Evolution's Sweden Model of Growth Charts How iGaming Can Eclipse Land-Based Market Share

Lee R. - June 8, 2021

The growth of a powerful private iGaming companies in Sweden promises a scale-tipping globalisation trend.

The first inkling of iGaming overtaking industry market share from land-based operations is starting to filter in, as iGaming slowly but surely becomes the dominant form of gaming in the market.

The Rise of Evolution

The way Sweden's renowned gambling technology company Evolution (EVOG.ST) has grown within the powerful Swedish market provides a likely Road Map for other jurisdictions.

Robust Growth

Evolution reveals that its shares have jumped 170% over the past year, with that robust growth in challenging times directly attributed to growing demand for online casinos during the lockdowns.

Market Value Surging

This surge has pushed the market value of the iGaming powerhouse up to 314 billion crowns ($38 billion), a considerable climb from the less than 3 billion Evolution was initially listed at in 2015.

Reaching the Top 10

That places the live casino licence producer and provider amongst Sweden's 10 biggest listed companies, alongside peers which include telecoms equipment maker Ericsson (367 billion crown market value.

Recent Growth Measures

With over 500 license customer including online heavyweights 888 Casino (888.L) and Betsson (BETSb.ST), Evolution bought Swedish rival NetEnt for $2.12 billion last year, taking over NetEnt's popular slot games to gain an even more dominant overall market share.

Evolution CEO Confident

Further private dominance and expansion for the online gaming entity was proposed by Chief Executive Martin Carlesund who reminded that Evolution was capable of buying companies anywhere in the world, an that Evolution has a specific goal of establishing a presence in all regulated gambling markets:

"The market as such will double and double again. It's almost hard to grasp the potential that there is," estimated Carlesund, who further projected that physical casinos would provide "perhaps 50, 40 or 30%" or less of total casino revenues within 15 years.

Data Provider Agrees

Industry data provider H2 Gambling Capital H2GC senior consultant Ed Birkin further acknowledges the realistic possibility that online casinos could make up 50% of the market within 15 years.


Driven by innovation that online technology affords, Evolution's holdings in emerging US an Asia markets remain embryonic, meaning a huge wave of growth could manifest to tip the scales in favor of iGaming earlier than most prevailing projections may indicate.



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