term ambition is to become the world’s leading provider of online casino content. BTG is widely recognized as the most innovative slot developer of the past five years, and bringing them into our group strengthens our position across live casino, slots, and hybrid game formats.

Beyond the financial attractiveness of the deal, we’re gaining a fantastic team and top-tier intellectual property, Bonanza, Extra Chilli, Monopoly Megaways, among others. Importantly, we’re acquiring ownership of the Megaways game mechanic, one of the most in-demand mechanics globally and already licensed in over 200 games worldwide.

12/04/2021 Are there any revenue synergies expected?

BTG already has good distribution, and we’ll support their continued growth over time. However, we haven’t announced any specific revenue synergy targets. BTG’s performance is strong on a standalone basis, and that’s reflected in how we structured the earn-out.

12/04/2021 What EBITDA must BTG achieve to trigger the full €230 million earn-out?

We’re not disclosing exact targets or top-line forecasts. What I can say is BTG is currently growing at a healthy 30–40% rate with strong profitability. That performance is expected to continue.

As for EPS, the deal will already be accretive in 2021, though the effect at group level will be relatively small due to our scale.

27/04/2021 Is the Q2 start strong enough to sustain the 60% growth rate?

It’s too early to make firm statements about Q2. What I can say is that 60% growth at our scale is a very strong Q1 performance.

27/04/2021 How will reopening markets affect growth, particularly for Live games?

We’re in the middle of aggressive expansion, trying to recover lost ground from the pandemic. During the pandemic, even though activity increased, our operational capabilities were strained. That had a neutral to slightly positive impact. As markets reopen and activity shifts again, we expect a similar dynamic in reverse.

27/04/2021 Where is capacity utilization now for dedicated tables vs. pre-pandemic levels?

As we said in Q4, we returned to pre-pandemic table counts and have since grown further. We're now slightly ahead of pre-pandemic capacity, so that’s no longer our reference point. The focus now is on future expansion.

27/04/2021 Have you also expanded studio capacity in this period?

Yes, absolutely. We've added new studios and increased our overall production capacity during this time.

27/04/2021 What risks could still affect full-year margin expectations?

It’s hard to predict specific issues, but anything can happen. That said, as of now, we see upside compared to our earlier margin guidance. That’s the current outlook.

27/04/2021 How is your US expansion progressing in NJ, PA, and MI? When will Michigan go live?

We’re doing well in the U.S., expanding across all studios. We expect to go live in Michigan during Q2.

27/04/2021 Any updates on future state rollouts for your U.S. business?

It’s still speculative, but states currently in discussion include Indiana, Illinois, and Connecticut. These tend to progress in parallel. Connecticut is currently the frontrunner and may regulate in 2021 or 2022, but again, it’s hard to predict with certainty.

27/04/2021 How did Germany, U.S. Craps, and Asia contribute this quarter?

In Germany, we don't have further updates, the situation remains uncertain and has had a negative impact, as it has for everyone. In Asia, we're still a relatively small player, but we see strong growth potential and continued expansion. Regarding Craps in the U.S., that remains subject to regulatory approval, and we don’t yet have a launch date.

27/04/2021 How does BTG plan to grow over the next 1–2 years?

We see great potential in BTG's mechanics like Megaclusters, although I won’t compare them directly to Megaways. We also see value in integrating BTG into our broader network, which offers more reach than their previous distribution channels.

27/04/2021 Can you give more detail on your new studios and product rollout in the U.S.?

We’re currently building two new studios, one in Europe and one in North America, and expanding all existing facilities. The new U.S. studio is meant to support current demand, not a new state. COVID-19 continues to challenge hiring and operations, so we’re also designing our studio network for greater redundancy and resilience.

Regarding products, we’re constantly working with U.S. regulators to introduce more games. It’s a new landscape, and that requires careful coordination. Game Show formats and other scalable games are in the pipeline, and we hope to share launch timelines soon.

21/07/2021 What drove the increase in other operating expenses and will it continue impacting margins in H2?

The most important thing is for us to capture market share. There will be an expansion phase in the second half of the year, where we invest in building infrastructure and recruit people ahead of launches. This expansion will cost money, which explains our margin guidance. So, yes, you should expect some of those other operating expense items to continue as we scale.

21/07/2021 Have you seen any top-line changes in the first 20 days of Q3 due to COVID reopening or closing trends?

I don't see any super clear effects from COVID-related openings or closings. COVID is still here and is hampering our growth capability. Restrictions are inconsistent, with temperature checks and social distancing measures still in place. Whether the UK or Germany is more or less open doesn't seem to change much, we don't see any clear top-line impact from that. It's very hard to link performance directly to government policies or pandemic phases.

21/07/2021 Was growth in Q2 stable or did it accelerate towards the football Euros?

We don’t break down the quarter by months. But looking at past events, championships like the Euros typically boost table sales. In 2016 and 2018, the impact was clearer, particularly during the World Cup. This time around, the Euros didn’t cause a significant spike. It was a strong quarter overall, but the Euros’ contribution was modest.

21/07/2021 Does the 6–8% margin guidance include BTG and how should we think about its impact?

Yes, BTG is included in the guidance. However, its relative contribution to the margin is small given its size compared to the rest of the group. At the same time, we're ramping up staffing and delivery capacity across studios, which increases costs. We want to maintain headroom, so those expansion-related costs are built into the margin guidance.

28/10/2021 What’s behind your “strong start to Q4” comment, and how should we interpret that?

It’s always tricky to phrase it precisely, but yes, we’ve had a strong start to Q4. I’ll leave it at that. We're looking forward to finishing the year strong and heading into next year with momentum.

28/10/2021 Can you elaborate on what’s driving the strong start to Q4?

It’s still early, only about four weeks in, but the comment was intentional. While we haven’t provided a specific number, we can confirm it’s a solid beginning to the quarter.

28/10/2021 What’s the focus of the 2022 games pipeline, and will you announce the full lineup at ICE?

The focus is innovation and end-user satisfaction. At ICE, we’ll release more games than ever, and even more will come throughout 2022. With all our brands, we can’t release everything at once, so the rollouts will be phased, but ICE will see our largest product launch to date.

28/10/2021 Will the new releases at ICE include live and RNG titles, and how will they be balanced?

There will be many new products playable at ICE, more than ever, but I won’t comment on the exact mix right now.

28/10/2021 What’s your view on Ontario’s market potential and current revenue contribution?

Ontario is a large market with good potential due to its population size. Currently, only the Ontario Lottery is live, but more operators will enter as the market opens. It follows a typical regulation pattern, an incumbent leads at first, then competition increases. We're optimistic about the long-term opportunity.

28/10/2021 Will the Ontario market transition have a short-term impact like the Netherlands?

It’s a good question. I won’t give a specific figure, but yes, there will be a limited short-term impact as some customers temporarily pause. However, the commercial market will reopen soon, and OLG has just gone live. We’re confident it will perform well, but it's early days.

24/11/2021 What’s the current market impact and outlook for Evolution?

As of now, Evolution is down 10.5% just today, two hours after markets opened. Clearly, investors are not satisfied with the company’s initial response, even though CEO Martin Carlesund reiterated their position in an investor call. Evolution has distanced itself from the accusations, but the market isn’t buying it. If this continues, the company will be forced to communicate more transparently and take additional action. This won’t be the last we hear on this topic.

09/02/2022 How do you expect the North America business to evolve in 2022, especially given the Canada switch-off?

We're still in an expansion phase across U.S. states, but progress has been uneven due to COVID-related challenges. We're looking forward to expanding more rapidly post-COVID. Our ability to roll out a broader portfolio, especially once all regulatory approvals are in place, will enhance the player experience and help grow market share. Regarding Canada, we’re now focused on the commercial opening in Ontario on April 2nd and expect meaningful growth from that point onward.

09/02/2022 Do you expect OpEx growth to slow down relative to top-line growth?

Our margin guidance is based primarily on expected top-line growth. OpEx will grow as well, but proportionally less. If you look at incremental margins over time, they've typically improved, so mathematically the relative cost growth should decrease.

09/02/2022 Is the 2022 product roadmap significantly better than 2021’s, and how important is OSS to growth?

Yes, the 2022 roadmap is our best ever. OSS is more than a product, it’s a strategic shift. It simplifies integration, ensures compliance, and creates an “Amazon of gaming” environment. When combined with our new releases, it makes scaling easier and faster. We’re not just talking about it; implementation is already underway.

09/02/2022 Why did North America grow slower than the broader U.S. iGaming market this quarter?

