Podcast: Ali Gündüz

We talked with Berlin's individual investor Ali Gundus. He is carefully observing Swedish Evolution AB, which offers gaming proposals at B2B format. Increasing competition, forced to maintain the lift in the Asian market, deployed in the US game show in the United States, the need of RNG problems, the need for more alternative political values, 2023 offices. Our views have dismantled the main difficulties in the evolution, covering the review, assignment, and redefine of program approval.

Ants are following @gnufs on Twitter. In addition, our analysis materials have published their own analysis materials on the quarterly update for evolution on the website www. DontDistribute. com.

The following manuscripts are slightly edited to improve grammar, punctuation, and presentations.

Hello everyone who listens to Long River Podcast. We welcome the Berlin tenant, Todd Kums, and Ali Gundo, an ax of the Swedish game company Evolution. Al i-san, this property has shifted smoothly to podcasts.

Hello, Graham. nice to meet you.

We are now in negotiations and do not consider the Investment Committee. We are watching over the company and exchanging ideas. Every time you have a duty to conduct a personal investigation, right?

Of course it also fails. For example, if you hear something wrong or overlook something, we look forward to your contact. Finally, Ali, why don't you talk a little about yourself for you? There is no doubt that most of us will be found on Twitter. But who is behind the great analysis materials on the Evolution website?

I am from Türkiye and I am a lantern craftsman family. We were the universal fashion industry suppliers. We started home business four years ago, and I moved to Berlin, Germany. In real time, I love promotion and personal investment in real estate. Every day, I love it, in fact, it gives me a great pleasure: on the host, I read and write an article. And in fact, I assume that this will be my daily profession through my life.

In particular, one of the pleases is how deeply you are in your own research. Your analysis tracks your luggage and connection that you can no longer see between individual traders and sellers. As a result, I would like to ask, how many companies are you tracking? Also, what are the benefits?

Frankly, evolution is an exception. In real time, I have invested in about 30 companies, and of course I have seen more. However, for example, I do not dig deeper into the company I see, for example, like an evolution. On paper, this is a great business model. Profitability, growth, and other are all outstanding. The company has no debt and has no huge financial structure. The advantage is that Evolution is a company that focuses on the buyer. For example, understanding and forming personal opinions, recognizing other people's consideration, applying expert networks and other data is a little easier. But that's right. I don't know why, but evolution is my obsession and at the same time a hobby. For example, I was stuck here.

As a result, I brought you here, but I'm sorry that your delusions can be exposed to cold water. But I now brought you here to talk about evolutionary dilemma. And in fact, for example, I think we are going to talk a little about this, at least I intend to think about this. But before you move on to the job in front of you, can you tell me a little about the company and why you love this company?

Evolution is an online casino provider. In other words, we offer online casino games. It may be called a casino somehow . com, some casino . com, etc. However, when the player visits these websites, the game is not actually created or managed by these operators or casinos. They usually procure their own games from real suppliers.

The biggest highlight of Evolution, the biggest victory is the online casino live casino. This live casino uses a video camera and serves as a dealer, a main player in the game. It is a classic table game like Baccarat, Blackjack, and Roulette. The dealer will provide you a game and manage the game for you. Such a person is reflected on the camera, and Evolution proposes an operator to maintain these games. In return, they receive a commission fee for the casino prize.

The great thing about Evolution is that you don't spend your budget for customer ads. They are the operator's partner in terms of casino profits, but not a partner in terms of cost.

Please tell me about live games. How is it different from other online gambling? And how did Evolution become popular in this field?

In live games, you can see the actual human being controlled the game, playing cards and throwing a ball. This makes customers convinced that someone controls the game status at a physical level, and emphasizes that the game has not actually been eavesdropped. Gambling is inevitable to lose money, and players must not be suspected. Another advantage of live games is public nuances. It's a good thing to see others involved in work, especially if it's a public animal, especially if it's entertainment.

This is because a professional dealer who can work in a different game in a different language in a casino requires a large amount of resources and management knowledge. The inexplaced cost in this commercial is quite high, so if you have the best games and get the most interested in the most players, you can get a considerable amount of profits.

ROV has been a lon g-standing question when discussing marginity, lifting this business, and clarifying business models. The first question that appears: "What is the one who doesn't allow someone to put a webcam in front of the roulette and start a competitor?"

Although there are many competitors, the highest cost and scale of the current state of the current Igamin g-section are very reasonable. Techno expert evolution still has a decisive meaning. For example, each studio where the game is broadcast is regulated like an actual lan d-based casino. This has many rules, and requires an alternative and completely intentional process. The dependence on the network is very basic, and a small delay can lead to the publication of compression doctrine.

