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Online Casinos That Use Evolution Gaming – STOCKHOLM, May 26 ( ) — Swedish gambling technology company Evolution (EVOG.ST) is betting that online casinos will increasingly replace brick-and-mortar locations and help sustain recent rapid expansion.
Evolution’s shares jumped 170% last year, boosted by increased demand for online casinos during the lockdown, taking its market value to 314 billion kronor ($38 billion), compared with less than 3 billion when it was listed. in 2015.
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This puts the company, which manufactures and licenses live casinos to gaming operators, among Sweden’s top 10 listed companies, alongside telecoms equipment maker Ericsson (ERICb.ST), which has a market value of €367 billion. of crowns.
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Evolution, which has more than 500 customers including 888 Casino (888.L) and Betsson (BETSb.ST), bought Swedish rival NetEnt for $2.12 billion last year, handing it popular slots like Starburst and Piggy Riches.
CEO Martin Carlesund said that Evolution could buy companies anywhere, as it plans to be present in all regulated gaming markets, although it does not aim to encourage consolidation in the sector.
“The market as such will double and double again. It’s almost hard to imagine what potential there is,” Carlesund said, adding that land-based casinos would provide “maybe 50, 40 or 30%” or less of total casino revenue in 15 years.
Industry data provider H2 Gambling Capital (H2GC) said extrapolating growth forecasts to 2036 would see the casino market expand by around 90% to 231 billion euros ($283 billion), with online gambling accounting for for 22% of total revenue against 16% in 2021.
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H2GC Senior Advisor Ed Birkin does not rule out that online casinos could account for 50% of the market in 15 years as structural changes could render current growth rates irrelevant.
“But based on current levels of growth and the relative size of the market, you would have to assume a significant increase in online growth along with a significant decline in domestic to pull this off,” Birkin said.
With North American and Asian markets at an early stage, Evolution, whose first-quarter sales jumped by more than 100% to 236 million euros, will continue to grow rapidly, said Pareto analyst Marlon Varnik, who has a Buy rating. of Evolution shares.
Rebounds from competitors, political risks and the departure of key innovation people are potential risks down the road, Varnik said, although Evolution is extending its lead for now.
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“Innovation is a very important factor in Evolution’s success with its games,” he said.
Rivals include London-based Playtech (PTEC.L), while Evolution’s Carlesund said the Swedish company also competes with Netflix (NFLX.O) and other providers of online entertainment.
Playtech said on Wednesday that its online growth was very strong in the first four months of 2021 and that it had beaten its operating profit forecasts.
Carlesund said Evolution could beat its forecasts for an operating margin (EBITDA) of 65% this year and that it expects many more US states to become regulated online gambling markets in 10 to 15 years.
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“We’re going to be a bit like Google in 1999: if you’re in this business, you should be in Evolution,” he said. To provide you with the best experience, we use technologies such as cookies to store and/or access device information. Consent to these technologies will allow us to process data such as browsing behavior or unique IDs on this website. Non-consent or withdrawal of consent may adversely affect certain features and functions.
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Technical storage or access is required to create user profiles to send advertisements or track users across one site or multiple sites for similar marketing purposes. Evolution Gaming (OTCPK:EVVTY) [Evo] operates online casinos for gaming operators worldwide. Live Casinos and Random Number Generators [RNG] Casinos are two areas of focus for Evo that have grown significantly as industries since 2016. The Live Casino and Casino RNG markets have grown at annual rates of 28.2% and 8. 9% respectively over the past five years and I believe potential future growth will benefit from Evo’s earnings. By also focusing on expanding its games portfolio through organic and acquisition-related development, Evo can continue to see new game users gravitate towards its product suite, potentially driving more sales. As regulation continues to support the growth of online gaming in America, international expansion (outside of Europe) will be a key earnings catalyst, in my opinion.
Evolution Gaming was founded in 2006 and is headquartered in Stockholm, Sweden. Evo develops, manufactures, sells and licenses fully integrated online casino solutions to gaming operators around the world. With a strong focus on operational excellence, Evo has grown its customer base to 500 gaming operators by the end of 2020 after signing agreements with a dozen US operators last year (e.g. BetMGM (MGM), Caesars Entertainment (CZR), Wynn Sports Interactive (WYNN)). I believe Evo has a very simplistic revenue model due to its B2B structure. Charging a commission for its live casinos and RNG, Evo receives monthly commissions from game operators based on a percentage of total casino winnings.
I believe that Evo’s focus on operational excellence has been key to its past success. In 2020, the system’s availability was 99.87% without scheduled maintenance, with minimal losses for operators using its platform. Evo also focuses heavily on compliance, striving to be the most reliable and transparent online casino provider. All Evo game presenters and scramblers undergo over 100 hours of training in the Evolution Academy program. Through this program, employees develop skills such as awareness of gambling addiction, legislation and money laundering.
Since 2016, the online casino market has grown dramatically, with live casino and RNG growing at a CAGR of 28.2% and 8.9% respectively. In 2020, the global online casino market grew 23% year over year, ending the year at an estimated $19.8 billion, according to H2GC. Although the online casino market will only represent 20% of the total global casino market by the end of 2020, I believe that this segment will continue to grow compared to land-based casinos.
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The reason I believe the online gaming industry will continue to grow is because of newly regulated markets that are driving demand in new geographies. Evo was recently able to expand into Pennsylvania and Michigan because new regulations allowed it. Evo’s North American revenue grew from $1.3 million in 2017 to $44.9 million (226% CAGR) by the end of 2020 as it expanded into the United States.
With the total North American casino market estimated at $58 billion in terms of revenue, the potential newly regulated states will, in my opinion, lead to further shifts from land-based casinos to online casinos. As of the end of 2020, it is estimated that online casinos will represent only 5.5% of the total casino industry in North America. Due to the minimal currently segmented lineup and the lack of a widespread Evo license in the US, the industry is ripe for long-term expansion, in my opinion. Even if the market expands to 10% of the industry’s 2020 revenue over the next few years, that would be equivalent to $5.8 billion or 8.5 times Evo’s 2020 revenue. Through this potential shift, I believe Evo will experience exceptional long-term growth in the Americas and other international markets.
I believe one way Evo will continue to capture market share in a potentially growing industry is through product development.
While many of the new games added to the product portfolio have been organically developed by Evo, acquisitions also drive product and revenue growth. In December 2020, Evo was acquired by NetEnt adding slots as a new vertical to their live casino platform. As NetEnt has a very similar business model to Evo, I believe they will be able to sell different games to their different customer bases, creating synergies in the future. Evo stated that their goal is to develop NetEnt’s suite of games with the aim of providing the best player experience. To this end, Evo has already explained that it is working on several joint projects and will release several jointly developed games in 2021.
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By adding new games and acquiring new verticals in different gaming segments, I believe Evo will be able to rapidly increase revenue as demand from different customers and game users potentially grows.
I believe that due to Evo’s positioning in the online casino industry, they have been able to produce incredible earnings growth, margin expansion and profitability metrics over time.
From 2015 to 2020, Evo’s revenue grew at an annual rate of 49%, operating margins were
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