Growth was around 6–7% sequentially for us, while the market grew 14–15%. Two factors explain the gap: Ontario licensing slowed things a bit, and we’re still not at full capacity in the U.S. We’re expanding studio capacity as fast as we can, but we're currently underserving demand.

28/04/2022 When do you expect to stop underserving the market and meet demand?

I don’t have a clear timeline. As we grow and expand the market, I think we’ll continue underserving demand for quite some time. That said, the current imbalance is too large, so we need to scale faster in the coming period.

28/04/2022 Is the Yerevan launch near-term? When will Connecticut go live?

I said “near future,” but I’m not assigning a firm date, neither for the Americas nor for Yerevan. It's coming, but no specific timeline yet.

28/04/2022 Do you expect North America growth rates to change with new launches?

We don’t provide forward-looking growth guidance, but we’re very happy with the current momentum. There’s a lot more to do, we’re expanding in studios and will continue doing so through Q3 and beyond.

28/04/2022 Did you expect to exceed 70% EBITDA margin in Q1 when setting the 2022 target?

The 69–71% range was full-year guidance. We were close to 69% coming out of Q4, but we didn’t set quarterly milestones. That guidance still holds; we’re not ahead of schedule.

28/04/2022 What impact do you expect from the Ontario launch in Q2 and beyond?

We’re pleased with the launch, we went live on Thursday with all licensed operators. The regulator and lottery handled it very well. Ontario is a strong market, and we see solid potential ahead.

28/04/2022 Should we expect Q2 North American growth to accelerate due to Ontario?

Yes, Ontario is served through our European studio network. While I don’t overstate any single North American market, Ontario is significant, and we expect good expansion there.

28/04/2022 Given one-third of 2022 is over, do you have any update on the margin guidance?

We’re maintaining the 69% to 71% EBITDA margin guidance. That already accounts for various cost increases we're seeing. In today’s unstable environment, with inflation rising and a war ongoing, we’re pleased to uphold this guidance coming out of the pandemic.

28/04/2022 Have growth expectations increased since the margin guidance was originally set

We’re happy with the 69–71% range. A quarter has passed, and we still view it as appropriate for the year. We have three quarters left, and the guidance remains solid.

28/04/2022 Is growth still your main focus, and how should we interpret your margin signals?

Yes, maximizing growth is our top priority. The margin guidance reflects our best estimate of where we’ll land. We’re not trying to send hidden signals or imply more than what we state, we simply provide our view as things stand.

28/04/2022 How should we think about personnel and operating cost trends going forward?

Personnel costs will continue to grow, we’re hiring more staff, engineers, and scaling up operations. That’s consistent with past trends. As for other operating costs, Q1 was slightly low, Q4 was a bit high, so think of future quarters as trending somewhere in the middle. There are moving parts, but margin guidance reflects our view on cost evolution.

28/04/2022 Has your Russian revenue declined? And can RNG still hit double-digit growth in 2022?

Yes, our Russian revenue has come down compared to before. We monitor sanctions closely and coordinate with regulators. On RNG, our ambition is still to reach double-digit growth. We're on our base case, not behind, but not satisfied either. I can’t commit to the exact timing for hitting double digits, but that's where we're headed.

28/04/2022 When will Connecticut Live Casino launch, and what U.S. state expansions do you expect in 2023?

We’re close to finalizing the Connecticut studio and expect to go live in the near future. As for new states, it’s hard to predict due to political processes. There’s movement in places like New York, Illinois, and Indiana, but timelines can range from 9 months to 2 years. We follow developments closely and support where we can.

28/04/2022 Do you expect licensing for live casino games in the U.S. to accelerate in 2022?

It’s unlikely to go as fast as I’d like. We’re actively working with regulators to educate and get more games licensed. Every state has its own processes and physical requirements. We’re making progress compared to last year, but it's still a slow process. That said, it’s a good process, we’re moving forward, just not as quickly as we’d prefer.

28/04/2022 How do you view your growth potential in Latin America?

Long term, Latin America is a phenomenal market, Argentina, Colombia, and now Brazil are progressing. There are regulatory challenges at the regional level, but once resolved, the potential is significant. Looking out 10 years, we see LatAm becoming a large and important market for Evolution.

28/04/2022 Do you expect weaker consumer demand to impact performance in Europe?

The global situation is unstable, but we saw no material impact in Q1. In fact, we posted a strong 70%+ margin and close to €0.09 EPS. We're entering Q2 with great momentum and strong product releases. That said, geopolitical risks, like what Putin does, could impact everyone. I can’t predict that.

28/04/2022 What’s the expected impact of Ontario’s launch now that major operators are live?

Ontario is a fantastic market. We launched successfully on Day 1, which I’m very proud of. It will grow well, but no single U.S. or North American market will significantly shift the total picture. We're seeing strong progress across multiple states.

28/04/2022 Will the growth in playing tables accelerate in the coming quarters?

Year-over-year comparisons are distorted by the COVID spike in Q1 2021, which showed a +100% surge. More relevant is the sequential growth from Q4 to Q1 this year, which was +8%. We’re ramping up in a more normalized way.

22/06/2022 What growth and margin profile does No Limit have, and what guidance can you provide for 2022?

It’s a fast-growing business, and we plan to maintain that trajectory. We’ll provide more precise figures as we go forward. Our intention is to report separately so that investors can clearly track the double-digit growth from our existing business alongside No Limit’s performance.

22/06/2022 Does this acquisition reflect the success of your 1 Stop Shop model, and does it support greater scalability?

Yes, we rebuilt the entire backend with the 1 Stop Shop in mind, allowing us to launch slots more quickly from both internal and acquired studios. That infrastructure is now fully functional, and it’s one of the reasons we’re excited to integrate No Limit, it’s a perfect fit for that system and supports the broader scalability strategy.

22/06/2022 Has No Limit been capital constrained, and does Evolution’s involvement unlock growth?

No, I wouldn’t say capital has been a constraint for them. They have a fantastic platform and slot offering already. What Evolution brings is additional technological capabilities and, importantly, our 1 Stop Shop infrastructure, which improves delivery and scalability. But this is not a turnaround, No Limit is already a strong business that also brings value back to us.

21/06/2022 What trends are you seeing in online casinos given the weaker macro environment? Any change in your market forecast?

It becomes a bit speculative, but we don't see any drastic market changes right now. Inflation will affect costs, and we manage that. Generally, the online gaming market is considered quite resilient to macro shifts, and we haven’t seen any major global changes at this stage.

21/06/2022 How do you feel about H2 revenue outlook, especially with new capacity added in North America?

I’m very happy and excited about the products we’re launching in the second half. More than half of our full-year launches are still ahead. The release cycle really begins at the end of Q1 and continues through Q2 and beyond, so we’re just entering the main launch phase. Our 10-year outlook is unchanged, and while it’s hard to predict the exact performance of each quarter, we’re aiming to improve across several areas.

21/06/2022 Sequential growth slowed this quarter. Was there a Q2 slowdown despite strong Q1 momentum?

Some seasonality is always at play, Q4 is strongest and then it tapers down. This period is typically the weakest in the year. The sequential increase wasn’t as high as in Q4 or Q1, but similar to Q3 last year. So while the top line wasn’t great, it was still okay, and we think we can do better.

21/06/2022 Given Q1 momentum, did growth slow in late Q2? How is Q3 starting off?

It’s early in the quarter, so it’s hard to say definitively. We were early in the quarter last time as well. But looking at the second half overall, I’m very optimistic. As for Q3 specifically, we haven’t made any detailed comments yet because it’s too early to assess.

21/06/2022 Asia growth is slowing. Is this the new normal or a temporary fluctuation?

There’s no structural issue. Some customers had large payouts, which is great for the players, and there are several isolated factors. Nothing has changed in our outlook, Asia still holds tremendous long-term potential. Quarterly fluctuations like this have happened before and are part of the business.

21/06/2022 Can you explain why momentum slowed in non-North American markets this quarter?

There’s no specific reason for the slowdown. These things happen from time to time, there were a couple of large payouts and other events during the quarter. Sequential growth won’t always be linear; it’s natural to see fluctuations. Meanwhile, we’re seeing strong momentum in North America, and we expect performance in other regions to improve in the second half.

09/10/2022 Where do you see the live dealer market heading over the next five years?