The games of the casino are casinos, as it is possible for the player to find a lie or decide to use the odds spread in this IRGE. It is basically assimilated that it is not regarded as misconduct from a point of view. < SPAN> Live games can see the actual human being controlled the game, playing cards and throwing a ball. This makes customers convinced that someone controls the game status at a physical level, and emphasizes that the game has not actually been eavesdropped. Gambling is inevitable to lose money, and players must not be suspected. Another advantage of live games is public nuances. It's a good thing to see others involved in work, especially if it's a public animal, especially if it's entertainment.

This is because a professional dealer who can work in a different game in a different language in a casino requires a large amount of resources and management knowledge. The inexplaced cost in this commercial is quite high, so if you have the best games and get the most interested in the most players, you can get a considerable amount of profits.

ROV has been a lon g-standing question when discussing marginity, lifting this business, and clarifying business models. The first question that appears: "What is the one who doesn't allow someone to put a webcam in front of the roulette and start a competitor?"

Although there are many competitors, the highest cost and scale of the current state of the current Igamin g-section are very reasonable. Techno expert evolution still has a decisive meaning. For example, each studio where the game is broadcast is regulated like an actual lan d-based casino. This has many rules, and requires an alternative and completely intentional process. The dependence on the network is very basic, and a small delay can lead to the publication of compression doctrine.

The games of the casino are casinos, as it is possible for the player to find a lie or decide to use the odds spread in this IRGE. It is basically assimilated that it is not regarded as misconduct from a point of view. In live games, you can see the actual human being controlled the game, playing cards and throwing a ball. This makes customers convinced that someone controls the game status at a physical level, and emphasizes that the game has not actually been eavesdropped. Gambling is inevitable to lose money, and players must not be suspected. Another advantage of live games is public nuances. It's a good thing to see others involved in work, especially if it's a public animal, especially if it's entertainment.

This is because a professional dealer who can work in a different game in a different language in a casino requires a large amount of resources and management knowledge. The expensive cost in this commercial is quite high, so if you have the best games and get the most interested in the most players, you can get a lot of profits.

ROV has been a lon g-standing question when discussing marginity, lifting this business, and clarifying business models. The first question that appears: "What is the one who doesn't allow someone to put a webcam in front of the roulette and start a competitor?"

Although there are many competitors, the highest cost and scale of the current state of the current Igamin g-section are very reasonable. Techno expert evolution still has a decisive meaning. For example, each studio where the game is broadcast is regulated like an actual lan d-based casino. This has many rules, and requires an alternative and completely intentional process. The dependence on the network is very basic, and a small delay can lead to the publication of compression doctrine.

The games of the casino are casinos, as it is possible for the player to find a lie or decide to use the odds spread in this IRGE. It is basically assimilated that it is not regarded as misconduct from a point of view.

For example, the evolution has long been dominant in this field. Do you think the Evolution is more than competitors and affects the business of the Evolution? Within 15 years, there was one company that was really dominant in this field. However, PlayTec worshiped the Evolution, specialized in live games, focusing on certain types of industries. Evolution has developed Bazar and defined the games for the roulette zero and the number of game shows. For some reasons, Play Tech could not turn his back. But now we have noticed a serious enemy, or, for example, in a practical game. For example, they are fully raising funds through a venture fund thanks to the trivial luck of the company's production company. Emotions are actually formed in a quick copy of the evolutionary games and the distribution of the masses, and to distinguish their real opportunities and evolution. What do you think about this?

This is a good question. Do you think you have competitiveness? Well, from the number of suppliers, the competitiveness is sharper than for now. Many companies and funds are investing in this field. Basically, this is a great business model, and everyone wants to enter. However, in terms of scale, the current scale is huge, achieving profitability and expanding from it is quite high. As a result, competition is becoming more intense, but even more companies are participating in it.

Plugmatic is the same for anyone at the moment, but in fact I have to admit that I am not conscious of plugmatic. This is a private company, which seems to be operating in an untrained market, but not alone. It is difficult to compare companies because they cannot access reliable data.

I think that the work from plugmatic skills also applies to the evolution is that plagmatic initially started as a company that handles RNG and slots, and does not handle live games. It wasn't so old that Evolution acquired, so he didn't have a big acquisition. What we are looking for is a company that has been organically increasing personal skills and slot portfolios.

