Best Evolution Gaming Online Casinos – Evolution AB (publ) (OTCPK:EVVTY) (“EVO”) is a leading provider of B2B live casino games in Europe and has recently gained a foothold in both Asia and the USA. The casino industry is undergoing a dramatic change in terms of the increased number of legislation and the tailwind from land-based casinos to online casinos, which plays out to the advantage of Evolution AB (publ).
As a “pick and shovel” company, EVO provides end-to-end live casino solutions that enable established operators to operate online. EVO’s focus on operational excellence and product innovation has helped drive better casino experiences for players in the industry, and has been the foundation of its success.
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Talented individuals, primarily Chief Product Officer (“CPO”) Todd Haushalter, have played a critical role in the company’s success and this can be seen from the portfolio of award-winning live casino games that are well known by operators and players around the world. world. world.
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With the large and growing addressable market driven by increasing legislation, coupled with its operational excellence and product innovation supported by the talented management team, EVO is well positioned to grow for many years to come.
EVO partners with casino operators, ranging from land-based casinos to sportsbooks, and online casino operators to offer their own live casino games to end users. Live casino games are live gaming programs broadcast online. The beauty of this is that EVO has little or no sales and marketing costs as casino operators, who own direct relationships with end users, market and distribute EVO’s games to their existing user base. And at the same time, EVO also follows operators into newly regulated markets.
In addition to being a B2B gaming provider, its larger value proposition lies in value-added services that help land-based operators digitize their operations. Important to know that land-based operators are established that have been around for decades, and running live games successfully requires a completely different set of operational capabilities. EVO’s end-to-end solution includes dealer (i.e. game presenter) rental and training, video streaming tools, risk and monitoring tools, live casino show tables and other services an operator needs to run a successful live game show. In exchange for these services, EVO receives its revenue through commissions, derived from a percentage of the operators’ gross gaming revenue (“GGR”), and fixed monthly fees.
The casino industry consists of two main segments: (1) land-based casinos; and (2) online casinos. Land-based casinos are brick-and-mortar operators and online casinos are online platform providers. Specifically, the online casino market consists of a few sub-segments – poker, slots, sportsbooks and live casinos (where EVO is located).
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A report produced by the European Gaming & Betting Association (“EGBA”) in collaboration with H2 Gambling Capital shows that online casinos are expected to take market share from land-based casinos, which now hold the majority of the market share in Europe. Europe was one of the first where legislation was first introduced and due to the attractiveness of little or no competition at the time, EVO entered the market and established a significant presence there.
Above is a list of regulated gaming markets in Europe, where EVO has most of its operations. Europe is a generally mature continent with more than half of the markets already having more than 40% online penetration. I believe market share will come from Asia, the US and Latin America (“LatAm”), where there are a growing number of regulated markets and lower online penetration rates. According to management, Asia’s market is 10 times larger than Europe’s. However, mature markets are important because consumers are more receptive to new game releases, and thus new games play a key driver of revenue for EVO.
Market drivers include the rise of technology including the birth of cloud computing, AI/ML, fast and reliable broadband speed, increased internet consumption and smartphone penetration. Historically, it was simply impossible to host online casino games due to the limited availability of hardware, technology and poor internet speed. That is of course not the case today.
The rise of mobile devices comes with an increasing number of gambling apps, and these are changing the way players play. Many players today want access to online casino games at their fingertips, in the comfort of their own homes, without having to be physically present. They are constantly looking for new games and experiences, and this is driving the growth of the overall market.
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By going online, operators are now getting new users on the Internet who historically have not been to land-based casinos or never played a casino game. So as EVO’s games are distributed to these customer bases, they also ride the secular tailwind. This digitization has actually been happening before the pandemic, although Covid has accelerated it.
Live casino has its own set of challenges, and whether casino operators/EVOs can encourage repeat business and brand loyalty depends on players’ gaming experiences. Many factors contribute to a good gaming experience, but the most important are: (1) trust; (2) a seamless game; and (3) product innovation.
Historically, the casino industry was filled with bad actors who engaged in fraud and illegal activities such as money laundering due to a lack of regulation. A common saying is, “the house always wins.” However, it has changed drastically since then, as there are an increasing number of regulated markets today. The main differences between unregulated and regulated markets include the presence of a regulatory body, licensed operators, audited operator games/websites and many other rules that operators must follow to maintain the integrity of the game to provide a safe space for players to engage.
EVO conducts strict Know Your Customer (“KYC”) checks on customers to ensure they are licensed. In the same way, the operators control the EVO. Remember, these operators have been around for decades and have developed strong customer loyalty and relationships. They are equal (or even stricter) than EVO to protect their brands, reputation and customer base. In the worst case, non-compliance with regulations can lead to the revocation of a permit. Both EVO and operators help maintain the highest industry standards and weed out bad actors.
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Because games are held online, players may engage in illegal programs (such as bots or algorithms to predict where the ball will go) to cheat during a live game. EVO operates 2 Mission Control Rooms (“MCR”) in Latvia and Malta which conduct 24/7 monitoring to identify such irregularities. There is also AI/ML software such as shuffle tracking (to identify weak shuffles) and wheel clock (to identify players predicting ball and wheel speed). Operating its own risk and monitoring tools gives EVO the advantage of maintaining maximum control over the business, even if this comes at the expense of high staff costs. Their proprietary mixing procedures are used by land based operators as it is proven to be the safest mix.
This also creates a strong feedback loop as the more bad actions are identified, the faster they can identify them in the future to provide a safer environment for players and operators.
EVO prides itself on maintaining the highest international standards by obtaining all licenses and certifications required for regulatory compliance and safety. For example, the license granted by the Malta Gaming Authority (MGA) is a first class international gaming permit. Licensing, especially in developing or unregulated markets, helped build trust and lower the barrier to entry for players to try out their games.
Driver #2 – Running a seamless, live casino game “…isn’t it just that easy? You just put a camera in front of a roulette wheel…actually, yes, it’s that easy, but no one will play the product…the is incredibly difficult. Streaming videos, from 1 to many players, will just break all the time… new versions of chrome… ios… we’re 16 years into this and still struggle every day with it… )” – Todd Haushalter, CPO of Evolution Gaming, during the iGaming NEXT New York City 2022 Keynote Speech.
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CPO Todd Haushalter began his 2022 keynote by talking about how incredibly challenging it is to run live casino games. The rules require EVO to build out production studios, where EVO hosts live casino games, a training center for employees to learn how to run a live game show, and a technology center where they developed and operate their internal risk and monitoring tools. The size of the studio depends on the capacity (eg how many tables the operators need) and the training process is tedious and resource intensive for a high turnover business as the same training process is repeated for every staff employed. .
The biggest challenge so far is having to stream to thousands of players across devices and browsers globally, and they have over 30 teams just to optimize for different devices. Poor streaming/syncing quality, poorly trained dealers and gambling scams are the bane of a player’s casino experience. Sounds easy, but it’s tough.
EVO builds on its years of experience to help operators run a smooth and seamless live game show. While EVO runs live games on behalf of operators in its own studios, it also offers a double play solution which