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Evolution – INTERIM REPORT FOR JANUARY-SEPTEMBER 2021
Evolution released today its Interim Report for January-September 2021.
Third quarter of 2021 (Q3 2020)
- Operating revenues increased by 97% to EUR 276.0 million (140.0)
- EBITDA increased by 113% to EUR 192.9 million (90.7), corresponding to a margin of 69.9% (64.8)
- Profit for the period amounted to EUR 157.4 million (79.4)
- Earnings per share amounted to EUR 0.73 (0.44)
January-September 2021 (9M 2020)
- Operating revenues increased by 100% to EUR 768.5 million (383.5)
- EBITDA increased by 124% to EUR 527.7 million (236.0), corresponding to a margin of 68.7% (61.5)
- Profit for the period amounted to EUR 433.9 million (204.0)
- Earnings per share amounted to EUR 2.03 (1.12)
Events during the third quarter of 2021
- High demand for Live Casino generates a +53% growth YoY
- RNG revenue growth 7.9% compared to pro-forma Q3 2020
- Continued expansion in the US with opening of a new live casino studio in Michigan. After the end of the period launch of RNG-games in Connecticut with live games to follow.
Summary of the third quarter and the first nine months of 2021
CEO’s comments
The third quarter this year has been another quarter of extremely high activity within Evolution. The expansion of our business at the current speed is simply put – hard work – and I want to start these comments by thanking everyone in Evolution for great work during this period, without your effort and commitment the achieved financial results would not be possible.
The result for the third quarter 2021 has once again proven that our strategy to focus on the entertainment of the end-users and seamless and flawless experience is successful. Revenues in the third quarter increased by 97 percent to EUR 276 million, while the EBITDA increased to EUR 192.9 million. The EBITDA corresponds to a margin of 69.9 percent, exceeding our guidance for 2021.
Top-line growth is driven by very strong global demand for Live Casino but also impacted positively from our increased RNG business. Live Casino revenue growth was 53.2 percent compared to Q3 2020, which is higher than the pre-pandemic growth rate levels, showing that many of our newer players are staying in the network. RNG growth was 7.9 percent compared to pro-forma figures of Q3 2020 for NetEnt and BTG. Big Time Gaming, which was fully consolidated into our results in the third quarter, contributed with EUR 10.6 million in revenue. BTG stand-alone is growing at a rate of over 30 percent in the quarter, compared to their corresponding quarter in 2020. Our NetEnt and Red Tiger brands show growth of about 3 percent compared to the same quarter 2020 and while this development is in line with our expectations, our ambition for our NetEnt and Red Tiger brands is to deliver stronger growth moving into 2022.
As I have mentioned earlier this year, we are in the process of reshaping our RNG business. This year we have both re-structured the product roadmap and also re-built the complete technical platform for NetEnt. We are right now rolling out our updated integration for casino, One Stop Shop (OSS), towards customers which enables operators to reach all our existing content from one single integration and ensures that access to future Evolution content will go seamless and fast world-wide. This is a major step for both us and our customers but even more so for all our end users who will get more fantastic Evolution content. One side effect of this total technical make-over has been fewer new game releases in 2021.
As always, we continue to develop our portfolio of games. While our game shows, including successful wheel based games such as Monopoly Live and Crazy Time, continue to attract players, we continue to broaden the audience for the game show category. Our new bouncing ball game – Cash or Crash – adds strategic and decision-making features in a game show style game. This game is all about player choice and the ability for the player to control the outcome. We also launched Fan Tan – a fresh twist on the beautiful traditional Asian bead game.
Besides adding new unique games, it’s absolutely crucial to constantly enhance the end-user experience and entertainment value through enhanced and innovative user interfaces. Reduce all small bottlenecks and make it seamless. During the quarter, we launched an improved user interface to our traditional Blackjack game, through a new zooming feature in portrait mode. This clearly improves the gaming experience further.
The aim with all our offerings is to excite and entertain players with the best possible choice of world-class gaming. We are committed to creating the most immersive and exciting gaming experiences available.
The North American online casino market continues to develop rapidly in both US and Canada. In Michigan, where we introduced our portfolio of NetEnt games in the beginning of the year, we launched our live casino in the beginning of the quarter. The studio is off to a very good start and this best-in-class offering is yet another enabler of growth in the US market. After the end of the period we were first to the market with our slot games in Connecticut. We expect Live games to follow soon, Connecticut will be the 4th studio we operate in the US. Also after the end of the period we launched our live and RNG games with the Ontario Lottery and Gaming Corporation, it will be the 4th province in Canada to go live from our Canadian studio.