Lessons are the fact that the company's civilization and sales have a decisive meaning, even if you can't clearly modify it on paper. 。 Certainly, they are going to a living game bazaar now. At the same time, they seem to be actually spreading specific ripples.

By using this issue in evolution, I think that the development and distribution of live casinos has civilization and technology. However, I do not think that this advantage will be given to other players. But this is my monitoring, not a solid data that supports it. This also means that I do not actually see the huge appearance for the gam e-Evolution RNG (random number generator).

One of the evolution is to create a game show genre, as I mentioned. A roulett e-like casino game was mixed with slot fabrics to make songs and dances. For example, clicking a video about crazy time is fascinated by the unimaginable fun. Evolution created this category, used to be interested in RNG and became interested in the new player Bazaar, and now they include live games.

Ants, I have a similar question, but in fact, the category of the game show is basically mature, making it easier to follow footprints, and more simply, it's easier to copy. In fact, according to some sources, I heard that the amount of evolution spent on crazy time is the best. Is there a similar reaction to such an investment as before? Is it enough to be creative in mature categories?

Assuming you have the opportunity to do it, you call a very quick and mature category show a game. However, evolution is probably the appearance of a new game, similar to a crazy time, and thinks of the picture completely basic that has not come before a revolutionary leap. The category of the game show still has a significant increase in lifting, and it has not been mature. It's not a market share, but a story about the world as a whole. This is similar to the fact that Apple should not be represented by new devices that define the category, including or five years. The chance here is still important, and the evolution is still in the front area. When viewed as a whole, I think the evolution is in a great position. < SPAN> By utilizing this issue in evolution, I think that the development and distribution of live casinos has civilization and technology. However, I do not think that this advantage will be given to other players. But this is my monitoring, not a solid data that supports it. This also means that I do not actually see the huge appearance for the gam e-Evolution RNG (random number generator).

One of the evolution is to create a game show genre, as I mentioned. A roulett e-like casino game was mixed with slot fabrics to make songs and dances. For example, clicking a video about crazy time is fascinated by the unimaginable fun. Evolution created this category, used to be interested in RNG and became interested in the new player Bazaar, and now they include live games.

Ants, I have a similar question, but in fact, the category of the game show is basically mature, making it easier to follow footprints, and more simply, it's easier to copy. In fact, according to some sources, I heard that the amount of evolution spent on crazy time is the best. Is there a similar reaction to such an investment as before? Is it enough to be creative in mature categories?

Assuming you have the opportunity to do it, you call a very quick and mature category show a game. However, evolution is probably the appearance of a new game, similar to a crazy time, and thinks of the picture completely basic that has not come before a revolutionary leap. The category of the game show still has a significant increase in lifting, and it has not been mature. It's not a market share, but a story about the world as a whole. This is similar to the fact that Apple should not be represented by new devices that define the category, including or five years. The chance here is still important, and the evolution is still in the front area. When viewed as a whole, I think the evolution is in a great position. By using this issue in evolution, I think that the development and distribution of live casinos has civilization and technology. However, I do not think that this advantage will be given to other players. But this is my monitoring, not a solid data that supports it. This also means that I do not actually see the huge appearance for the gam e-Evolution RNG (random number generator).

One of the things that really defines evolution is to create a game show genre, as I mentioned. A roulett e-like casino game was mixed with slot fabrics to make songs and dances. For example, clicking a video about crazy time is fascinated by the unimaginable fun. Evolution created this category, used to be interested in RNG and became interested in the new player Bazaar, and now they include live games.

Ants, I have a similar question, but in fact, the category of the game show is basically mature, making it easier to follow footprints, and more simply, it's easier to copy. In fact, according to some sources, I heard that the amount of evolution spent on crazy time is the best. Is there a similar reaction to such an investment as before? Is it enough to be creative in mature categories?

Assuming you have the opportunity to do it, you call a very quick and mature category show a game. However, evolution is probably the appearance of a new game, similar to a crazy time, and thinks of the picture completely basic that has not come before a revolutionary leap. The category of the game show still has a significant increase in lifting, and it has not been mature. It's not a market share, but a story about the world as a whole. This is similar to the fact that Apple should not be represented by new devices that define the category, including or five years. The chance here is still important, and the evolution is still in the front area. When viewed as a whole, I think the evolution is in a great position.

I understand your perspective, but I'm trying to argue a bit. In fact, I welcome evolution. For example, that victory has actually created a very good victory. Thanks to its own scale and Butget, it has the ability to invest in new games more than anyone else. This year, they started a large new live game, not just their own RNG games. However, as the game category shows, it is mature, and the return to these investments decreases, whether it is only a part of the market or actual revenue, which is the nuances of their moat. It has the potential to weaken. Apart from that, if the crazy time is just one of the many games in that category, wouldn't this reduce the evolution with customers?

