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In 2020, the on the net casino market was ~€10.5bn, with Evolution possessing ~60% marketplace share of Live Casino. While Europe grew at a ~27% CAGR from FY15-20, I nonetheless count on ~20% CAGR out to 2025, implying a Live Casino market place of ~€8.5bn. This is assuming casino operators would be satisfied to go with your restricted game suite of solutions that threat them losing players to other operators that are utilising Evolution. No rational competitor of EVO could make a production like Crazy Time, the most highly-priced production to date, and justify the cost on a per user basis. As a B2B supplier, EVO has buyer relationships with gaming operators, who in turn do their own advertising and marketing and own the relationships with the finish-users. Commonly, the gaming operators are licensed in a limited quantity of jurisdictions when operating in a international market and enabling play from various geographic areas.
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