Live dealer will continue expanding, especially in the U.S. As more states legalize online gaming, studios will need to be built locally, which means more jobs and more infrastructure. That trend is global, not just American. Game shows, meanwhile, are still in their infancy. Most people haven’t played or even seen one yet. They’re more entertaining, offer higher potential wins, and appeal to a new generation. Games like lightning roulette, where a number can pay out 200x, 500x, or more, make classic games feel stale by comparison. The blend of RNG and live is also just beginning. Eventually, I hope to see these game shows brought into land-based casinos too, repurposing underutilized space like sportsbooks for entertainment-focused, interactive experiences. It's not just possible, it's inevitable.

27/10/2022 Do you expect seasonality or the World Cup to impact Q4 momentum?

Yes, activity from operators will naturally increase around the World Cup, including marketing budgets, and that’s a positive. But when you're growing at 45% as we did in Q3, the seasonality effect is less pronounced. So while operator activity will go up, I’d be cautious in overestimating the seasonal impact, it’s already a high growth pace.

27/10/2022 Are you comfortable with current OpEx growth, and how do you see it evolving into 2023?

The entire world, and Evolution too, needs to prepare for a tougher period ahead compared to recent years. We need sharper cost awareness, greater discipline, and a daily focus on improvement. If you act early and stay hungry, that will serve you well.
That said, yes, costs will continue to rise next year.

27/10/2022 Will the World Cup have a positive or negative effect on your business?

Major sports events like the World Cup are always positive for us. They bring in new players, boost activity, and drive marketing efforts.
While audiences may focus on sports betting, the overall ecosystem benefits us as well. It’s clearly a net positive.

27/10/2022 Tax rate has increased. What’s your expectation for 2023 and beyond?

As we expand globally, we’re paying taxes in more countries, currently four, which naturally pushes the rate higher. I expect that trend to continue.

The broader tax question revolves around the Pillar 2 debate and the proposed 15% minimum tax. While that initiative seems to have lost some momentum recently, it remains relevant for 2024–2025. Either way, I expect our effective tax rate to rise gradually over time.

02/02/2023 Is the new game being teased a brand-new game show or based on existing IP? Do you expect it to match your top performers?

More will be revealed when the game is released on Tuesday. It's an extremely exciting launch and a fantastic game. Of course, we have high expectations, but as always, it depends on how players respond. We'll evaluate it after release.

02/02/2023 With a lighter studio pipeline in 2023 than in 2022, should we expect fewer cost headwinds?

Not necessarily. 2022 was a rapid expansion phase, as shown in our CapEx, and we expect to maintain that pace in 2023. Whether it’s new studios or expanding existing ones, the cost impact is quite similar. So the level of expansion continues at a high rate.

27/04/2023 Can you maintain high double-digit growth in North America even without new state regulation?

We don’t provide market-specific growth guidance.

27/04/2023 Are you already seeing slower growth in April due to a higher base?

We’ve been pointing this out for a while, growth rates remain very strong but are naturally tapering off as the base increases. That trend is continuing into this year, including April.

27/04/2023 Should we expect cost growth to accelerate from Q2, and any early margin outlook?

We don’t guide on guidance. We’ve stated 68% to 71% as the margin range, and I’m happy with 69.9% this quarter, that’s a strong figure. But what matters more is the underlying traction. We’re investing to expand, especially in Latin America, Europe, and potentially in the U.S., so there’s a trade-off between margin and revenue. Right now, we’re in a healthy place with margins, and we’re balancing growth and cost carefully.

27/04/2023 Can you maintain high double-digit growth in North America even without new state regulation?

We don’t provide market-specific growth guidance.

27/04/2023 Are you already seeing slower growth in April due to a higher base?

We’ve been pointing this out for a while, growth rates remain very strong but are naturally tapering off as the base increases. That trend is continuing into this year, including April.

27/04/2023 Should we expect cost growth to accelerate from Q2, and any early margin outlook?

We don’t guide on guidance. We’ve stated 68% to 71% as the margin range, and I’m happy with 69.9% this quarter, that’s a strong figure. But what matters more is the underlying traction. We’re investing to expand, especially in Latin America, Europe, and potentially in the U.S., so there’s a trade-off between margin and revenue. Right now, we’re in a healthy place with margins, and we’re balancing growth and cost carefully.

27/04/2023 Will new studios in Latin America open in H2 2023?

I understand the interest, but I can’t provide a confirmed timeline yet. Once we have firm dates, we’ll share them.

21/07/2023 If Rhode Island becomes regulated, will you be first to launch there?

Yes, whenever a U.S. state regulates, our ambition is to be first to market.

21/07/2023 What caused the sequential decline in North America in Q2? Was it Live, RNG, or something else?

Q1 was a strong quarter, especially with events like March Madness. That helped drive strong results. I prefer to focus on the 35% year-on-year H1 growth or the 20% Q2 growth versus Q1. That said, yes, we could have launched some games faster and captured more upside.

There’s always room for improvement, but overall, I’m satisfied with the trajectory.

21/07/2023 Was the Q2 softness in North America tied to a specific product like Live or RNG?

We don't comment on individual products by market. The performance in North America is blended across both product types.

21/07/2023 Have the Q2 RNG games released late in the quarter met expectations as we enter July?

Yes, several releases came at the end of Q2. I’m never really satisfied, we can always do better, but the direction is encouraging.

21/07/2023 With 70.3% H1 EBITDA margin, should we expect full-year margins toward the top of the 68–71% guidance range?

We haven’t revised guidance, and we’re not narrowing it within the range. That said, we’re not expecting to be at the bottom. So while we’re not giving a mid-point target, consensus at 69.3% seems reasonable at this stage.

21/07/2023 When will the Colombian studio launch, Q3 or Q4?

It's an aggressive timeline. We’re pushing hard, but realistically, it may be very late in the year.

21/07/2023 Can your second-half RNG roadmap deliver double-digit growth, or is that more of a 2024 target?

No, we won’t hit double-digit RNG growth in Q3. We expect to move in that direction toward year-end, but full realization will take into next year.

26/10/2023 How can you solve the current undersupply situation within the next year?

It’s not something that changes overnight. We're dealing with expansion, recruitment, and capital expenditures, all of which are difficult to time perfectly. That said, we’re fully focused on accelerating progress. We're not at the stage yet where we can guarantee results, but we're working hard to resolve this.

26/10/2023 Compared to spring, do you have better visibility over this supply issue now?

Yes, we have a better overview now.

26/10/2023 Are the new studios in Europe still early-stage ideas, or are contracts in place?

We plan to add 3 to 4 studios next year across Europe, Latin America, and North America. One more will be added in Europe this year. All studios mentioned are fully committed projects.

26/10/2023 Growth has slowed in North America. How is the certification process progressing?

I won’t give a specific timeline, but the certification process is progressing well.

26/10/2023 What changes have you made to improve the North American business?

We’ve brought in a very strong new management team and made changes to be closer to the market commercially. We're now seeing games coming out of engineering and product, which is key. The next step is pushing those games through regulation and compliance, which involves some lag. We're optimistic about the coming quarters.

26/10/2023 How has your approach to RNG changed, given growth despite a soft market?

We’re on track with our Q3 game release schedule. The key now is working with the commercial team to ensure strong uptake of these R&D-driven titles. There’s a bit of lag as we also push games through U.S. compliance and regulation. Overall, Q3 showed improvement over Q2. FX impacts this segment as well.

26/10/2023 How can you solve the current undersupply situation within the next year?

It’s not something that changes overnight. We're dealing with expansion, recruitment, and capital expenditures, all of which are difficult to time perfectly. That said, we’re fully focused on accelerating progress. We're not at the stage yet where we can guarantee results, but we're working hard to resolve this.

26/10/2023 Compared to spring, do you have better visibility over this supply issue now?

Yes, we have a better overview now.

26/10/2023 Are the new studios in Europe still early-stage ideas, or are contracts in place?

We plan to add 3 to 4 studios next year across Europe, Latin America, and North America. One more will be added in Europe this year. All studios mentioned are fully committed projects.

26/10/2023 Growth has slowed in North America. How is the certification process progressing?

I won’t give a specific timeline, but the certification process is progressing well.

26/10/2023 What changes have you made to improve the North American business?

We’ve brought in a very strong new management team and made changes to be closer to the market commercially. We're now seeing games coming out of engineering and product, which is key. The next step is pushing those games through regulation and compliance, which involves some lag. We're optimistic about the coming quarters.

26/10/2023 How has your approach to RNG changed, given growth despite a soft market?

We’re on track with our Q3 game release schedule. The key now is working with the commercial team to ensure strong uptake of these R&D-driven titles. There’s a bit of lag as we also push games through U.S. compliance and regulation. Overall, Q3 showed improvement over Q2. FX impacts this segment as well.