In other words, the script you say is that if I understand correctly, live casinos have the ability to freeze like RNG Bazaar. In this scenario, evolution is one of the gameshow providers.

Yes, the last case.

There are only a few truths and certain risks in this. Until now, the game called Live Casino was very unique, and it was lucky to be able to avoid compromise. The desire can change to some extent in this direction, but it does not seem to actually change constructively.

The operation of the game show is unimaginable, causing a loss. This is absolutely comparable in RNG. In the case of RNG, if you develop a game, and if it is completed, the cost will be close to zero, even if you launch now, the day after tomorrow, and the day later. However, in the case of a game show, the more successful the game, the more years later, the higher the current cost.

But what I am saying is only a common image. In fact, I do not claim that this will not be commodity, but there are two stages. In the first place, especially for suppliers that are not included in the 3 darings (Evolution, Plugmatic, PlayTech), it is not easy to conduct an experiment in a new game show. I don't know if a game without demand is known for the right month. Do you want to keep investing in the studio and main that you lose every day? < SPAN> I understand your perspective, but I'm a bit objection. In fact, I welcome evolution. For example, that victory has actually created a very good victory. Thanks to its own scale and Butget, it has the ability to invest in new games more than anyone else. This year, they started a large new live game, not just their own RNG games. However, as the game category shows, it is mature, and the return to these investments decreases, whether it is only a part of the market or actual revenue, which is the nuances of their moat. It has the potential to weaken. Apart from that, if the crazy time is just one of the many games in that category, wouldn't this reduce the evolution with customers?

In other words, the script you say is that if I understand correctly, live casinos have the ability to freeze like RNG Bazaar. In this scenario, evolution is one of the gameshow providers.

Yes, the last case.

There are only a few truths and certain risks in this. Until now, the game called Live Casino was very unique, and it was lucky to be able to avoid compromise. The desire can change to some extent in this direction, but it does not seem to actually change constructively.

The operation of the game show is unimaginable, causing a loss. This is absolutely comparable in RNG. In the case of RNG, if you develop a game, and if it is completed, the cost will be close to zero, even if you launch now, the day after tomorrow, and the day later. However, in the case of a game show, the more successful the game, the more years later, the higher the current cost.

But what I am saying is only a common image. In fact, I do not claim that this will not be commodity, but there are two stages. In the first place, especially for suppliers that are not included in the 3 darings (Evolution, Plugmatic, PlayTech), it is not easy to conduct an experiment in a new game show. I don't know if a game without demand is known for the right month. Do you want to keep investing in the studio and main that you lose every day? I understand your perspective, but I'm trying to argue a bit. In fact, I welcome evolution. For example, that victory has actually created a very good victory. Thanks to its own scale and Butget, it has the ability to invest in new games more than anyone else. This year, they started a large new live game, not just their own RNG games. However, as the game category shows, it is mature, and the return to these investments decreases, whether it is only a part of the market or actual revenue, which is the nuances of their moat. It has the potential to weaken. Apart from that, if the crazy time is just one of the many games in that category, wouldn't this reduce the evolution with customers?

In other words, the script you say is that if I understand correctly, live casinos have the ability to freeze like RNG Bazaar. In this scenario, evolution is one of the gameshow providers.

Yes, the last case.

There are only a few truths and certain risks in this. Until now, the game called Live Casino was very unique, and it was lucky to be able to avoid compromise. The desire can change to some extent in this direction, but it does not seem to actually change constructively.

The operation of the game show is unimaginable, causing a loss. This is absolutely comparable in RNG. In the case of RNG, if you develop a game, and if it is completed, the cost will be close to zero, even if you launch now, the day after tomorrow, and the day later. However, in the case of a game show, the more successful the game, the more years later, the higher the current cost.

But what I am saying is only a common image. In fact, I do not claim that this will not be commodity, but there are two stages. In the first place, especially for suppliers that are not included in the 3 darings (Evolution, Plugmatic, PlayTech), it is not easy to conduct an experiment in a new game show. I don't know if a game without demand is known for the right month. Do you want to keep investing in the studio and main that you lose every day?

