The first thing that struck me was how enormous the trade fair was, with fantastic logistics. Getting in and getting your name badge printed took just a few seconds, despite hundreds of people entering every minute. Once inside, you wouldn't feel embarrassed if you got lost among all the flashing screens showcasing product news, proudly displayed by representatives from hundreds of different companies, in addition to the 35,000 visitors.

We (Joel and Carl) focused on trying to arrange as many meetings as possible with stakeholders in the industry, rather than maximizing the number of booth visits. And there were many companies to meet, far more than we had hours to spare. "Everyone" was there. From hosting services to owner families, and of course, the Nordic, listed giants in the sector such as Evolution, Betsson, Kambi, and Gaming Innovation Group.

But we actually started our journey with a product walkthrough from TCSJOHNHUXLEY (TCS), known as a manufacturer of high-quality casino equipment. They deliver roulette tables, wheels, dice, and other accessories to companies like Evolution and land-based casinos. Physical products, not so high-tech you might think. But during the demonstration, it became clear that the company is investing heavily in supporting its customers with high-quality, classic products combined with interesting technology. TCS can measure almost everything, thus supporting its B2B customers in optimizing the speed of delivering a good experience for end customers, with the aim of maximizing revenue. A representative of the company also mentioned that in some countries, it requires 1,000 test spins to get a wheel approved by the authorities - for each potential outcome! So for a roulette wheel with 37 different outcomes, it requires 37,000 test spins, which then need to be mathematically analyzed. So, for anyone out there concerned about potential cheating at roulette wheels by a licensed operator, they can probably breathe a sigh of relief.

Respect in the Industry
The respect that industry colleagues showed each other was heartening. One of the biggest names in the industry is Betsson's CEO, Pontus Lindwall, who, among other things, founded the success story NetEnt in 1996. It was warming to hear how well the 'youngsters' in the industry spoke about Pontus, indicating that he had done everything right at Betsson in recent years. Pontus, in turn, had the utmost respect for Henrik Tjernström at Kindred and was greatly impressed by how he had built up Kindred during his long tenure as CEO of the company. Which of these companies will perform best in the coming years remains to be seen. Historically, there has been quite a bit of fluctuation in which operator has shown the best growth and profit momentum, depending on operational successes, but of course also influenced by regulatory winds.

Suppliers
Operators are all well and good. But we also have quite a few suppliers to mention. The sportsbook provider Kambi was, of course, there. They are in the midst of a shift from previously exclusively providing a complete sportsbook solution to operators to offering a more flexible offering. As an operator, you can purchase certain modules and combine them with your own solutions. This means that operators can leverage Kambi's high-quality product while also building what they want in-house. Such a shift risks taking time, but it will be exciting to follow that journey ahead. We can undoubtedly state that the company provides a competitive product. How operators reason about either buying parts or the entire sportsbook versus developing the sportsbook themselves remains a continued important factor to follow for those interested in Kambi.

Evolution
One of the highlights of the trip was, of course, visiting and meeting the live casino giant Evolution. Similar to the fair as a whole, the size of Evolution's booth is staggering. There are huge screens, loads of slot news, digiwheels presentations, and, of course, many finance Twitter users looking for information and perhaps a giveaway or two. Worth noting is that Carl and Erik were anchor investors in the company when it went public in 2016 in the Robur Ny Teknik fund. At that time, they acquired 9.9 percent of the company! But even for shareholders in the TIN Ny Teknik fund, the company has been a fantastic investment, and Evolution has been in the portfolio since the fund's inception in February 2019. Since then, the share price has risen by over 1,000 percent! Should one be worried that the company is "fat and happy" after all its successes? The feeling there is definitely no. Both CEO Carlesund and CFO Kaplan are careful to emphasize that it's hard, dedicated work that matters, and the goal is, as always, to further distance themselves from competitors. At ICE, they also presented a new flagship product, the game show Funky Times. The game looks entertaining, with a dancing Elvis-like bonus round that will surely engage players. They've also created a song for the game, and maybe it'll end up on Spotify eventually? The game can benefit from a bit more polish before it's fully ready for release. However, Roulette and Blackjack are still the most important for Evolution. Game shows certainly contribute, but for now, they can be seen as a product that can attract players from other forms of gaming to their live casino.

Regarding competitors, there are now a myriad of different suppliers. There's not much to suggest that Evolution's position as the clear leader is threatened, but it's worth keeping an eye on how, for example, Pragmatic Play develops. I was impressed by their presentation, and they will surely continue to grow in the future. Hopefully, our developers will be able to develop a spider in the future that can measure their development over time.

Carl listens to one of the product development and innovation managers at Pragmatic Play:

Summarized, the visit to London was very successful. We return to the office with valuable insights and look forward to following the sector in the future.