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.
The executive has 20 years gaming experience and a Former Director at Red Tiger Gaming. Previously, the exec worked for Hong Kong-based Sun City running B2C sites with sports, slots, and casino from the Isle of Man. Sun City also had 6 live dealer tables including Evolution Gaming and competing offerings.
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The executive has 20 years gaming experience and a Former Director at Red Tiger Gaming. Previously, the exec worked for Hong Kong-based Sun City running B2C sites with sports, slots, and casino from the Isle of Man. Sun City also had 6 live dealer tables including Evolution Gaming and competing offerings.
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