Ongoing studio projects include new studios in Madrid and Yerevan. This quarter, a lot of business focus has been centred around investing and establishing new studios. As always, expansion potential lies in existing markets, as well as new geographies and we will, as a natural part of our business, continue to expand and invest in existing studios both in North America and other regions at the same level as earlier.
Also, during the past quarter, we signed an agreement to acquire DigiWheel in an all-cash deal. DigiWheel’s technology is exciting, innovative and unique and will be blended into our online Live Casino games and game shows. The ambition is to launch new games in 2022 using this technology.
As stated, our ambition is to continue to strengthen our leading position in the online casino market. One of the corner stones which allows us to increase the gap to our competitors even further is through product innovation. In February, as things are getting back to normal, it is once again time for ICE in London. I am already now very excited about presenting our 2022 road-map.
We are now well on our way into an exciting and very hectic last quarter and we have had strong start to the fourth quarter so far. New games to release, new studios to build, OSS to be rolled out and great new Evolutioneers to recruit at the same time as all of us already here need to focus hard on what we can do better, what we can do to make Evolution a little bit better every day.

Latest News
OMEN VALORANT Challengers South Asia 2025 Split 2 set to kick off on May 16 with a prize pool of INR 29 lakhs
The top 8 teams battle for a spot at the Split 2 LAN finals on May 31 and June 1
The stage is set for the OMEN VALORANT Challengers South Asia 2025 Split 2 (OMEN VCSA Split 2) as eight of the region’s finest VALORANT teams prepare to clash for glory and a prize pool of INR 29 lakhs. Organised by NODWIN Gaming, a leader in the global esports and gaming ecosystem, in collaboration with Riot Games, makers of the globally acclaimed title, VALORANT, Split 2 of the OMEN VCSA will feature three weeks of high-octane action.
Following a highly competitive Split 1 that amassed over 10 million views across platforms, the tournament enters a critical phase with heightened stakes. Of the eight remaining teams, only the top three will secure a place at the LAN Finals, where they will compete not only for the championship title and prize pool but also for essential Challenger Points that play a decisive role in their qualification journey toward VCT Ascension Pacific 2025.
From the Organizers
Akshat Rathee, Co-Founder & Managing Director, NODWIN Gaming: “The OMEN VALORANT Challengers South Asia is part of a growing ecosystem that’s being shaped by the passion of our players, the energy of the community, and the support of our partners. Split 1 has already shown just how strong that foundation is, with great viewership and fan engagement. As we move ahead, the focus is on creating more opportunities for players and putting South Asia firmly on the global VALORANT map. The potential here is massive—and we’re just getting started.”
Sukamal Pegu, Esports Lead, South Asia, Riot Games: “Split 1 of the OMEN VALORANT Challengers South Asia 2025 laid a strong foundation, elevating the competitive bar and uncovering standout talent from across the region. As we move into Split 2, we expect the intensity to rise even further. At Riot Games, our vision is to build a sustainable esports ecosystem in South Asia, one that empowers players, engages fans, and creates a clear pathway to bigger stages in the VCT (VALORANT Champions Tour) Circuits like the OMEN VALORANT Challengers South Asia are central to that vision, and Split 2 represents another key milestone in shaping the future of competitive VALORANT in the region.”
Prize Pool Distribution:
- Split 2 Winner: ₹12,15,000
- Runner-up: ₹6,48,000
- 3rd Place: ₹4,45,500
- 4th Place: ₹2,43,000
- 5th Place: ₹1,21,500
- 6th Place: ₹1,21,500
- 7th Place: ₹81,000
- 8th Place: ₹81,000
Opening Matches:
- May 16, 2025 | 3:00 PM: Velocity Gaming vs Asterisk
- May 16, 2025 | 6:00 PM: Reckoning Esports vs GE Academy
- May 17, 2025 | 3:00 PM: Revenant x Spark vs XO IND
- May 17, 2025 | 6:00 PM: DotExe Esports vs S8UL Esports (BO3)
An Invitation to the Community
NODWIN Gaming and Riot Games welcome fans, players, and esports enthusiasts from across the region to be a part of the OMEN VALORANT Challengers South Asia 2025. With three high-stakes splits offering a shot at VCT Ascension Pacific 2025, the tournament marks a major step forward for VALORANT esports in the region.
Together, NODWIN Gaming and Riot Games continue to strengthen the esports ecosystem in South Asia, amplifying player stories, uncovering new talent, and uniting fans in celebration of esports brilliance.
