Play Evolution Gaming – Evolution Gaming (“Evolution”) is a B2B direct casino service provider that allows customers to face online casinos to offer their players real-time video games on dealers. Evolution started this process, and with its laser focus and excellent execution, it won the “Business Provider of the Year” for eleven years in a row at the EGR B2B Awards, and captured an estimated share of in 60% of the European market.
I first discovered Evolution in 2018 using a board inspired by investor Kristian Heugh. The annual evolution report is easy to read and you can learn almost everything you need to know in an hour or less. After that, you can read more in the recent evolution documentation for NetEnt, or in this article from the American hedge fund Alta Fox.
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Evolution’s business model reminds me of Taiwan Semiconductor Manufacturing Company (“TSMC”). Live casino is a large part of the value chain because of the fixed costs to set up a studio and bet with streaming technology. Evolution passes this premium on to its customers, allowing them to focus on what they do best: player acquisition and retention. In turn, Evolution has reinvested in the best technology and new games, always offering more to its customers. This raises the bar for competitors and customers considering building or maintaining a live casino. As Evolution CEO Martin Carlesund said on the 4Q18 earnings call, “Evolution’s foundation was built on a strong desire to succeed and always push the bar to the next level.”
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Meanwhile, thanks to higher bandwidth and the spread of mobile phones, online gambling continues to take the share of land-based gambling – and live casino is the online sector that is experiencing rapid growth. Evolution is also in the early stages of building its presence in the US market. So far, only a few states have changed their regulations to allow online gambling, but Evolution ultimately believes that the American market will be several times larger than its European headquarters.
Also, like TSMC, as Evolution creates more desirable products, it increases its TAM. As Product Evolution CEO Todd Haushalter said in a recent interview, “we spend a lot of time thinking about players that we don’t have.” This is a point I want to comment on in this article, considering some questions that Haushalter has asked recently.
In other words, Evolution is not built around zero cost; and did not benefit from network effects. What Evolution has done is use technology to disrupt the existing distribution system: thanks to the internet, players don’t have to go to a casino to play; they can just do it from wherever they have a computer or cell phone. The main idea behind Evolution is that live streaming creates confidence that table games are being played fairly. But at the end of the day, the games played are the same as in the casino: blackjack is blackjack; roulette was roulette and so on.
In my opinion, Evolution’s first step in becoming a technology company is to take advantage of its zero cost by reinventing traditional table games like Blackjack so that an unlimited number of players can participate. Then, three years ago, he started designing new games that put random number generator games into a living format, creating a new experience. From an interview with Haushalter (slightly edited):
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What you will see in the live casino is that the games will be richer and more fun. So there will always be a place for roulette, blackjack, baccarat and everything that gamblers want. But more than that, I think you play online or on your phone or on your computer as an alternative to maybe watching Netflix or playing video games. And when that’s your base, that’s a great bar and people expect to be entertained and entertained and they always have things going on with them. A simple game per minute [like a traditional table game] is not enough… In a world where people want to have fun, games and entertainment will be more and more connected. Even blackjack and roulette cannot be recognized as you progress. The base game will still be ball rolling, but there will be a lot of fun around it.
Who will we follow? Slot players. OK, but we don’t have slots. So what is the nature of the slot machine? The nature of the compensator is that it is highly visible; it has good sounds; you can bet small and win big. This is probably the most important part. You can also bet small and win small. So, it feeds you between big bonuses and gives you something to dream about. So we don’t have to be a slots company to have slots players. We can only get players by creating what they want. Thinking a lot about the player you don’t have and why you don’t have him, I think that’s the key,
Two of the first games developed by Evolution with this concept are Lightning Slot and Monopoly Live – which respectively won “Game of the Year” back in 2018 and 2019 at the EGR Operator Awards. Monopoly Live is also Intelligence Review’s “Game of the Year” in 2020, with the judges calling it “the game that created a new genre” – the Game Show genre. Haushalter said:
We have released the original in this new season of the game show and it looks like soft, friendly games, but where you can still earn a lot of money. It’s a new way of playing. They’re not really board games. They’re not really slots, but they kind of fall in the middle and they’ve got a big following.
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A large audience indeed. New Evolution games have led to a significant increase in “bet points” – i.e. player activity – starting from 3Q19, as you can see in the table below:
Of course, COVID and the lack of sports betting have also boosted growth. But the type of gaming has created a differentiated product that will be difficult and expensive for online competitors to imitate, and impossible for land-based casinos to copy. This is something that will last even after COVID is gone. Per Haushalter (slightly edited):
I think it’s kind of inevitable that there will be players who will play like Crazy Time. And then they went on to play Flashing Gambling. They then proceed to play Monopoly Live, then hit “Deal or no Deal.” Then they go to the local casino. How should they sit at a traditional blackjack table or roulette table after playing there? You know, they say, “What can I do to succeed? How good is my bonus? Where is my bonus round? Where is my game running? They pay everyone 10 rounds per hour here. You know, I like a big window, four games at the same time. Or I like lightning roulette with multiples. I want to be able to pull the weather up and see the last 50, 100 or 500 rounds or whatever I want. I want to be able to do this. So people are getting used to a good gaming experience… it’s going to be hard for them to deliver.
Evolution released “Crazy Time” – Haushalter’s game means heaven – in the summer of this year. As he describes it (slightly edited):
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We did a game called Monopoly Live last year and it was a huge success. Gamers love it so much and it broke all company records. And what we learned from this is that it’s all about bonus. It may seem obvious, but remember we grew up with Roulette, Blackjack and Baccarat as a business. So the concept of a bonus round is something reserved for slots players. But that’s all people talk about in Monopoly chat. So we said, how do you make a game that just has a huge amount of bonuses and what would that look like? But you still have to be able to earn a lot of money and it should be interesting. And let’s roll to do something interesting and interesting that if it was just a TV show in itself, you would watch. That’s an interesting way to think about it, isn’t it? Because we are a video company. So people watch the show; people are watching who wants to be a millionaire. And I grew up watching a game called “The Price Is Right”. This is what Crazy Time is all about. And, you have the main game and then you have these side games all over. So you never know where you will end up.
You have to see ‘Crazy Time’ to believe it, so I recommend you watch this video and video. The average payment is a great marketing too, as you can see
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