Evolution Gaming: US Competition
Former Director at Playtech and Ezugi
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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.
Former Director at Playtech and Ezugi
The executive has over 13 years experience in the online casino industry and has worked at both Playtech and Ezugi, now owned by Evolution Gaming. The exec ran Global Operations for Ezugi before launching and managing Ezugi's US offering. At Playtech, the executive was responsible for launching a US live casino product to compete with Evolution Gaming.
Interview Transcript
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