Evolution Gaming, Kambi, & US Gaming Regulation

Former Director at Penn National Gaming & Director of New Markets at FanDuel

Why is this interview interesting?

  • US regulatory hurdles
  • Core barriers opening new markets for sports and live casino
  • Evolution Gaming positioning
  • Kambi vs building sportsbook internally

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.


Executive Bio

Former Director

Former Director at Penn National Gaming & Director of New Markets at FanDuel

The executive has over 10 years experience in gaming. He has ran online casino slot studios that were acquired by Penn National before running Online Casino in Philadelphia for Penn. He was also heavily involved in navigating the US regulatory system to open new markets and states across the US at FanDuel. Read more

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Interview Transcript

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