Evolution concludes internal review into illegal activity
Evolution chief executive Martin Carlesund said that the business expected “no material impact” on earnings from its internal review prompted by allegations that its products were available in countries subject to US trade sanctions.
The business began its internal review in order to address the claims in November of last year.
These claims, which it said were from an anonymous third party aiming to discredit the business, wiped billions from the supplier’s market capitalisation when they were released.
When it launched the review, Evolution said it “works closely with regulators and operators to support and provide tools that blocks play from certain countries, including those on US sanction lists”.
Following Evolution’s Q1 results, chief executive Martin Carlesund said this review had now been completed. While changes to some processes would be introduced, Carlesund added that it had “no material impact” on earnings.
“Of course we review everything internally and prepare to hand over any material requested and of course we found a lot of things that we could do better, as we do in all areas every day,” he said. “So we are happy with the results and move on from there. We have a good relationship with regulators all over the world.”
In its Q1 results, Evolution’s live casino business continued to grow rapidly, while its random number generator (RNG) games business – created through acquisitions of NetEnt and Big Time gaming – grew more slowly.
When asked whether Evolution was thinking about further mergers, Carelsund said it was not a major priority, but it could not be ruled out.
“We of course evaluate the look of M&A and opportunities there, but primary growth is organic growth,” Carelsund said. “We see no change to that.
“We are aiming and moving and we want to be number one in online casino in the world. We’re constantly looking at what could actually move us or enable us on that path.”