In the latest edition of Chit Chat Money, the hosts outlined the rise of Louisiana-based iGaming company Evolution Gaming, which is establishing a strong presence in the US online gambling sector.
What is it?
The Chit Chat Money team discussed Evolution Gaming’s finances, management and market position, highlighting the activities of CEO Martin Carlesund, and further outlined what the firm’s competitive advantages are over other US operators.
Who is it?
Brett Schafer, General Partner and Portfolio Manager at Arch Capital
Ryan Henderson, General Partner and Portfolio Manager at Arch Capital
Ian Gray, Investor
What is being said?
Discussing Evolution Gaming’s Co-Founder and Current Chairman, Martin Carlesund, Gray remarked: “The Co-Founder, President, former CEO – he’s also the current Chairman of the board – in 2016 Martin Carlson took over as CEO and stocks went up almost 2,000% since he took over, so pretty impressive given it had only been public for a little bit before he took over.
“But, if nothing else, he has done a good job that, and no shareholders, I would imagine, are unhappy with him. He talks in interviews about wanting to ‘be the best company in the world’. But he also kind of stresses the importance of staying humble – ‘we are not there yet’ and all this type of stuff, but he really is committed to excellence.”
He later added: “I think one of their main competitive advantages is their existing infrastructure of the studios and the employees. They’re the dealers or whatever type of line employees they have.
“Many of the innovative players in this gambling space, the sports space, or the gaming space, they’re trying to stay pretty asset light, and Evolution has figured out a way to do that while still leasing out these facilities, but they still have this huge expense for all the employees of these places and so it is a bit of a big investment to build out the studio network.
“In the US, having to have a studio in the state where the gaming is happening and where it is legalised makes it difficult to build a big network, so they have a bit of a head start there on some other people. I think this studio provides a competitive advantage.”
Why should I watch it?
To develop an understanding of a rising player in the US iGaming industry, as the country increasingly embraces online gambling and sports betting.
Where can I see more?
Source – Chit Chat Money YouTube Channel
