*New Synopsis Podcast Episode Released* Evolution: Bringing the Casino Online
*New Synopsis Podcast Episode Released* Evolution: Bringing the Casino Online
The Synopsis released their latest company podcast episode on Evolution.
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here.
This is a new company episode podcast announcement.
We have just released our latest company episode podcast on Evolution. At 2 hours and 13 minutes, it is our most in-depth so far!
Find it on Apple, Spotify, or wherever else you listen to your podcasts.
Company Background
Evolution is a B2B supplier in the online casino space specializing in the live casino vertical. They generate over $1bn in free cash flow with 60%+ EBIT margins and a ROIC of >100%. Their current market cap of ~$25bn means shareholders have compounded at a 50%+ CAGR since their IPO in 2016.
Evolution Episode
In this podcast on Evolution, Speedwell Research draws on their 74-page report to cover everything from the company’s inception experimenting with a single roulette wheel to a global business with 60%+ margins.
Studying this extremely unique business will teach listeners about the importance of value chain positioning, using negotiating leverage, and how to maintain a very lucrative business in a highly competitive industry. Everyone says the house aways wins, but not in the online casino world where it is the supplier, and Evolution is the largest supplier. We hope you enjoy!
Show Notes
Section 1: History and Background
(0:00) Intro
(2:20) Evolution High-Level Business Description
(5:01) Evolution History and Background
Section 2: TAM and Market Differences
(35:32) TAM Overview
(40:05) Grey and Black Markets
(44:38) Aggregators
(53:35) North America Regulation
Section 3: Business Model
(1:00:59) How they Make Money
(1:05:07) How Evolution Differentiates
Section 4: Competition
(1:17:55) Competition Overview
(1:22:33) Playtech
(1:31:42) Vertical Integration
(1:39:10) Pragmatic
Section 5: Capital Allocation, Valuation & Risks.
(1:47:30) Capital Allocation and ROIC
(1:51:35) Acquisitions and Slot Business
(1:59:37) Risks
(2:04:47) Valuation
(2:06:39) Bull/ Bear Case
The Synopsis Podcast Links:
We also have company episodes on Meta Platforms, RH, Copart, Etsy, Dream Finders Homes, and Floor & Decor. Just look for the episodes with “Company.” at the begining of the title.
For more on Evolution, you can also check out this piece on the release of our Evolution Report.