Second, evolution is still preferred in game development, IP, fresh thinking, and innovation. I wait for some surprises and plus to be born from evolution and do not wait for anything else. This is not so compulsory, but it is my monitoring and evaluation of my future. In general, when chatting, it consists of new games other than evolution, fastest, and rivals. Rivals covers plugmatic and PlayTech, and their budget is low every time they have them to catch up. Their main tasks are to catch up, they spend all the surplus BUSHTA for developing games to create innovative games, but this is the second time they try to catch up. Enter the space.

I will wait for the budget and investment return per game, in fact, they will be as follows. Definitely, the profitability of a game like a crazy time is literally impossible. However, the nominal advantage, including the case where the new game has the minimum market share, and the flow of empty currency that it generates is all important, all of which are important. There is. Evolution-The quality of the game development is still the highest level, and they have the superiority of the formed games to start with the greatest slug of customers.

So, basically, before you are interested in this company, one is the future. As a result, I am asking you questions about Asia. In fact, it seems that a big share has grown from Asia recently, and you have commented on this on the net. This sensation is basically a kind of "black box" in Asia, and there is a possibility that a pretty bad thing can happen, as you can see in the case of PlayTech. Ali, you probably don't have the answer to all questions, but is there an opportunity to share your own thoughts about Asia?

For example, Asia is a great opportunity and a great risk. The huge share of the recent rise has really been brought to Asia. Considering the effects of the scale, Bazar in Asia will be more profitable than others. Evolution has several studios in Eastern Europe and provides services to no n-regulated Asian no n-regulated markets. However, this is also a risk because Evolution does not alternately clarify that it is working in the Asian market.

Asia's perception is difficult. For example, Europe was a classic large market, and they disclosed information about a specific region in Europe, for example, the United Kingdom and northern states. Unlike this, there is no such information disclosure in Asia. An important issue in Asia is considered to be the role of mainland China. If the mainland of China occupies the important part of the job, it can be a great risk due to the transfer of foreign exchange agents, geopolitical issues, and the uncertainty of adjustments.

As far as I know, mainland China is not considered to be the main market for evolution. Technical difficulties, such as large firewalls and delays in sending electricity signals in real time, have made it difficult to activities in China. Apart from this, it is not easy to withdraw cash from the nation. However, some companies may find ways to overcome these issues, and I do not think China is the necessary market for evolution.

However, this is only the first question, and it is necessary to distinguish a wider Asian bazaar. SOVOKUPS offers Asia and non-regulated markets faster than dangerous. Until then, evolution has been wise to protect the reputation of the most unpleasant suppliers and to meet the normative claims, and I have no evidence. As a result, I think of Asia's risks as a chance faster than the risk and are promising.

I agree that online gambling must be distinguished from the most rapidly illegal mainland of China and other Asia. In India, South Korea, and other countries, all kinds of languages ​​have been added and evolved-expanding. At least it is not a mystery.

Yes, I share the fear of the current value of the company's management. However, I, especially in non-regulated markets, knowing that it is reluctant to open a lot of information, the possibility of creating their own personal dangers. There is. In situations where the legal basis is unclear or diverse, disseminating a lot of information may not be the interest of the company. I can't agree with all the INFA's similar information disclosure, but I know their legitimacy, especially in the no n-regulated market.

You also mentioned the skills in the United States. There are some questions about this excuse. Let's start with a relative premise: Why was evolving launched until there was no crazy time in the United States?

This is a great query, and I'm looking forward to the release of Crazy Time in the United States. I'm not looking forward to seeing how South American buyers respond to this genre. But the situation in the United States is a bit difficult. However, online gambling is regulated in some states, but regulators themselves are doing their best by observing lan d-based casinos over board games and slots. Initially, standards and adaptation processes in consideration of this skill were developed.

As a result, the evolutionary company determines the correct steps to introduce a gaming show in the United States, but for the provided context regulatory authorities, this category is still new. This is a disorder for entry, and overcoming it takes time. However, how regulators regulate gaming shows and customize the game in cooperation with the universal standards of a specific state, because Evolution becomes a single company with skills. This has the potential to freeze in the moat.

The company's management, as well, is convinced that the game is likely to be attracting attention in several states by 2024. In the long run, obvious emerging companies will not have a decisive significance. The most important thing is whether the entire category of "Crazy Time" and the game show can reach Bazar in South America. The difference in the preference of US buyers and the reaction to comparison with other regions is quite possible, for example, as difficult and hidden skills. Anyway, the category of the game show has many opportunities to rise outside the South American market.

