The Synopsis Company. Evolution: Bringing the Casino Online
Jan 24, 2024
This podcast covers Evolution, a leading live casino supplier in the online casino space. It discusses Evolution's history, market dominance, and differentiation strategies. It also explores the complexities of the gaming industry, customer acquisition, and the advantage of direct customer relationships. The podcast analyzes Evolution's business model, competitive advantages, and their partnerships with land-based casinos. Additionally, it delves into pricing strategies, capital allocation, company acquisitions and growth, and the potential impact of increasing gaming taxes.
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Live Casino Supplier Dominance
- Evolution is a B2B live-casino supplier that streams real dealers and charges operators a cut of gross gaming revenue.
- It grew from a 2006 experiment into a €1.7bn revenue business with ~60% operating margins.
From One Roulette Wheel To Product-Market Fit
- Founders tested live-stream roulette with a single wheel and poor tech before securing seed funding in 2006 and moving to Riga.
- A single operator dedicating a live-casino tab in 2010 drove 400% YoY activity, proving product-market fit.
Dedicated Tables Create Lock-In
- Evolution introduced dedicated, customizable tables so operators can brand and reserve seats for VIPs.
- Dedicated tables create upfront costs and switching friction, increasing operator lock-in.