26/10/2023 When do you expect RNG to start delivering double-digit growth?

We haven’t set a timeline for that. The ambition remains, but this quarter we were 1.9% below last year’s level. We aim to improve from here and still see double-digit growth as a realistic target.

26/10/2023 What are your expectations for new iGaming state openings in the U.S. over the next 12–20 months?

There’s always speculation. It could be one to two years without new openings, or several in one year. The usual states are being discussed, New York, Illinois, Indiana, but it’s a political process. As we’ve seen before, a state like Southern Pennsylvania can unexpectedly lead the way. Nothing imminent, though.

01/02/2024 Can you clarify your comment on Pillar 2 tax expectations and the 2026 timeline?

The actual tax payment under Pillar 2 will be in 2026, specifically the top-up tax. However, we will start accruing for that tax from Q1 2024. There's no change to what we've previously communicated.

01/02/2024 Is the demand-supply imbalance resolved, or will it take more time?

We're close to balance now. We're continuing to expand and increase our pace, and within a couple of quarters we may even find ourselves in an oversupply situation. But overall, we’re approaching a good equilibrium.

01/02/2024 Why did you narrow your 2024 margin guidance despite heavier investment?

We’re happy with our margin level, 70.5% in the quarter and 70.9% overall. That’s strong. While we are investing more in 2024, we’re maintaining our guidance of 69% to 71%. The wider range we gave previously was due to uncertainty around inflation and interest rates, and now we’re simply narrowing it back to our normal 3-point range. It might look more scientific than it is; we’re just reverting to our usual range.

01/02/2024 What explains Latin America's Q4 performance, and how should we think about 2024?

Brazil accounts for 60% of Latin America, and as they began regulating in December, that brought some uncertainty. Ahead of regulation, it’s common for operators to pause or adjust, which may explain the Q4 softness. These effects should settle by mid-year, possibly sooner, as the market adjusts to the new regulatory environment.

01/02/2024 Will the operator withdrawal effect in Brazil continue throughout 2024?

I wouldn’t say there will be continued withdrawals. It’s more that we’re in a waiting period right now, everyone is watching to see how regulation will be implemented and what actions will be required, including possibly building a studio. The uncertainty should subside sometime in the first half of the year.

01/02/2024 Will margins be lower in H1 2024 and then rise in H2?

Yes, that's correct. We guided for 69% to 71% margins for the full year, and we expect H1 to be at the lower end of that range due to heavy investment and expansion. We don’t provide quarterly margin guidance, but this gives a general sense of how we view the year.

01/02/2024 Does the margin swing imply lower H1 sales and stronger H2 performance?

I understand your question, but it’s hard to answer directly. What we can control is investment and expansion, and much of that is front-loaded in H1. Sales trends are harder to predict. Our main priority remains top-line growth. The margin range is there to provide directional insight, but top-line remains our focus.

01/03/2024 Why didn’t the RNG segment meet growth targets in 2023?

We’ve taken the hard steps, migrating platforms, which often breaks user experience like “recently played” or personalized recommendations. Players have to search again, and some drop off. While we've improved the transition process and seen some benefits, the real upside is just now becoming accessible.

Now that OSS is live, we’re unlocking a wave of enhancements. For example, soon you’ll be able to play a slot while playing Crazy Time. You can already dual-play live games like Crazy Time and Monopoly Live, but not slots, until now. We’re also getting good with AI for recommendations, and we’ll offer that to operators so their players can discover games they'll likely enjoy. This capability is built on millions of dollars in AI development and a massive dataset.

24/04/2024 Is your current high pace of investment and hiring transitory, or will it continue over the next few years?

The current pace reflects some catch-up after undersupplying the market, especially in early to mid-2023. We’re now meeting market demand more effectively. Expanding is positive, and if forced to choose, we prioritize market share and revenue over margin. While the investment pace may ease slightly, we’ll continue expanding at a strong, market-appropriate rate.

24/04/2024 Is live revenue growth stabilizing now that you’ve increased capacity?

Yes, supply and demand are now more balanced. We’ve seen increased activity this quarter, particularly evidenced by the 33% increase in bet spots. That improvement indicates we are now in much better balance than we were previously.

24/04/2024 Will margins improve sequentially throughout the year from Q1’s 69%?

Yes, we’ve said H1 would be softer and H2 stronger. The reason is scale-up, capacity comes first, then revenue follows. You can’t generate the revenue before expanding. So, the softer margin is a byproduct of doing the right thing. That revenue uplift is starting to come in and will continue. We maintain the full-year margin guidance of 69–71% and expect Q3 and Q4 to be stronger.

24/04/2024 Which U.S. states do you expect to legalize iGaming in the next 12–24 months?

It’s difficult to predict. States like New York, Illinois, and Indiana are often discussed, but these are political processes. We don’t plan based on predictions, instead, we prepare in advance and wait for the political process to conclude. We’re ready in several states and will act when regulations allow.

19/07/2024 Did the Georgia studio disruption affect revenue or Q3 outlook?

No, not materially at all. When the Georgia strike began, some said 5,000 people were involved, that’s simply false. It was 500. It’s not had a material impact on our operations, and importantly, it happened after the quarter, so there’s no effect on Q2 results.

19/07/2024 Do you expect higher growth or stabilization next quarter, and what’s the update on the U.S. market?

We don’t provide quarterly guidance, but we’ve maintained our margin outlook. We’re launching new games in the U.S., including standout live titles, and we’ve got the right teams in the right states. It’s an active rollout and we expect those actions to positively impact performance later this year.

19/07/2024 Will these U.S. initiatives show results already in Q3?
I won’t quantify quarter-by-quarter impact, but yes, we do expect them to influence results at some point during the year.

19/07/2024 What do you mean by “regional development was slower than expected” in the statement?

It’s a combination of market conditions and internal factors. There’s no single issue, some markets moved slower, and we also see areas where we can improve. We’re in transition in places like the U.S. and continuing to make adjustments.

19/07/2024 What explains the wide EBITDA margin guidance range for H2 and how do you bridge from H1?

We kept our FY guidance at 69%–71%, and yes, reaching the top implies a substantial step up from H1’s 68.5%. Part of the uplift would come from stronger revenues and corresponding operational leverage. Also, we’re coming out of a phase of heavy expansion, so we expect more efficiency in H2.

19/07/2024 With game shows growing as a share of revenue and headcount increasing, how will this affect sales per employee and scalability?

It’s very difficult to calculate precise figures like revenue per table or revenue per NPE. What I can say is that we do not view the U.S. as margin-dilutive, and that includes incremental margins and strong scalability in other areas. It all comes together positively.

We’re adding people, yes, but higher-cost areas are being balanced by scalable products like game shows. These contribute favorably to our overall margin guidance.

19/07/2024 If the Game Rounds Index grows faster than operational costs, should this improve scalability over time?

Yes, the simple answer is yes. Growth in game rounds is positive and eventually converts to revenue. Of course, regional differences, like Brazil having lower GDP than Sweden, mean average bets vary. But as long as game rounds outpace costs, it supports long-term scalability and revenue growth.

24/10/2024 Can you comment on margin pressure from reallocating Georgia supply to other regions?

We’re currently setting up new studios and expanding globally. While we are somewhat below our earlier guidance, by a couple of percentage points, that’s within reason for a company with 20,000 employees worldwide.

We’ll revisit guidance in 2025, but we don’t see any structural change in Evolution’s margin profile going forward.

24/10/2024 Will staffing in Georgia return to full levels, and is there risk in concentrating so many staff in one studio?

We’re currently operating Georgia at 60% capacity and do not expect to return to 100%, it’s too unstable for that. There's an election tomorrow, and given the broader environment, we’ll hold at 60% for now.

Regarding the staffing concentration risk, it's something we’re aware of. We're expanding capacity in other regions to reduce dependency on a single location.

24/10/2024 RNG growth is close to double digits, has it reached a stable new level?

The growth path remains lumpy. While we’ve made good progress and this quarter was strong, Q3 2023 was also a weaker comparable.

So no, this isn’t necessarily a new base. We're focused on continuous quarter-by-quarter improvements, and that remains our goal.

24/10/2024 Is Q3 now the new baseline for Asia, or do you expect a recovery in Q4?

The comment on a “new baseline” referred to the game round index, not Asia specifically.

For Asia, we expect a gradual recovery. It’s not going to be a light switch, this will take a few quarters to normalize.