Now, let's move the blame to the United States. In the past year and a half, more as a sport and online gambling race, the market ratio has begun to stabilize, and the fans' duel and concept are clearly tasted. In relation to this data, there is a question about whether other players are meaningful to keep funding the competitiveness, taking into account the value of the market. The desire is obvious, but the background is also calm. Does this take the account evolution found in tasks when you have only two customers in extreme scenarios in the United States? Does this affect negotiating power? < SPAN> This is a great query, and I'm looking forward to the release of Crazy Time in the United States. I'm not looking forward to seeing how South American buyers respond to this genre. But the situation in the United States is a bit difficult. However, online gambling is regulated in some states, but regulators themselves are doing their best by observing lan d-based casinos over board games and slots. Initially, standards and adaptation processes in consideration of this skill were developed.

As a result, the evolutionary company determines the correct steps to introduce a gaming show in the United States, but for the provided context regulatory authorities, this category is still new. This is a disorder for entry, and overcoming it takes time. However, how regulators regulate gaming shows and customize the game in cooperation with the universal standards of a specific state, because Evolution becomes a single company with skills. This has the potential to freeze in the moat.

The company's management, as well, is convinced that the game is likely to be attracting attention in several states by 2024. In the long run, obvious emerging companies will not have a decisive significance. The most important thing is whether the entire category of "Crazy Time" and the game show can reach Bazar in South America. The difference in the preference of US buyers and the reaction to comparison with other regions is quite possible, for example, as difficult and hidden skills. Anyway, the category of the game show has many opportunities to rise outside the South American market.

Now, let's move the blame to the United States. In the past year and a half, more as a sport and online gambling race, the market ratio has begun to stabilize, and the fans' duel and concept are clearly tasted. In relation to this data, there is a question about whether other players are meaningful to keep funding the competitiveness, taking into account the value of the market. The desire is obvious, but the background is also calm. Does this take the account evolution found in tasks when you have only two customers in extreme scenarios in the United States? Does this affect negotiating power? This is a great query, and I'm looking forward to the release of Crazy Time in the United States. I'm not looking forward to seeing how South American buyers respond to this genre. But the situation in the United States is a bit difficult. However, online gambling is regulated in some states, but regulators themselves are doing their best by observing lan d-based casinos over board games and slots. Initially, standards and adaptation processes in consideration of this skill were developed.

As a result, the evolutionary company determines the correct steps to introduce a gaming show in the United States, but for the provided context regulatory authorities, this category is still new. This is a disorder for entry, and overcoming it takes time. However, how regulators regulate gaming shows and customize the game in cooperation with the universal standards of a specific state, because Evolution becomes a single company with skills. This has the potential to freeze in the moat.

The company's management, as well, is convinced that the game is likely to be attracting attention in several states by 2024. In the long run, obvious emerging companies will not have a decisive significance. The most important thing is whether the entire category of "Crazy Time" and the game show can reach Bazar in South America. The difference in the preference of US buyers and the reaction to comparison with other regions is quite possible, for example, as difficult and hidden skills. Anyway, the category of the game show has many opportunities to rise outside the South American market.

Now, let's move the blame to the United States. In the past year and a half, more as a sport and online gambling race, the market ratio has begun to stabilize, and the fans' duel and concept are clearly tasted. In relation to this data, there is a question about whether other players are meaningful to keep funding the competitiveness, taking into account the value of the market. The desire is obvious, but the background is also calm. Does this take the account evolution found in tasks when you have only two customers in extreme scenarios in the United States? Does this affect negotiating power?

I think this situation has pros and cons, so I would like to divide it into two parts: RNG and LIVE. In the case of RNG, they are considered to be an unchanging market for evolution in the same way, but they exist to some extent at the mercy of the operators. Whether there are two operators or five, autonomous from such, evolution and everything depends only on the operator's conclusions. The South American market has a tough competitiveness, almost all RNG vendors enter the bazaar, and classic slot manufacturers are still functioning. Secondly, the development and statement of RNG games is cheap. Operators have an obligation to promote the primary space and offer the games they love. Apart from this, Evolution has no bonus IP, and South American players and their people will actually be in an unprofitable state.

On the other hand, in the live sector, everything is different. In real time, Evolution invites the best products in this category. The South American bazaar contains its own dynamics, opening in each state and having ineffective studios in each state. That means that each American workshop or power is less profitable compared to European tables targeting young bazaars in the same state. There are many possible rivals and it is not easy to scale the script. Competitiveness will emerge and it will take time to find a balance. However, it is assumed that competitiveness will grow over the years, but will be constrained by the fragmented adaptation in each state, at least until legalization at the federal level is seen as inevitable.

Similarly, the big question regarding the South American market is when Crazy Time will debut. There are many possibilities for the game show to freeze.

