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Evolution AB engages in the improvement, production, marketing and advertising, and licensing business to organization casino options to gaming operators. It provides live casino studios, land-based reside casino, mobile live casino, and reside casino for tv. The firm was founded by Richard Hadida, Jens von Bahr and Fredrik Osterberg in 2006 and is headquartered in Stockholm, Sweden.

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In 3Q22, its CapEx came in at $23.5 million, which brings its YTD CapEx to $69 million, and investments in 4Q22 will continue at the exact same pace according to the management. Moving forward, I do anticipate CapEx investments to continue at a comparable, or if not higher pace in FY23. These CapEx investments will drive greater revenue development for EVO as operators add extra tables. OpEx and Capital Expenditures ("CapEx") will raise along with income growth. Private expenses, in distinct, will likely grow considerably quicker due to the ramp-up of headcounts to cater to new and larger studios.