30/01/2025 Is Asia typically a higher-margin region, and is margin guidance reflecting weakness there due to cybersecurity issues?

We don’t provide profitability breakdowns by region. However, we are more cautious now due to the situation in Asia. A euro is a euro, a dollar is a dollar, regardless of where it comes from. We’re in an investment phase and we don’t want to slow that down. So going into 2025, we're taking action to get back on track in Asia while maintaining our growth pace, including launching in regulated markets like the Philippines and Brazil and opening new studios.

30/01/2025 Do regulated markets generally carry lower margins, and how does that relate to your 2025 margin guidance?

We don’t break down the margin guidance by specific regions or cost drivers. But we're guiding to 66–68% margins primarily due to the situation in Asia and the more expensive resource mix we currently have. Additionally, we’re seeing changes in how regulators enforce market access, including potential internet blocking. These regulatory shifts, particularly in Asia, are the main contributors to the margin outlook.

30/01/2025 Does the 2025 game roadmap being H1-weighted mean it could drive reacceleration outside Asia?

Yes, you're right , this year’s game releases are more weighted toward H1, and that’s intentional. We’re confident in the roadmap. It’s tailored to market demand and very strong. Also, some of the games released late in 2024 are still ramping up. Titles like Lightning Storm take time to find their audience, just like Crazy Fan, which became the biggest online game globally. So both the new games and the tailwind from late-2024 releases should contribute positively in 2025.

30/01/2025 Do you still expect to see improvements in Asia this year from your countermeasures?

Yes, we do. It may take a couple of quarters, but improvements are expected within the year.

30/01/2025 Is Asia typically a higher-margin region, and is margin guidance reflecting weakness there due to cybersecurity issues?
We don’t provide profitability breakdowns by region. However, we are more cautious now due to the situation in Asia. A euro is a euro, a dollar is a dollar, regardless of where it comes from. We’re in an investment phase and we don’t want to slow that down. So going into 2025, we're taking action to get back on track in Asia while maintaining our growth pace, including launching in regulated markets like the Philippines and Brazil and opening new studios.

30/01/2025 Do regulated markets generally carry lower margins, and how does that relate to your 2025 margin guidance?

We don’t break down the margin guidance by specific regions or cost drivers. But we're guiding to 66–68% margins primarily due to the situation in Asia and the more expensive resource mix we currently have. Additionally, we’re seeing changes in how regulators enforce market access, including potential internet blocking. These regulatory shifts, particularly in Asia, are the main contributors to the margin outlook.

30/01/2025 Does the 2025 game roadmap being H1-weighted mean it could drive reacceleration outside Asia?

Yes, you're right , this year’s game releases are more weighted toward H1, and that’s intentional. We’re confident in the roadmap. It’s tailored to market demand and very strong. Also, some of the games released late in 2024 are still ramping up. Titles like Lightning Storm take time to find their audience, just like Crazy Fan, which became the biggest online game globally. So both the new games and the tailwind from late-2024 releases should contribute positively in 2025.

30/01/2025 Do you still expect to see improvements in Asia this year from your countermeasures?

Yes, we do. It may take a couple of quarters, but improvements are expected within the year.

30/01/2025 What’s the biggest factor behind your 2025 margin guidance , cost of talent, compliance, or taxes in regulated markets?

The order matters. Asia is the biggest factor, followed by a more expensive resource mix as we shift talent from Georgia. Then there’s a notable gap before the regulated market-related costs, including new investments like the Brazil studio. We’re still in an investment phase , some upfront costs come before revenue, and that brings margins down slightly.

30/01/2025 Can you recap how much each margin headwind will weigh in 2025?

The biggest margin drag is the slowdown in Asia. Next is the resource mix, which has become more expensive as we expand outside Georgia. Then there’s a limited impact from regulatory ring-fencing. It’s not an exact science , we’ve been off in both directions before , but that’s our view right now.

18/02/2025 Is it true Evolution is developing a game show expected to surpass Crazy Time?

Yes. The new game will launch in early 2026. It’s the biggest, most expensive, most ambitious game we’ve ever built. It incorporates everything we’ve learned about game shows and the player journey.

Timing has always been critical to Evolution’s success, not too early, not too late. We’ve already mapped the path to get players there in stages. And we’re also building new back-end architecture to support it. It will represent the next level of what a game show can be.

30/04/2025 When did the European ringfencing begin and how much of Q1 did it impact?

It's a good estimate to count on two months of contribution in the first quarter.

30/04/2025 Has the cyberattack pressure increased, and what are the revenue implications?

We’re seeing solid traction from the actions we're taking. In Asia, it's a mix of shutting down certain operations and growing others. The result of those opposing effects is a flat outcome for now. We're doing the right things, and eventually the positive contributions will outweigh what we've removed.

30/04/2025 Do you have any updated visibility on when Q/Q growth may resume?

I don’t have any additional insight on timing at this point.

30/04/2025 Is there more European ringfencing expected in Q2 or is it complete?

There won’t be additional markets. The actions we planned are complete and were proactively executed mostly at the beginning of February. So yes, it’s effectively two out of three months in Q1.

30/04/2025 Has Brazil shown improving momentum through the quarter?

We see activity increasing, and I’ll leave it at that. I don’t want to offer quarter-on-quarter projections.

30/04/2025 How is Asia performing if you exclude the aggregators that were shut down?

It’s a combined measure with many moving parts, so I won’t go into that level of detail. We’re gaining good traction overall, but revenue remains flat for now. We’re optimistic that this will improve.

30/04/2025 Europe was soft in Q1 despite strong growth in the U.K. and Italy , where can EVO improve?

We’re taking proactive steps to build a strong foundation and are working closely with regulators. As you noted, we don’t comment on specific countries. But I can say this: where channelization was low, the impact of ringfencing was higher. In countries with strong regulation and high losses to unlicensed operators, the impact was more significant. The U.K. adjustments came a bit earlier, while the rest happened in early February.

30/04/2025 When will ringfencing effects in Europe be behind us and growth resume?

As we enter Q2, we’re operating from a new base level. With this in place, we expect to see good development going forward.

30/04/2025 Can you comment on current Q2 trading and full-year growth outlook?

We don’t guide on individual quarters. As stated, we expect the second half to be stronger due to the full effect of ringfencing taking hold in Q2. That’s as much guidance as we’re providing for now.

30/04/2025 Why maintain your EBITDA guidance given early-stage changes in Europe?

When issuing guidance, it has to reflect our best estimate for the full year. Unless there’s a clear reason to revise it, we shouldn’t change it. Right now, we believe we will reach between 66% and 68% EBITDA margin for 2025. That remains our guidance.

30/04/2025 RNG growth slowed to 3% this quarter. What’s behind that and how can it improve?

The slowdown in RNG is also tied to ringfencing. We don't disclose exact growth breakdowns, but that’s part of the softness. Also, Q4 is typically strong due to seasonality, while Q1 is not. In North America, we're still ramping up. I actually believe underlying RNG momentum is stronger in Q1 than Q4 or Q3, despite the 3.1% reported growth.

30/04/2025 How far along are you in addressing cyber fraud in Asia and what results have you seen?

We’re seeing good traction from our actions. We're continuing to adjust traffic and customers , removing some while growing others , and the result is balancing out. There’s no firm timeline, but we're on track and expect to see revenue traction as we move forward.

17/07/2025 What are the key drivers behind your expected improvement in the second half?

We’ve had a good improvement from last quarter and are cautiously, very cautiously, optimistic. We're more or less in line with our guidance range and believe the second half will be somewhat stronger.

17/07/2025 How much control do you now have over the cyberattacks in Asia?

We’re making progress with our countermeasures and are in better shape than before. Technically, we’re at the forefront of what can be done. We remain cautiously optimistic about continued improvements in the second half.

17/07/2025 Are the cyberattacks now having less impact, or is growth just overcoming them?

When we implement countermeasures, they affect both legitimate and stolen revenue, so it’s hard to separate. That said, we’re seeing growth in the region and traction from our efforts. We continue to focus daily on maintaining that momentum and remain cautiously optimistic.

17/07/2025 Have you completed internal countermeasures against cyberattacks, or are more needed?

Both internal and external efforts are ongoing. Internally, we’re continuously developing technical solutions to protect our innovations. Externally, we also work with customers to maintain clean networks. I don’t see this work ending anytime soon, we’ll need to keep evolving our protections continuously. We’re seeing early positive results and remain cautiously optimistic for the rest of the year.

17/07/2025 Do you have any visibility on the UKGC review timeline?

