Evolution has claimed once again that it will “continue to work on all processes related to our client’s due diligence and their licensing and regulatory framework,” in response to what it describes as a “dubious, anonymous, and fabricated report.”

Damages Caused by Fabricated Report

This follows the group contacting the New Jersey Division of Gaming Enforcement and initiating an internal review in December 2021 in response to allegations last week by a Garden State law firm that it violated US sanctions.

In response to a Bloomberg report, the law firm Calcagni & Kanefsky had filed a complaint with the state commission on behalf of an ‘unknown competitor’ alleging that Evolution had violated US law by conducting business in nations such as Iran. Additionally, the group was said to have lost $3 billion in market value.

At the end of the quarter, a doubtful, anonymous, and fabricated report was issued with the clear purpose of harming Evolution,” stated Martin Carlesund, Evolution’s CEO. Additionally, they have over 15 years of experience operating in regulated environments, and we are comfortable and confident in our methods of operation, business model, and the ongoing pursuit of excellence in all areas.

Evolution is a content supplier that sells to licensed clients only. With the goal of becoming even better, we will continue to improve all procedures related to our customers’ due diligence and their licensing and regulatory frameworks. Their actions during the quarter had a negligible financial impact. The comments come as the group analyzes its success in the fourth quarter and full year of 2021, praising continuous development in a variety of global markets, most notably the United States, Canada, and Argentina.

Revenue climbed 69% to €300.2 million in Q4 (2020: €177.7 million), with $237.3 million coming from the group’s live business and the rest €62.8 million from RNG. Operating profit increased by 118 percent to €184.5 million (2020: €84.8 million), while EBITDA increased by 115 percent to €206.91 million (2020: €96.21 million).

The mature European market is growing at a slower rate, owing in part to short-term legislative changes affecting operators. The Netherlands launched its regulated online gaming industry in the third quarter, and we are powering many licensed operators with our product. They also expect the Dutch industry to develop further as the number of licenses increases through 2022, with the newly regulated market already surpassing pre-regulation levels in December.

For the full year, revenue was €1.06 billion, up 90% from €561.1 million, with live revenue of €839.2 million (2020: €543.3 million) and RNG revenue of €229.5 million (2020: €17.8 million). Profitability for the January to December period was €605.4 million (2020: €284.6 million), while EBITDA increased 121 percent to €734.7 million (2020: €332.2 million).

Quotes from the Press Release

“To summarize the final quarter of another grueling year — we are charging on at full speed,” Carlesund added. “Today’s unveiling of our 2022 product plan set the tone for an exciting product year in which we will continue our unrelenting emphasis on elevating the player experience and closing the gap with the competition.

“Finally, as we reflect back on 2021, a year marked by multiple significant achievements, I want to take this opportunity to appreciate and recognize the dedication and outstanding work of all Evolution employees, who continue to strive to improve Evolution just a little bit more each day. It’s an incredible worldwide team, and I’m looking forward to a fantastic 2022.”