Ahead of the expo
Last year's ICE was very successful, and we returned with insights that supported our continued confidence in both Evolution and Kindred. Ahead of this year's visit, the die was cast again but with different conditions. Kindred has, as known, been courted by the French equivalent of "Svenska Spel". Therefore, our focus on the company has changed. It is now more about piecing together the bid. Will it go through? Is the price right? What does the alternative return look like? The fund managers have not yet taken a position, and we ask to come back to the question in the future.

Just like last year, the logistics at ICE impress with their efficiency. Despite the influx of people, you are checked in and ready in under a minute. The noise level at the venue hits you immediately, which is exhausting even for the most experienced parent.

Evolution vs Pragmatic and Playtech
In addition to the scheduled company meetings, it's important to stroll around and check out various booths. What do the product innovations look like for Evolution's competitors like Playtech and Pragmatic Play? It's not entirely easy to judge. Our impression is that they are focusing on colorful and almost childish games. This doesn't necessarily mean failure, but it seems like they have been inspired by vibrant combinations and themes borrowed from children's programs. If you think of the opposite of Monte Carlo and classic tuxedos, you'll probably get pretty close to our impressions.

Evolution's biggest launch of the year is Lightning Storm. Stylish, slightly simpler reels but with five different bonus games that all looked entertaining. The game is a refinement of what has previously worked excellently with a degree of innovation. Although a complete revolution will have to wait, Evolution continuously improves the details. We expect the game to perform well. In connection with ICE, the news broke that Evolution has acquired the streaming company in the industry, Livespins. We checked out the company and like the vision. However, it should be noted that Livespins is an extremely small player that Evolution has acquired.

Carl receives a demonstration from a manager at Livespins.

After discussions with Evolution's Product Manager Todd Haushalter, CFO Jakob Kaplan, and IR Manager Carl Linton, however, we get the impression that the company is ready to truly revolutionize the gaming experience - again. There has been a lot of work behind the scenes to improve the overall experience. Now there are better conditions to further unleash the company's innovation power.

Carl Armfelts million-dollar idea?
TIN Fonder supports our portfolio companies in the ways we can and assesses where they can benefit the most. This may include communication, nomination committee work, or facilitating contacts. In the case of Evolution, it may be more hands-on than in other companies. Carl has a very interesting gaming idea that was conveyed to Todd Haushalter, whose eyes lit up almost as brightly as the screens at the fair. Whether the idea, which we don't want to disclose here, will become a reality remains to be seen. My idea and dream of a really good fishing game, on the other hand, was received more like a dud, despite frequent pitching. But who knows what the company will present during ICE in 2024 or 2025?

The offering of the future
It's not obvious that the most extensive and complex game offering will be the most successful. Kambi, with its sportsbook offering, works a lot with modules and showcased a simplified version for sports betting. I really liked the look and concept. Perhaps it could become a popular module for players who don't want to scroll through 200 different games to combine a simple 1X2 with the first goal scorer.

An insight about Kambi is that the major operators don't want to be entirely dependent on them. What happens, for example, if Kambi fails in innovation in the future? Being relatively alone in offering a competitive sportsbook can paradoxically become a hindrance.

Gaming Innovation Group had an interesting product for operators to consider. The software suggests interesting games that enhance the experience for end customers, after, for example, a few spins without a win. You can compare it to Amazon suggesting product Y after you've looked at product X. 

Board member Hessi Mocca explained the offer with pride.

Conclusions
Evolution is likely to continue dominating the live casino sector for a while. But as the company itself acknowledges, there's no time to waste. No time for rest. They need to continue their journey of innovation to widen the gap, and a revolutionary product would be desirable. The journey ended with a quote from Betsson's CEO Pontus Lindwall: "We can probably conclude that the industry is not dead after all."