Check out the thrilling broadcast of the OMEN VCSA 2025 on the following links :-
Hindi and English broadcast on NODWIN Gaming’s Official YouTube Channel
Hindi Broadcast on NODWIN Gaming’s Official Facebook Page
___________________________________________________________________________
OMEN VALORANT Challengers South Asia 2025 Split 2 – Teams & Rosters
Team Name | Players |
Velocity Gaming | Russ |
Lightningf | |
SkRossi | |
damaraa | |
Madelyn | |
SynX | |
Coach – GodspeedxD | |
Revenant XSpark | Antidote |
Rawfiul | |
DEATHMAKER | |
Azys | |
Georgyy | |
venka | |
Coach – Gobz | |
Reckoning Esports | Paradox |
Deadly10 | |
Trickyy | |
Bgg | |
moner | |
Garv | |
Mojo | |
Coach – Inthra | |
GE Academy | kibojn |
r1seN | |
Envy2k | |
LilBOii | |
Yuvi | |
SmokeA | |
Coach – aRubyz | |
S8UL | Hellff |
k1ngkappa | |
miz | |
techno | |
HYBR1DD | |
Hoax | |
Coach – HellrangeR | |
DotExe Esports | RvK |
Makaveli | |
Trinity | |
deecee | |
Kohli | |
TERMI | |
Sanak | |
Coach -AYAN | |
Asterisk | Bullet |
YasH | |
haeart | |
rinsat | |
Enzyy | |
Homeboy | |
PRIME | |
Coach -Sieh | |
XO IND | ShivamVLR |
DOXZ3RRR | |
tryst | |
ScaR | |
Marcai | |
RozsteR | |
GauRanG | |
Coach -darksoul |
—————————————————-
The post OMEN VALORANT Challengers South Asia 2025 Split 2 set to kick off on May 16 with a prize pool of INR 29 lakhs appeared first on European Gaming Industry News.
Latest News
Why 92% of Players Quit: Duamentes Report Exposes Costly Mistakes Across the GameDev Industry
The GameDev industry has stopped growing. Despite strong top-line numbers — mobile ($96.2B), console ($52.4B), and PC ($40.4B) — studios are being stretched by rising production costs, gameplay fatigue, and shifting user expectations.
The Global GameDev market is valued at $189.3B in 2025, signalling stabilization — not acceleration. In mature regions like the US and Europe, growth has stalled entirely. The industry is under pressure: studios are shutting down, layoffs are rising (Meta, Codemasters, Respawn, Nerial, NetEase Games and more), the old success formulas no longer work, and the post-pandemic boom is over.
Duamentes Gaming Report 2025 highlights the urgent need for change: player retention is broken, and most studios fail to understand what players actually want — and by the time they find out in beta, it’s too late to save the game or the business behind it, with examples including:
- Suicide Squad: Kill the Justice League (Rocksteady, 2024) launched to high expectations but faced poor reviews and rapid player drop-off, reportedly losing over $200 million before support was scaled back in early 2025.
- Concord (Firewalk Studios, 2024) drew immediate criticism for lacking originality in a crowded hero shooter market, with doubts about its relevance even before launch.
- XDefiant (Ubisoft, 2024) launched with promise but quickly declined due to balance issues and low retention, leading to its shutdown and studio closure in 2025.
“Studios keep building games players don’t want, delay testing, misread player behavior, and try to fix retention too late. We’re seeing the same mistakes repeated across platforms,” said Maria Amirkhanyan, Head of Gaming Division at Duamentes.
Mind the Gap: Why Developers Are Losing Touch with Players
Duamentes report combines global market trends with industry leaders’ in-depth interviews, surveys, and players’ behavioral insights — showing a clear gap between player expectations and developer workflows.
Players want meaning, not just mechanics — they want emotional clarity, narrative hooks, social features that foster belonging, and a genuine respect for their time, not manipulation.
“As short-form platforms like TikTok change how users discover games, the bar for first-session clarity has never been higher. Studios now compete not just with other games — but with every other moment of screen time,” said Maria Amirkhanyan, Head of Gaming Division at Duamentes.
Player challenges
- 92% of players churn before Day 30
- 70% of players drop off within the first few sessions, often before the game has a chance to connect.
- 38% decide whether to quit during the very first session seeking emotional connection, social features, and immediate clarity.
- 60% of new mobile games launched in 5 crowded genres and most struggled to break through.
- 40% of games entering new regions fail due to cultural mismatches in UX, tone, or monetisation.
Industry & Studio Challenges
- 71% of studios delay user testing until beta — but by then, it’s often too late to fix what matters.
- 49% of developers say unionisation is necessary to protect working conditions in an industry increasingly shaped by burnout and uncertainty.
- 40% of developers say their teams have been impacted by layoffs.