No, the timeline is in the hands of the regulator. We’re doing what we can on our side in Amsterdam, but I can’t provide guidance on when it will conclude.

17/07/2025 What is the medium-term growth outlook for Asia, still double-digit or lower?

It's likely more realistic to expect mid- to high single-digit growth, rather than the double-digit rates we saw in the past.

17/07/2025 What are the key levers to achieve the margin improvement implied in your full-year guidance?

We're driving efficiency and improving our resource mix by shifting to more cost-efficient studio locations. These operational adjustments should support margin expansion in the second half.

17/07/2025 Can you clarify your stance on Asia growth and margin guidance for the year?

We don't guide on growth by region, but we're cautiously optimistic and pleased with Asia’s Q2. Regarding margin, we maintain our 66% to 68% guidance. Q2 came in at 65.9%, just inside the range, while Q1 was slightly below at 65.4%. To remain within guidance, we need a stronger second half. FX was a headwind of 8.8%, mostly from dollar-euro conversion effects impacting North America revenues.

17/07/2025 Do you expect any regulatory hurdles in closing the Galaxy acquisition in H2?

No major hurdles expected. Regulators typically treat online and land-based under the same license framework. The process involves many jurisdictions, licenses, and administrative steps, but it's progressing well. Timing ultimately depends on regulator meeting schedules. We’re on track and confident in closing during the second half.

17/07/2025 Is the stronger H2 outlook driven mainly by Asia, or are other regions improving too?

It’s a mix. We’re working on adjusting the resource mix, flattening the ring-fencing effects in Europe, seeing promise in Brazil, and remaining cautiously optimistic on Asia. All these contribute to the expected improvement in H2, which should bring us firmly into the 66%–68% margin range.

17/07/2025 Should we expect a gradual margin improvement in H2?

We're cautiously optimistic. We’re executing a number of actions aimed at reaching our margin guidance. I wouldn’t say it's a sharp jump or fully linear, just steady, incremental improvement without major disruptions.

Personal Questions

04/02/2021 How does company culture affect whether a firm remains disruptive or not?

A company becomes what it talks about at the top. If your leadership never says the word “player” or doesn’t talk about innovation, that’s a red flag. At Evolution, we are in a creative industry, we make fun, imaginative games, so it’s essential to let creative minds lead. That’s part of why we’ve succeeded.

Compare that to Microsoft under Steve Ballmer, they were engineer-led. Apple, on the other hand, let creative people lead, and it showed in their product philosophy. If Evolution ever got bought by a private equity firm focused only on financial engineering, the danger is they’d start optimizing for short-term gains, spinning off divisions, and chasing trends. That kills mojo fast. They’d ask us to build products in "hot" sectors that no one actually wants, which derails the focus from what players love. That kind of shift can quietly kill innovation.

04/02/2021 What’s your personal view of Sheldon Adelson?

I’m a fan, particularly from a gaming perspective. He created the Venetian, spearheaded the Macau expansion, and turned Sands into a global gaming force. Without him making the first move in Macau, I might never have ended up there, it altered the trajectory of my career.

Yes, he was polarizing, deeply involved in politics and famously anti-online gaming, but he was also a visionary. He bet big, thought decades ahead, and got results. He’s part of the reason global gaming looks the way it does today.

23/04/2020 Final message to investors?

This is an exceptional time globally. Above all, health and safety come first, for our employees and the broader community. I'm truly impressed by the dedication of our entire Evolution team. Their commitment is what drives our continued progress, even under challenging circumstances. Thank you, and stay safe.

24/11/2021 Is there a cultural problem at Evolution, as implied by the report?

The methods behind the report are, frankly, highly questionable, and its intent appears equally so. I will not draw any conclusions about our culture based on such a report. At Evolution, we have a strong culture focused on constant improvement, every single day. This mindset has always been central to how we operate and will continue to guide us going forward.

09/10/2022 Why did you leave MGM to join Evolution, and how has the journey been since?

Yeah, it's been an incredible ride. I left Las Vegas and joined Evolution because I believed I could make an impact on the industry. It felt like the future. I didn’t anticipate the scale we’ve reached, it's exceeded expectations. The pace is still hectic, and we’re growing like crazy every day.

26/10/2023 Are wage levels limiting recruitment, or would higher salaries help resolve supply issues?

We already pay premium salaries appropriate for the work involved. I don’t believe salary levels are the root cause of our supply issues. If we saw clear evidence that higher wages would solve this, we would absolutely invest to capture growth and market share. But I won’t throw shareholder money at a solution that doesn’t align with the problem.

26/10/2023 Are wage levels limiting recruitment, or would higher salaries help resolve supply issues?

We already pay premium salaries appropriate for the work involved. I don’t believe salary levels are the root cause of our supply issues. If we saw clear evidence that higher wages would solve this, we would absolutely invest to capture growth and market share. But I won’t throw shareholder money at a solution that doesn’t align with the problem.

26/10/2023 Are churn rates among existing live dealer staff changing?

Churn is actually trending lower. Our staff strength is growing steadily.

18/02/2025 How did you end up joining Evolution after your time at MGM?

Yeah, so I first met the Evolution team while I was at Shufflemaster around 2012 or 2013. They were private and quite small then, and while they liked my product instincts and suggested I join, I felt more comfortable in larger organizations. We kept in touch, I’d call them up to talk about roulette wheel analysis and they’d share incredibly detailed insights. Later, while I was VP of gaming at MGM Resorts, I reached out to Evolution again because we were having issues with our roulette wheels. They’d give me these in-depth breakdowns on wheel behavior, ball scatter, just really thoughtful stuff.

Eventually, after Evolution went public, Jens von Bahr reached out and suggested I join. I was hesitant, I loved my role at MGM, working out of the Bellagio, and I told them there was only a 5% chance I’d switch. But I visited London, spent time with Martin Carlesund and Richard Hadida, and I got really into it. Martin even proposed a deal where I could sign and still back out, which would lock in their commitment but give me flexibility. That gesture, and their whole approach, won me over. I ended up joining and had to Google Malta before moving. It looked great. That was almost ten years ago.

18/02/2025 What sparked your early interest in casino games, even before working in the industry?

Honestly, I’m not totally sure. We had two slot machines at home growing up, but my dad was in the Navy for 31 years and my mom stayed home with us, this wasn’t a family business. One of my older brothers was a bit of a hustler, always running games on me, and I’d go try them out in the neighborhood. I think what really hooked me was the math, the structure, the energy behind the games. I’m not even a big gambler, if I lose $100, I’m annoyed with myself. But I’ve always been fascinated by the mechanics and psychology of games.

The interesting thing is that if you’re moderately intelligent but deeply passionate in a space that isn’t crowded, you can go far. For me, running games has always felt like a kind of superpower, being able to create, optimize, and engineer experiences that excite people.

Other

04/02/2021 Is there a game theory analogy to nuclear deterrence?

Absolutely. Think of the roulette table. If you cover all numbers except one, you’ll win nearly every time, until that one number hits, and you lose everything. That’s the nuclear deterrent in a nutshell. It’s like a martingale strategy: you double down each time you lose to ensure a win, but eventually you hit the limit, and the entire system collapses.

In fact, I once dealt to a guy in Vegas who used martingale. He started at €1 and kept doubling, 2, 4, 8, 16, all the way up. He kept running to his room for more cash, but eventually he hit the table max of €10,000 and couldn’t go further. That’s when the strategy collapsed. Same with nuclear weapons, you keep raising the stakes until there’s no room left. And when it fails, it fails catastrophically.

04/02/2021 What’s your take on Clubhouse and the fast-moving social media space?

Clubhouse is a great case study. It launched with nine employees, gained traction fast, and attracted attention when Elon Musk joined a discussion. That’s the power of cultural leverage. Suddenly, every investor and tech insider wanted in. It’s audio-first, which makes it more personal, like having high-level discussions in a room rather than broadcasting to an audience.

But traction doesn’t equal staying power. Spotify and Apple are already talking about Clubhouse internally. They could launch competing features or buy it. The real question is: can it build enough content to hold attention at scale? Social media is brutally competitive.

04/02/2021 How is social media evolving?

It’s now more about perceived coolness than core functionality. Ten years ago, platforms had clearer roles, Facebook for friends, Twitter for news, Instagram for visuals. Now it’s about trend gravity. Young users jump to wherever the cool crowd is, like switching nightclubs. TikTok was hot, now Gen Z calls it yesterday’s news. It’s no longer about what’s most innovative, it’s about what feels socially relevant.