Well, because there is an important question for me in the South American market. I am looking forward to seeing what will happen. Apart from this, it remains unclear whether the South American bazaar is considered beautiful. It could actually turn out in some individual Asian states of the pool, and the advantage is more for the adaptation and dynamics of the market. Overall, what I want to say is that the potential of the South American market is still irretrievably undetermined. For me, these issues are more important than the influence of the prestigious American operators.

Let's take a step back and refocus. During the third quarter earnings call, Martin Karlsund said that they hadn't actually given up any capacity this year. If so, why did they end up with a capacity disconnect?

In 2023, it was my biggest disappointment to not access the extension, but there is no clear disclosure of details. I can divide the doctrine, but I have no doubt about its reliability. The dissatisfaction demand was the fact that they spoke about local language, Dutch, Indian, and Korean, and the main reading was the motivation market. With their studios in Georgia, Armenia, Latvia, and Malta in mind, it seems that it was not easy to find a major staff for these tables, for example, to meet South Korea. Is not that area that is usually possible.

This leads to one of my main tasks about management. Earlier, I analyzed the poor access to transparency in the adjustment problem, but I do not agree every time. But for business results, this is a completely different issue. When the splash is achieved, the instructions usually show excitement and emphasize how they have achieved them, and thorough comments on the size of this splash. However, if there is a problem with commercials, whether it is poor access to expand the studio or a fractional loss of the RNG-market, the instructions often belong to the requirements of these errors and conclude. It lacks the ability to present. The defect of this communication is an immutable contradiction that I feel in the relationship with management. As a result, this is a huge answer that has not been completely answered, I do not think, so they do not develop to kill dissatisfied questions.

I think so too. It's not the first time I told me how sharp it was to be the instructions of the company during a preposition call. In many cases, you are not enough to actually ask. I know your perspective.

Let's talk about the expansion of the studio, one of the elements that makes up the pakuri of funds. This was a hot controversy due to the fact that more than 3 billion euros were spent on RNG, as you calculated. How do you evaluate this project? First, was it necessary, second, is it working, and if you can wait, what actually works for? < SPAN> In 2023, it was my biggest disappointment that it was not accessible to extension, but there was no clear disclosure in detail. I can divide the doctrine, but I have no doubt about its reliability. The dissatisfaction demand was the fact that they spoke about local language, Dutch, Indian, and Korean, and the main reading was the motivation market. With their studios in Georgia, Armenia, Latvia, and Malta in mind, it seems that it was not easy to find a major staff for these tables, for example, to meet South Korea. Is not that area that is usually possible.

This leads to one of my main tasks about management. Earlier, I analyzed the poor access to transparency in the adjustment problem, but I do not agree every time. But for business results, this is a completely different issue. When the splash is achieved, the instructions usually show excitement and emphasize how they have achieved them, and thorough comments on the size of this splash. However, if there is a problem with commercials, whether it is poor access to expand the studio or a fractional loss of the RNG-market, the instructions often belong to the requirements of these errors and conclude. It lacks the ability to present. The defect of this communication is an immutable contradiction that I feel in the relationship with management. As a result, this is a huge answer that has not been completely answered, I do not think, so they do not develop to kill dissatisfied questions.

I think so too. It's not the first time I told me how sharp it was to be the instructions of the company during a preposition call. In many cases, you are not enough to actually ask. I know your perspective.

Let's talk about the expansion of the studio, one of the elements that makes up the pakuri of funds. This was a hot controversy due to the fact that more than 3 billion euros were spent on RNG, as you calculated. How do you evaluate this project? First, was it necessary, second, is it working, and if you can wait, what actually works for? In 2023, it was my biggest disappointment to not access the extension, but there is no clear disclosure of details. I can divide the doctrine, but I have no doubt about its reliability. The dissatisfaction demand was the fact that they spoke about local language, Dutch, Indian, and Korean, and the main reading was the motivation market. With their studios in Georgia, Armenia, Latvia, and Malta in mind, it seems that it was not easy to find a major staff for these tables, for example, to meet South Korea. Is not that area that is usually possible.

This leads to one of my main tasks about management. Earlier, I analyzed the poor access to transparency in the adjustment problem, but I do not agree every time. But for business results, this is a completely different issue. When the splash is achieved, the instructions usually show excitement and emphasize how they have achieved them, and thorough comments on the size of this splash. However, if there is a problem with commercials, whether it is poor access to expand the studio or a fractional loss of the RNG-market, the instructions often belong to the requirements of these errors and conclude. It lacks the ability to present. The defect of this communication is an immutable contradiction that I feel in the relationship with management. As a result, this is a huge answer that has not been completely answered, I do not think, so they do not develop to kill dissatisfied questions.

