Evolution Gaming Group, known simply as Evolution, is a Swedish-based business that specializes in developing, producing, marketing, and licensing integrated B2B online casino solutions.
Established in 2006, it has listed its shares on the Nasdaq Stockholm exchange, where it trades under the ticker EVO.
It operates within the Live Casino sector, a segment that has seen a growth rate of 38% annually between 2015 and 2019. The business model of Evolution is designed for scalability and emphasizes operational efficiency.
Evolution: Company Overview
Evolution develops, produces, markets, and licenses fully integrated B2B Online Casino solutions for gaming operators.
Since its inception in 2006, the Swedish company has established itself as a leading B2B provider in the industry, with a diverse client base of over 600 operators that includes the majority of tier 1 online operators within the iGaming industry and several land-based casinos.
Furthermore, Evolution employs approximately 16,000 people in studios throughout Europe and North America, underlining the scale of its operations.
Moreover, the company operates in the fastest-growing segment of the casino industry, the live casino one, which had an annual growth rate of 38% from 2015 to 2019.
This growth is driven by key market factors such as technological developments, new distribution channels such as mobile, market regulation, and increasing strategic importance of live casino products among operators. Evolution has been recognised as a company which is attentive to the latest trends in iGaming and is fast in implementing them into their strategies.
Financially, the group has shown significant growth, with a revenue CAGR of 48% from 2015 to 2019, and a revenue CAGR of 62% from 2019 to 2023. The EBITDA CAGR from 2019 to 2023 was reported to be 41% (data source evolution.com).
Growth Strategy and Performance
Evolution pursues a growth strategy, with emphasis on operational excellence, product innovation, and customer optimization.
Notably, their services are not just recognized but also highly awarded within the industry. Evolution has received the ‘Live Casino Supplier of the Year‘ award ten times at the EGR B2B Awards, affirming its position as a top provider of live casino systems.
The strategy concentrates on three key areas: competitive differentiation, regulated markets, and land-based casinos.
Over the past years, Evolution has recorded a notable increase in revenue and earnings, mainly due to organic growth within the existing customer base.
In summary, as an influential player in the iGaming industry, Evolution Gaming Group’s operations, strategy, and performance continue to contribute to its positioning in the market.
It operates with a focus on the live casino segment, has a robust client base, and follows a clearly defined growth strategy.