Sweden's Evolution bets online casinos will outstrip physical venues
Evolution shares have jumped 170% over the past year. Its market value is now 314 billion crowns ($38 billion) compared with less than 3 billion when it listed in 2015. Evolution produces and licenses live casinos to gaming operators. It bought Swedish rival NetEnt for $2.12 billion last year and plans to be present in all regulated gambling markets. Online casinos will outstrip physical casinos within 15 years. According to H2 Gambling Capital, the casino market will expand by 90% to 231 billion euros by 2036.
Evolution's first-quarter sales leapt more than 100% to 236 million euros. The Swedish company's innovation is key to its success. Rivals include Playtech and Netflix. Evolution's CEO expects many more U.S. states to become regulated markets for online gambling in 10 to 15 years.