Evolution Gaming & Unregulated Asian Gaming Markets

Former Managing Director at Ezugi, Hong Kong

Why is this interview interesting?

  • Asia unregulated market structure
  • How unregulated gaming markets work
  • Risks to Evolution Gaming in China and Turkey
  • Evolution's advantage over competitors
  • Outlook on European, Asian, and US market growth

Evolution Gaming

Why is this company interesting?

Evolution is a B2B live casino gaming operator which provides customers with professional croupier services via its online casino and gaming platform. (Live casino refers to a game where a game presenter runs a gaming table followed in real time via a video stream.) The company has a large addressable market.

Live casino is the fastest-growing segment in online casino, with an annual growth rate of 31% from 2017 through 2021. Evolution dominates this space. Sales increased 90% in 2021 and are 6x greater than in 2017. The business has high and increasing margins; EBITDA margins were 68.9% in 2021 and management believes they hit 69%-71% in 2022. The business is capital-light with capex of less than 6% of sales in 2021. Evolution generates substantial free cash flow and has no net debt.

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Executive Bio

Former Managing Director

Former Managing Director at Ezugi, Hong Kong

The executive has over 25 years experience operating RNG game studios and live casino operations in Asia and Europe. He is a Former Director or Ezugi for Asia and has experience running operations in Macau and Europe. The executive has deep experience in China and South East Asia gaming.Read more

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