Network effects still matter. People hesitate to switch apps because of friction, existing groups, photo libraries, habits. But if a platform catches a cultural wave, like WhatsApp privacy concerns, it can tip fast. That’s the game.

04/02/2021 What was your top disruptive innovation of the 1960s?

Organ transplants. The ability to replace a failed organ with a donor’s saved millions of lives and extended human longevity in profound ways. It’s not just about survival, it’s about giving people more time with loved ones, enabling recovery and dignity.

And the ripple effect is huge: it led to artificial organ research, transplant medicine, and now bioprinting. Eventually, we may eliminate waiting lists altogether. It’s one of those silent disruptions that reshaped medicine forever.

04/02/2021 What was the most disruptive innovation of the 1970s?

Pong. It kicked off the digital gaming revolution. That one simple game started the cultural and economic engine that eventually gave us the entire video game industry. What began as novelty entertainment became a mainstream medium and economic powerhouse.

Pong showed people that screens could be interactive, and fun. It laid the foundation for a trillion-dollar industry.

04/02/2021 Your 1970s pick was the personal computer, how did that change everything?

The personal computer democratized computing power. Before the PC, computing was centralized, mainframes, institutions, controlled environments. PCs put power into homes and hands. It unlocked everything from spreadsheets to gaming to programming, tools for creation, analysis, and communication.

It didn’t just change business or leisure; it changed how people thought about possibility.

25/07/2025 If these advances are that close, should we prioritize staying alive until then?

Exactly. If these technologies are just a few decades away, 2030s or 2040s, our goal should be to avoid dying before then. Avoid unnecessary risks, don’t fall off ladders, don’t crash your car. Just hang on.

25/07/2025 How seriously do scientists take the idea of curing aging?

Very seriously. Some of the world’s top scientists believe there’s a 50-50 chance we can cure aging within 30 years. That’s not immortality, but it means halting or even reversing the aging process. Cells would regenerate, becoming young and healthy again.

25/07/2025 How did your predictions differ by decade?

You had AI and robotics in the 2030s and gene editing in the 2040s. I had them flipped. You're slightly more bullish in some areas, and I’m a bit more conservative.

20/07/2017 How should we interpret your new KPI, bed spots, relative to revenue growth?

The increase in bed spots reflects higher activity across the network, up 7–8%. However, it’s not directly correlated with revenue. Activity levels can lead or lag revenue depending on the quarter, so they shouldn’t be viewed as a direct driver of top-line growth.

20/07/2017 Does the activity growth signal pressure on revenue share given the disparity?

No, I wouldn’t conclude that. Activity and revenue can move differently depending on timing. Activity might increase before or after the revenue impact is visible. So, no, it’s not an indication of pressure on rev share.

25/10/2017 Can you share anything about new signings or customer pipeline?

We do not comment on our pipeline or prospects, for several reasons. That has been our consistent policy.

25/10/2017 Can you provide performance metrics or KPIs for DreamCatcher?

We don’t provide detailed figures on individual games. DreamCatcher has performed well above expectations and has been a strong success, but we do not disclose specific KPIs.

19/04/2018 Can you give a sense of your largest markets by size?

We’ve stated that the UK is our largest market, but we haven’t disclosed revenue splits or ranked the top three markets. So beyond that, we’re not sharing specifics at this time.

24/10/2018 What payment solutions do most Rest of the World customers use?

I honestly don’t know the specifics on that.

24/10/2019 What countries are included in the “Other” geographical segment?

The “Other” category includes South America, Africa, and any additional regions that aren’t specified in our main geographical breakdown.

24/10/2019 Which markets are performing best and worst in the “Rest of Europe” region?

We’ve now decided to segment our reporting more transparently by geography. However, we won’t comment on specific countries beyond what’s provided in the new breakdown.

24/10/2019 Can you explain the new geographical split and why Q3 2018 regulated revenue jumped from 29% to 46%?

Previously, we disclosed data based on gross gaming revenue (GGR), which isn’t as precise. We’ve now shifted to reporting on actual revenues, which gives a more accurate picture. Additionally, we’ve broken out the “Rest of World” category. Part of the difference is that fixed fees, such as table and setup fees, are now allocated based on operator location rather than player activity. Since many operators are based in Malta, a regulated jurisdiction, this raises the share of regulated revenues.

24/10/2019 So the change increased regulated revenue from $29M to $46M in Q3 2018?

Yes. Part of our revenue is volume-based and allocated by player location. The rest is fixed, table fees, setup fees, and allocated by operator location. Since Malta houses many operators and is regulated, its share of allocated revenue increases under the new structure, contributing to the higher figure.

24/10/2019 But using the old method, Q2 2019 had 35% regulated revenue. Now it shows a decline from 46% to 42%, is that correct?

They’re not entirely comparable. The 46% is the revised figure for Q3 last year. This year, the trend likely is downward due to a relative decline in the U.K.’s share of total revenue, even though we’re still growing there. That affects the overall regulated revenue percentage.

24/10/2019 So, to confirm, regulated revenues have declined this year under the new method?

Yes, that’s correct under the revenue-based approach.

21/07/2021 What explains the quarter-on-quarter variance in bet spot and revenue growth?

As we’ve said before, bet spots are a rough proxy for general activity in our live network. There are quarters where bet spots outpace revenue, and others, like this one, where it’s the reverse. It’s not always aligned. Also, keep in mind bet spots only reflect live activity, not RNG, so they don’t tell the full revenue story.

24/11/2021 Even if Evolution did nothing illegal, could there still be ethical concerns?

Yes, that’s a fair question. While Evolution may not have broken any laws, there could still be ethical dilemmas regarding whether we should supply certain operators in the first place. The market’s reaction has been extremely negative, and I’d be genuinely interested to hear others' thoughts on the matter.

09/10/2022 How do players interact during live games

Interaction is done through typed chat only. Voice chat would create chaos, especially with hundreds or thousands of players. Even with just typed comments, moderation is essential. We have a dedicated chat moderation team that monitors and filters offensive content in every language.

09/10/2022 How does your U.S. hiring model differ from Europe?

The U.S. model is broadly similar, young, personable people, flexible shifts, but we adjust compensation structures. In Europe, bonuses are tied to game speed, error rate, and friendliness. In the U.S., tipping plays a big role and bonus mechanics differ. But the core is the same: filter a large applicant pool, train in the academy, and support dealers as they reduce mistakes with time. Retention is key, we work hard to build an environment that people enjoy and want to stay in.

27/04/2023 What does the “Other” geographic segment include and why is it soft?

The “Other” segment mainly includes Africa, along with countries like New Zealand and parts of the Middle East that don’t fall into standard regional groupings. It’s a small part of the business. In markets like Africa, we face challenges like internet connectivity, so the softness reflects early-stage volatility. These regions tend to show more quarter-to-quarter variability, but we’re continuing to invest and improve.

27/04/2023 How fast is the global RNG/slots market growing, and how committed are peers to it?

It’s very difficult to assess the global RNG market growth. A few institutions try to measure it, but the data is often unreliable. European online casino is likely growing between 5% and 20%, depending on the market. The U.S. continues to grow steadily with more transparent figures. Asia is a large but stable market, and Africa remains hard to quantify. Overall, it’s tough to pinpoint exact numbers.

27/04/2023 Can you break out performance for the Nordics and UK, now included under Europe?

We won’t be breaking out Nordics or the UK separately going forward. They’re stable and now part of the broader Europe segment. No material change in trend compared to prior quarters.

26/10/2023 Are there external indicators that show you’re undersupplying the market?

Internally, we track when and where we need to add tables based on BI data, but this isn’t visible externally. That makes it hard for outsiders to assess undersupply. The 6%–8% FX headwind reflects part of it, and the impact is concentrated in non-scalable products.

26/10/2023 Could European demand be met using excess U.S. studio capacity in the short term?

Currently, that’s not the case. However, it’s a good thought and something that could become possible.

26/10/2023 Are there external indicators that show you’re undersupplying the market?

Internally, we track when and where we need to add tables based on BI data, but this isn’t visible externally. That makes it hard for outsiders to assess undersupply. The 6%–8% FX headwind reflects part of it, and the impact is concentrated in non-scalable products.

01/02/2024 Would you consider disclosing customer concentration at the operator level?

We don’t plan to do that. These are our customers, and we won’t dissect their revenue splits. Some aggregators will naturally be large, as will some direct operators. But for now, we’ll stick to our existing disclosure format.

01/02/2024 What explains the relatively modest North America growth, any technical factors?

