Industry Revenue Breakdown:

• Live Casino: approx. 75%
• RNG (Random Number Generator) Games: approx. 25%

TOP 3 Markets:

• Europe: approx. 50%
• Asia: approx. 30%
• North America: approx. 15%

Evolution AB (publ) generates the majority of its revenue from the Live Casino sector, known for its interactive and realistic player experiences. This is reflected in the strong demand for live dealer games, positioning Evolution as the market leader.

Europe remains the largest market for Evolution, followed by Asia, which has significant growth potential, especially due to the increasing popularity of online gambling in this region. North America also shows growing interest, particularly with the legalization of online gambling in several U.S. states.

Production Sites: Several locations in Europe and North America (as of 2023)

Evolution AB (publ) is a leading provider of live casino services. The company mainly produces its products in specialized studios located in various countries. The main locations include Latvia, Malta, and Georgia. These studios are equipped with modern technology to stream live casino games in high quality.

Furthermore, Evolution AB has expanded its presence in North America to better serve the growing market there. This geographical diversification enables the company to flexibly respond to different regulatory requirements and market developments.

Revenue Growth: 20% (estimated for 2025 based on the latest available data from 2023)

Profit Growth: 18% (estimated for 2025 based on the latest available data from 2023)

Evolution AB pursues a strategy focused on expanding its product portfolio and geographical footprint. The company continuously invests in developing new live casino games to strengthen its market leadership and tap into new customer segments.

Another key focus is on entering new markets, particularly in North America and Asia, where the demand for online gambling is growing. Evolution AB also relies on strategic partnerships and acquisitions to solidify its presence in these regions.

Additionally, the company invests in technological innovations and enhancing user experience to increase customer retention and boost the efficiency of its platforms. These measures are intended to support both revenue and profit growth in the long term.

Main materials: Playing cards, roulette balls, table materials
Countries of origin: USA, China, EU countries

Evolution AB (publ) is a leading provider of live casino services and requires various materials for operating its studios. This includes playing cards, roulette balls, and specific table materials that are necessary for the smooth running of the games.

The playing cards and roulette balls are often imported from the USA and China, as these countries are leading in the production of such items. Table materials and other studio equipment are frequently sourced from EU countries to ensure high quality standards and to take advantage of logistical benefits.

Market Share: 70% in the live casino segment (2024)

EBITDA Margin: 68% (2024)

Evolution AB (publ) has a significant competitive advantage in the live casino segment, reflected in an impressive market share of 70%. This dominance is supported by their advanced technology, a wide portfolio of live casino games, and strategic partnerships with leading online casino operators.

The high EBITDA margin of 68% demonstrates the efficiency and profitability of the company, indicating strong operational capabilities and cost efficiency. These metrics highlight Evolution's ability not only to be a market leader but also to operate sustainably profitably.

Furthermore, the company continuously invests in innovation and expansion, further solidifying its position as a market leader and enhancing its competitive advantage.

Institutional Investor Share: Estimate around 60-70% (2025)

Insider Buys/Sells: No specific data available for 2025

Evolution AB (publ) has traditionally had a high institutional investor share, which has ranged between 60% and 70% in recent years. This is typical for large publicly traded companies, which are usually held by institutional investors such as pension funds, investment funds, and other major financial institutions.

There is no specific data available for insider buys or sells in 2025. However, such transactions are regularly disclosed in the company's quarterly or annual reports and can also be viewed through financial news services. Insider transactions can be an indicator of management's confidence in the company's future development.

Market share of Evolution AB: 25% (estimated for 2025)

Main competitors and their market shares:

1. Evolution AB: 25%
2. Playtech: 15%
3. NetEnt: 12%
4. Microgaming: 10%
5. Scientific Games: 8%
6. IGT: 7%
7. Betsoft: 5%
8. Yggdrasil Gaming: 4%
9. Pragmatic Play: 3%
10. Red Tiger Gaming: 2%

Moat of Evolution AB:

Evolution AB has a significant moat, characterized by several factors. Firstly, the company holds a strong market leadership in the live casino games sector, supported by continuous innovation and high-quality products. Investments in technology and the ability to provide tailored solutions for different markets further strengthen this advantage.

Secondly, Evolution AB has a broad geographical presence and partnerships with leading online casino operators, enabling access to a large customer base. These strategic alliances and the ability to quickly adapt to market changes contribute to defending the market share.

Compared to competitors, Evolution AB has a technological edge and strong brand recognition, allowing the company to stand out from the competition. While companies like Playtech and NetEnt also have strong brands and innovative products, Evolution AB remains superior due to its specialization and market leadership in the live casino segment.

Although the competition also has its strengths, especially in the variety of games offered and technological infrastructure, Evolution AB remains a leader due to its focus and innovation.

Revenue Growth: 35% (2024)
EBITDA Margin: 69% (2024)
Market Share in Europe: 60% (2024)

Evolution AB (publ) achieved an impressive revenue growth of 35% in 2024, driven by strong demand for its live casino products and expansion into new markets. The EBITDA margin of 69% demonstrates the company's high profitability and its ability to efficiently manage costs.

The company has expanded its market share in Europe to 60%, highlighting its leading position in the industry. This dominance, coupled with continuous innovations and a strong product portfolio, positions Evolution AB well for further growth.

Additionally, the company has been consistently investing in technology and infrastructure in recent years to secure its market leadership and unlock new growth opportunities. These strategic investments could lead to further improvements in operational efficiency and market presence in the long term.

Overall, these factors suggest that Evolution AB (publ) could be a promising investment for investors interested in the long-term development of the online gaming market.

Dividend Yield: 1.5% (estimated for 2025)

Dividend History: Regular payouts since 2018

Evolution AB (publ) is known for distributing dividends to its shareholders. The dividend yield for the year 2025 is estimated to be around 1.5%. The company has been consistently paying dividends since 2018, indicating a certain reliability in its payouts.

The reliability of dividend payment is supported by Evolution AB's strong financial performance and stable business model. The company benefits from its leading position in the live casino services sector and has experienced solid revenue and profit growth in recent years. This enables the company to regularly distribute dividends to its shareholders.