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Evolution Gaming’s Interim Report For January-September 2019

George Miller

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Evolution Gaming's Interim Report For January-September 2019
Reading Time: 3 minutes

 

Evolution released today its Interim Report for January-September 2019.

Third quarter of 2019 (Q3 2018)

  • Operating revenues increased by 47% to EUR 94.7 million (64.3)
  • EBITDA increased by 73% to EUR 48.5 million (28.0), corresponding to a margin of 51.2% (43.5)
  • Profit for the period amounted to EUR 39.8 million (21.2)
  • Earnings per share amounted to EUR 0.22 (0.12)

January-September 2019 (9M 2018)

  • Operating revenues increased by 48% to EUR 259.8 million (175.2)
  • EBITDA increased by 67% to EUR 127.1 million (76.1), corresponding to a margin of 48.9% (43.4)
  • Profit for the period amounted to EUR 102.9 million (57.9)
  • Earnings per share amounted to EUR 0.57 (0.32)

Events during the third quarter of 2019

  • Positive effects from investments in games and studio capacity
  • All geographic markets contribute to the high growth
  • Pennsylvania Gaming Control Board license received

Summary of the third quarter and first nine months of 2019

Evolution Gaming Q3 Interim Report 2019

 

Comments from CEO Martin Carlesund: “I am very satisfied to report consistently strong results for the third quarter. Our investments in new games and studios are having an increasingly strong impact, which is reflected in both the high growth as well as stronger margins. We have also seen a further increased demand for Evolution’s products globally. In addition, we now see clearly that we are reaching completely new player types, who to a large extent are playing Live games for the first time. These new players are being converted from other game categories, such as slots, which is very encouraging to see. Through our expansion and construction of studio capacity, together with the 10 new games launched during the first half of 2019, we are also favourably positioned to take advantage of the growing general demand for Live.

Revenues in the third quarter amounted to EUR 94.7 million, an increase of 47 percent compared to last year. EBITDA amounted to EUR 48.5 million, with a margin of 51.2 percent. For the nine-month period, the EBITDA margin was 48.9 percent. Based on this outcome, we will end up slightly above the previously communicated margin range of 47-49 percent for the 2019 full year.

Evolution’s products experience high demand all over the world, which can be seen in our growth which is truly global. To increase the understanding of our geographical reach, starting in this report we will break down our revenues per region. We are growing together with our customers in all regions, with the highest growth in Asia and North America. We expect this development to continue and it reflects the operators’ focus on new growth markets. In some regulated markets in Europe, online casino has entered a more mature phase, but Live Casino as a vertical continues to grow its share of the total market.

As previously communicated, we continue to invest in additional studio capacity to meet the total demand for Live. Our all-new studio in Malta is now operational, and we are also continuing to expand our existing studios in both Georgia and New Jersey. In Georgia, we have now doubled the capacity since the launch of the studio in April 2018. By the end of the year, we will also have doubled the capacity in New Jersey in order to add more games from our portfolio and to allow additional space for dedicated customer environments. Currently, we offer 9 out of 21 game titles from our portfolio to operators in the state.

During the quarter, we received an Interactive Gaming Manufacturer licence from the Pennsylvania Gaming Control Board, which is a prerequisite to be able to offer our services in Pennsylvania. Based on our experience in New Jersey, we see great opportunities to attract both online operators and land-based casinos with our offering. Planning for the studio is in full swing with launch during 2020.

After the end of the quarter we have signed an agreement with Flutter Entertainment and its successful brands Paddy Power and Betfair. The deal is the result of a dialogue that has been going on for many years, and which has been intensified thanks to our latest innovations. We look forward to developing this partnership over time.

For us, 2019 has been a year of products and innovation. We have further strengthened our development capabilities and going forward, we will keep up the pace in the development of new games. Behind the scenes, the work to develop our core games while also expanding the Live vertical with new innovations is always ongoing. When we publish the 2019 year-end report in February, ICE 2020 will have just ended. As in previous years, our ambition is to pave the way for the entire industry by launching new ground-breaking products.

The absolute core of Evolution is built on innovation with a focus to meet the demand for Live and to constantly increase the gap to the competition. I have a confident view of what the future will bring. “

Industry News

WorldMatch Renovates its Website

Niji Narayan

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WorldMatch Renovates its Website
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Online gaming company WorldMatch has renovated its website to emphasise its 160 slot machines with 70 game engines, 30 table games and all types of video poker, in HTML5 for both desktop and mobile devices. The new site includes a section dedicated to the individual games and the explanation of their technical characteristics.

The new smart search tool allows filtering the slot machines catalogue, according to the required features and as usual, players can play all the games for free to better appreciate the gaming experience. Real-time updates about the release of new titles, partnerships and participation in events are available in the News page.

The graphic restyling is aimed at pointing out WorldMatch’s mission: to offer a wide range of games that will meet every player’s taste.

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Industry News

France’s Française des Jeux Secures New Jackpot Insurance

Niji Narayan

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France’s Française des Jeux Secures New Jackpot Insurance
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Française des Jeux (FDJ), the operator of France’s national lottery games, has announced the implementation of a comprehensive insurance policy to cover its counterparty risk from January 1, 2020.

One of the changes involved in the tax and regulatory reform carried out as part of the privatisation of FDJ was the discontinuation of the “counterparty fund” system.

This reform is part of a broader process of clarifying the relations between the state and the company, which is now responsible for covering counterparty risk through an insurance policy, at its own expense.

FDJ has taken out a comprehensive insurance policy with a number of top-tier French and international insurers and reinsurers to cover its counterparty risk, which will take effect from January 1, 2020.

This contract, drawn up with insurance broker Marsh, provides a guarantee for the gains falling within its scope on an aggregate basis. It provides annual coverage of up to €150 million. All costs related to this insurance policy are in line with expectations and are covered by the planned budget.

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Industry News

GVC Opens New Office in Rome to Unify Operational Teams

Niji Narayan

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GVC Opens New Office in Rome to Unify Operational Teams
Reading Time: < 1 minute

 

Online gambling company GVC Holdings has opened a new office in Rome. The company has migrated all its Italian divisions to the new office, which will house around 360 staff of its Eurobet, bwin and Gioco Digitale Italia properties.

Located in the Lungotevere district near Rome’s city centre, the new six-floor (approx. 4200 sqm) office will house all the operational teams, servicing a key European market territory for the FTSE enterprise.

GVC details that its Rome office relocation forms part of its final post-Ladbrokes Coral merger plans, driving operational and co-synergy efficiencies across an enlarged group.

Establishing its new Rome office, GVC management states that its enlarged Italian division will be better maintained within the Lungotevere district, securing access to a better transport network in an “area which is one of the best served in greater Rome.”

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