I’m pleased with North America performance. We grew 8% quarter-on-quarter, which is a solid improvement, and finished the year up 20%. While some quarters were weaker, Q4 was strong. I don’t consider it soft.

As for Asia, it’s a large, lumpy market. Growth of 30–40% is significant, even if it's slowed slightly quarter-on-quarter. Regarding recruitment, we were behind on investment earlier in the year and didn’t have all studios ready. We added Bulgaria and expanded others while fixing inefficiencies in existing operations. That explains the step-up in Q4, changes we initiated in Q1 take time to show impact.

01/03/2024 How is Evolution currently using AI in game creation and design?

We definitely use AI, especially on the design side. It’s great for idea generation and quick art iteration. We encourage the team to embrace it for those creative functions. For example, it helps speed up design mockups and asset generation, and we’ve been using AI in our lobby systems, recommendation engines, and fraud detection for quite a while now.

But when it comes to development, we’re not using AI in critical areas like math, core game mechanics, or original concept generation. It’s not driving gameplay innovation yet. It’s more of a tool for surface-level enhancements, naming, visuals, UI. It’s early days, but it's definitely useful.

01/03/2024 Should companies treat AI as a cost-saving tool or as a productivity multiplier?

It’s not that AI inherently reduces quality, it doesn’t have to. The problem is when companies use it as a shortcut to cut costs rather than as a tool to elevate their existing work. The magic happens when you maintain or even increase your investment levels and add AI on top, not in place of people or process. Most companies miss that. It’s easy to lose sight of what the customer wants and take your eye off the ball.

01/03/2024 Why does Evolution avoid aggressive B2B brand marketing while others go all-in?

We’re a B2B company. Our marketing philosophy is: be visible enough so that every casino operator knows us, knows our product, and has a path to engage with us. Beyond that, we focus more on product than on spectacle.

We’re proud of our stand at ICE, it’s when we show everything we’ve been working on, and it’s big, well-designed, and consistent. But we don’t feel the need to go for massive sponsorships or headline activations like others. It’s just not in our DNA. Could we do more? Sure. But we’d rather lead through substance, through the games, tools, and value we deliver to partners.

01/03/2024 Why doesn’t Evolution pursue aggressive brand flexing like some of its competitors?

We’re not interested in flexing. If our stand at ICE is large, it’s because we need to hold 100 meetings at once and showcase a lot of material, not to make a statement. We don’t do models, giveaways, or dramatic unveilings. We’d rather let Lightning Storm or our new coin pusher or claw products speak for themselves.

That’s not to say marketing isn’t important, we do enough so partners know us, and players see the quality. But our approach is quiet confidence. Honesty, clarity, craftsmanship. We’ll delay a launch if it’s not perfect. That’s our marketing, the games themselves.

01/03/2024 But other incumbents like Coca-Cola still invest heavily in marketing. Why not Evolution?

Coca-Cola is B2C, they need customers to pull product off the shelf. We’re B2B. As long as every casino operator knows who we are, what we offer, and how to engage, we’re where we need to be.

That said, we’re open to new ideas. I don’t doubt that what others are doing, Formula 1 sponsorships, massive ICE activations, is right for them. For us, we focus on players and partners. If others want to spend their time watching our moves, that’s fine. We’re just trying to stay focused on the product.

01/03/2024 What’s the key to building and sustaining a high-margin, world-class company like Evolution?

The business is complex, and the margins are hard-earned. You need religious focus on the player. That’s baked into our DNA. My role is keeping the product team energized, celebrating small wins, rewarding sharp observations like how a button flashes, and staying tuned into what’s happening on the ground.

We create a culture where ideas flow. Anyone, presenters, engineers, ops staff, can come to me with suggestions. Most ideas won’t make it, but I always respond with reasoning. That builds trust and sharpens thinking. Over time, it creates a culture where everyone gets smarter together.

18/02/2025 Do you intentionally make game show hosts into celebrities?

No, not intentionally. But we love it when it happens. It helps with recruitment and energy, and players love familiar faces. We run 24/7 on three shifts, so no host is permanent. Some players love hosts we didn’t even notice, and others prefer different styles entirely.

That said, in products like Live Spins, where the host is central to the experience, we are more deliberate. It’s “slots with friends,” and in that context, personality is the product.

18/02/2025 Will social and co-gaming features like Live Spins become a major trend?

Still early. Gambling is inherently solo. Betting with friends has long been theorized, but implementation has been limited. We’re experimenting, Live Spins is one example. It has potential, especially for streamers or shared experiences.

But broadly, most gambling remains personal. We’re watching the space, but we’re cautious. We don’t force innovation just because it’s trendy, we wait until the timing and product fit are right.

18/02/2025 Is gambling a social experience, or is that a myth?

It’s mostly a myth. Gambling is fundamentally an individual activity. You can observe it on the casino floor: slot banks are built in odd numbers or round configurations so players don’t have to sit next to others. Players want personal space.

That said, people do enjoy being around others. It’s like going to a bar, you may not talk to anyone, but there’s comfort in proximity. In gaming, that translates into shared wins, shared losses, maybe a sense of third-party trust. But they’re not looking to make friends. They’re looking to feel connected, lightly.

18/02/2025 Could streaming your face or social features unlock a new layer of engagement?

We’ve explored it. Our sister company Ezugi tested face-streaming in Blackjack. I didn’t think it would work, and it didn’t. There’s just too much friction. The bottom 1% ruin it. And more importantly, 70% of our traffic is on mobile. We have to stream the game, show the interface, and keep it clean. There's simply no real estate for video bubbles.

The truth is, Disneyland is called a social experience, but you only talk to the people you came with. Same with gambling. It’s social in feel, not function.

18/02/2025 What about streaming slots or watching others play? Can it go mainstream?

Live streaming has massive potential. In Asia, livestream e-commerce is huge. Gambling could follow. We’ve launched LiveSpins, where a host plays slots and players bet behind. It’s a hybrid model, “slots with friends,” and there’s clearly some appetite for it.

But it's still early. You won't see mass adoption until it becomes intuitive and valuable to the average player. We’ll keep testing and watching.

18/02/2025 Evolution was once about extending the casino brand online. Now it feels like online is taking over. Has that shift happened?

Yes. If you’re just a box of slots 45 minutes from town, you’re vulnerable. Online is better on many dimensions, faster, more flexible, better RTPs. And now, with great loyalty programs and apps, players can do everything from their phone.

But Vegas isn’t going anywhere. Why? Because it’s more than gambling. It's an entertainment destination. Great venues, shows, food. The same logic applies to regional casinos that create an experience worth the drive.

But the ones that don’t, they’re toast. Like Steve Wynn said: the job is to get people from over there to come over here. And now “over here” is your phone.

18/02/2025 Would you ever leave Evolution? What would it take?

I love the work. This is a platform where your creations are seen by millions of players. We’re impacting the industry. There were no game shows before us. No hybrid RNG-live games. Now we’re bringing content from online to land-based. That’s a full-circle moment.

We recently announced the acquisition of Galaxy, a small land-based content provider. That opens up more distribution. It’s exciting. And the culture here, the machine shop, the product standards, the excellence, is not easy to replicate elsewhere.

If I left, I’d face massive success risk. I’d miss the culture. I’d miss launching games to 20,000 concurrent players. That’s not replaceable with money. I wear an Apple Watch. I don’t care about labels. I care about the work.

18/02/2025 How strong is the talent bench at Evolution?

Very strong. If I got hit by a bus, the games would still run. Crazy Time, Lightning Storm, Funky Time, they’d keep growing without me.

The same team that created Dreamcatcher is still here. We’ve got institutional knowledge across regions, strong product leads, and deep execution capacity. I cast a shadow, but maybe stepping out of the way would even let new leaders thrive. The company would be fine.

18/02/2025 Final question: Is the stock a buy?

[Laughs] I’ll leave that to the markets. But I’ll say this:

Most gambling still happens offline. That’s shifting to online. We dominate live content. We’re launching all the new stuff. Others are still copying games from five years ago.

Every day, our games create moments people never forget. Every day, our franchises get stronger. If you're asking whether Evolution's future is bright, the answer is absolutely.

Disclaimer:

The following transcript and Q&A have been generated with the assistance of Artificial Intelligence (AI). While we strive for accuracy, completeness, and clarity, the content may contain errors, inaccuracies, or misinterpretations. Neither the company featured in this document nor ValueBridge assumes any responsibility or liability for the accuracy, reliability, or completeness of the information presented.

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Sources

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