- 46% of developers work over 50 hours per week — up from 35% last year
Root causes of failed game releases
The report points to a growing industry divide between those who adapt and those who don’t. As outlined, many studios still rely on practices that no longer serve them:
- “Build first, test later” leads to costly rework
- Relying on genre popularity over emotional engagement
- Live service overload without meaningful progression
- Ignoring cultural nuance during global launches
- Designing for metrics, not meaning
“In turbulent times, playtesting and user research are more important than ever for releasing games that players, critics, and investors love. Gaining early insight into the player experience helps identify problems while there’s still time to fix them, aligns teams around a shared vision of what’s being built, and clarifies development priorities — reducing costly rework and making production more predictable and less chaotic,” stated Steve Bromley, Games User Research Consultant, author of How To Be A Games User Researcher.
Indies Are Rising
While many AAA studios struggle to innovate under mounting costs and conservative pipelines, indie studios are emerging as the creative engine of the industry. With players increasingly seeking smaller, emotionally resonant, and more affordable experiences, indies are filling a crucial gap.
“The quality and relevance of indie games will soar as more developers embrace independence and tools improve… Indie games will claim an all-time high share of top Metacritic titles, putting indie studios at the forefront of innovation,” said Amir Satvat, Game Industry Strategist & Founder of Amir Satvat’s Games Community.
Six Principles to Build High-Performing Games
From the studios that succeed, the patterns are clear — and they’re embedded in the six principles outlined in Duamentes Gaming Report:
- Test onboarding and narrative in early prototyping
- Align UX, monetisation, and player emotion
- Build modular systems to adapt faster
- View player feedback as strategic input, not noise
- Invest in junior talent pipelines, protecting creativity over time
- Respect player time by replacing grind with clarity and purpose
These principles are the result of Duamentes in-depth research, cross-industry benchmarking, and firsthand analysis of what sets high-performing studios apart. As a strategic and product consulting firm operating across 40 countries and 20 industries for nearly a decade, Duamentes has been closely tracking market dynamics. While the industry tightens, the demand for deep, actionable expertise continues to grow.
“We already have that expertise, with a cross-industrial approach and extensive insight database, and now we’re strengthening it further by launching a dedicated Gaming Division, which we’re announcing at the AI & Games User Research conference,” said Maria Amirkhanyan.
The post Why 92% of Players Quit: Duamentes Report Exposes Costly Mistakes Across the GameDev Industry appeared first on European Gaming Industry News.
Latest News
AGCO calls on media platforms to step up the fight against unregulated online gambling sites
The Alcohol and Gaming Commission of Ontario (AGCO) has contacted more than a dozen traditional and digital media platforms, calling on them to stop promoting unregulated online gambling and sports betting sites like Bodog to Ontario residents.
Operated by Il Nido Inc., Bodog is an offshore operator actively targeting Ontarians by advertising on popular traditional and digital media platforms. Despite blocking players in Quebec and Nova Scotia from accessing their unregulated gambling and sports betting sites, Bodog continues to allow Ontarians to access these sites while advertising heavily on traditional and digital media platforms targeting Ontarians.
Under the Gaming Control Act, 1992, Bodog and other online gambling sites are required to register with the AGCO and sign an operating agreement with iGaming Ontario in order to operate in Ontario. Ontario’s regulated igaming framework requires operators to meet comprehensive requirements related to game integrity, player protection, anti-money laundering and information privacy. Bodog’s efforts to direct Ontarians to unregulated gambling undermine player protection and other safeguards which exist in the regulated market, as well as fair market principles.
By airing ads for Bodog and other unregulated operators, legitimate media platforms are providing a veneer of legitimacy to unregulated and high-risk sites and creating confusion for Ontarians. The AGCO is therefore calling on these platforms to take a stand against the promotion of unregulated online gambling sites and remove the ads. By doing so, broadcasters and digital media companies will help reduce the risks these sites pose to Ontarians and support the long-term sustainability of Ontario’s regulated igaming market – all key objectives of the AGCO.
The AGCO will continue to work with its partners – both in Ontario and internationally – to combat these unregulated sites and protect the public.
Quote
“The AGCO is committed to protecting Ontario players and ensuring they have the safest experience by playing on regulated igaming sites. By refusing to carry advertising from unregulated and high-risk operators like Bodog, media organizations can exemplify social responsibility and play an important role in protecting Ontarians and supporting Ontario’s regulated market.” – Dr. Karin Schnarr, Chief Executive Officer and Registrar, AGCO
Media Contact
AGCO Media
[email protected]
The post AGCO calls on media platforms to step up the fight against unregulated online gambling sites appeared first on European Gaming Industry News.
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