Evolution’s UK License Review Expected to Conclude This Year

Evolution has estimated its license review in the UK will be completed by the Gambling Commission this year.

Unlicensed activity

The Commission initiated the review into Evolution’s license last December, after the regulator identified the supplier’s games were accessible from the UK via an unlicensed operator’s website.

Evolution’s games were made unavailable for UK players via the website in question after being informed of the investigation, and Evolution said it was cooperating with the Commission in an attempt to resolve the matter. About 3% of Evolution’s revenue comes from the UK market.

In its Q3 report, Evolution said the resolution of the matter is expected to take place by the end of 2025. In an earnings call following the publishing of the report, Evolution CEO Martin Carlesund was asked what gave him confidence the issue will be resolved this year.

Carlesund said: “Unfortunately, I don't have any other information than it's in the hands of the regulator, and our estimation is that it will be by the end of this year. I have no further information. That's what it is.”

It is currently unclear as to what exact punishment Evolution could receive, if any, from the Commission. The review could lead to a number of outcomes, which include no action being required, conditions being imposed on the licence, financial sanction, suspension and revocation of the licence to operate.

Bitter battle with Playtech

The update comes in the same week it was revealed fellow supplier Playtech was behind a secret investigation into Evolution, which was submitted to New Jersey and Pennsylvania gaming regulators in 2021.

The investigation accused Evolution of regulatory violations, and included allegations of operations in various black and grey markets. New Jersey and Pennsylvania’s gaming regulators closed their investigations in February 2024 without taking corrective action.

Playtech, which is said to have paid Black Cube £1.8 million to carry out the investigation, has since denied engaging in a smear campaign but said it “stands by” its decision to commission the report; Evolution is planning to take legal action against Playtech.

Q3 net revenue drops; improvements in Americas

Evolution’s net revenue for Q3 decreased 2.4% year-on-year to €507.1 million (£442.2 million). Adjusted EBITDA went down 5.3% to €336.9 million. The period was still profitable, bringing in €252.3 million, but this was down from €328.6 million.

Net revenue did increase for the period from January to September though, going up 1.5% to €1.55 billion. Adjusted EBITDA for the first three quarters went down 2.2% to €1.02 billion. Profit for the period was €755.3 million, down from €866.9 million.

Carlesund said in the Q3 report: “As I have pointed out before, we have not been satisfied with the growth so far this year and that sentiment has not changed in this quarter. However, a difference compared to the first half of the year is that performance in Europe, North America and Latin America is decent to good.”

The European performance Carlesund referred to showed a quarter-on-quarter improvement, with net revenue in Europe going up to €182.2 million from €180.2 million. However, this figure was still down year-on-year from €194.9 million.

North America and Latin America did show year-on-year growth though, with the former going up 14.5% to €74.2 million and the latter going up 6.4% to €39.8 million. Revenue from Asia dropped 6.5% year-on-year to €189.1 million.

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