I think so too. It's not the first time I told me how sharp it was to be the instructions of the company during a preposition call. In many cases, you are not enough to actually ask. I know your perspective.

Let's talk about the expansion of the studio, one of the elements that makes up the pakuri of funds. This was a hot controversy due to the fact that more than 3 billion euros were spent on RNG, as you calculated. How do you evaluate this project? First, was it necessary, second, is it working, and if you can wait, what actually works for?

There is no doubt that it is not working yet. I'm not talking about this excuse. But was that need? Let's assume some conditions to consider the balance. When Evolution acquired Nettent for 2 billion euros and released a new promotion, Nettent had already trained live casinos and intended to expand in the United States. Later, the purchase of the evolution blocked all the ministry and agency of the live casinos, and was in unprofitable examples. But behind this conclusion, some strategic requirements, for example, can actually purchase valuable IPs for combined slots and live games.

They have made a certain number of important acquisitions, but are disappointed so far. Looking back, it is possible to explain that these conclusions were generous, but it is likely to have been very fundamental. For example, when Evolution acquired a network, the network was substantially reduced. Looking at the characteristics of the other RNG studio, Red Tiger, the Net Enccepted Red Tiger, which was acquired by Evolution, the network was in a crisis. Similarly, the Norimit was the fastest because it was regarded as a personal company without data, and began to shrink at the peak of its own formation or rapidly. Thus, these conclusions had the opportunity to be familiar with dangers and delays in the instructions that should be noble at the time of purchase.

Earlier, you emphasized the importance of culture and associated practical victory and evolution in the development of organic RN G-development and culture. Similarly, evolution is actually a good exit strategy for RN G-bass companies, and is probably already in the heyday.

I really think so from the vendor data. Almost all companies are flooded with Igaming, and some of them have peaked in each district market or at least stagnant. Evolution provided a considerable need or promotion to the world's highest quality Igaming. It was a good movement for the seller. But I don't think the Evolution has made a correct conclusion about the acquisition of these companies. It is not easy to prove the acquisition of subsequent neten, including what data they had. Even if the acquisition of Nettent was justified for the unknown moment of 2020, further acquisitions like the No Limit City did not match their strategies. Game Norinit City, which has these subjects, such as mafia and drugs, will quickly encounter adjustment tasks very inconsistent for live games.

Judging by the recent call, it seems they don't want money by investing in the acquisition of RNG. In fact, how do you think they should arrange to succeed in the RNG market, which also wants double-digit organic growth?

Because, as Warren Buffett explained, when a great management team faces bad weather, this company often protects its own reputation. But Evolution is a great company with great staff, and the same team may not succeed in a completely different business, for example, video game development. I can't foresee RNG failing, but I don't think that incompetent RNG or games will play a significant role in future wins.

So, don't you think Evolution is in a strategically unprofitable position if it doesn't have strong slots in its portfolio?

I don't believe it. But operators are profitable to offer an absolute bundle of proposals, I don't think Evolution will give RNG-slots as the main factor if operators are adopting the conclusion. Including whether Evolution receives all the cheap RNG-studios or releases more games, they all also connect thousands of games and have a small share of the RNG-joint market. Thus, they are just one of many RNG-suppliers.

Let's think about this question. Similarly, Pragmatic is really successful in the RNG market. They have built a strong foundation and regularly release games with a strong presence and profitability. In fact, operators play these games voluntarily, and as a result, they may be able to exceed live sales. Finally, in light of this, what do we actually know that you think Pragmatic is preparing correctly?

There is no hard data on Pragmatic's achievements, but reviews of industry insiders and buyers speak of their triumph in the section of slot games. In my view, there are two main conditions for this. Firstly, their civilization and practical skills as an RNG supplier allowed them to organically expand and hone their personal skills in this field. They have a deep awareness of, for example, foliage as a problem, survival as luck. This inner skill helps the company's management to draw informed conclusions about which skills are candidates for application and which are candidates for missing application.

The difference from Evolution is that the company is not in a successful RNG-ORGR development and marketing. Furthermore, Evolution has no integration in the development of RNG-ORGR. For example, the development of a no n-limit city game, as the top of the North Limit City mentioned in one interview, can be seen to some extent without evolution. This fragmentation is basically not a single RNG-studio, but as individual sectors, including nets, red tiger, big time, and no limit.