Evolution reported 37% Q3 revenue increase

Evolution has experienced a 37% revenue increase for Q3 due to a “high demand” for live casino content.

The group produced €378.5m ($381m) in Q3 operating revenue, up from €276m for the prior-year period.

In turn, EBITDA, reported a 35% increase to €261m, up from €193m. Nevertheless, this is equivalent to a slightly lower margin of 69%, down from 70%.

Evolution’s bottom line similarly experienced solid growth. The group generated €221.3m in profit for the period, up 41% year-on-year and equivalent to a profit margin of 59%, up from 57%.

Responsible for the lion’s share of the group’s Q3 revenue was Live casino games. These produced €310.4m, up 45% year-on-year from €214.5m altogether.

Evolution CEO Martin Carlesund stated: “We continue to see very strong global demand for our new as well as existing products, and we are increasing market shares and our distance to competitors”.

Responsible for the remainder of Evolution’s Q3 operating revenue was the RNG games, generating €68.1m. Nevertheless, this comprises a more modest 11% year-on-year increase.

Carlesund touched on this, stating: “Total RNG revenue increased by 11% compared to last year, including the acquired Nolimit City business, comparing to pro-forma figures growth year-on-year is 2%. This is not yet satisfactory, and we have delivered too few slot games during the past period; however, we remain fully committed to the target of double-digit growth.”

Evolution has generated €1.05bn in revenue for the first nine months of 2022, a 37% increase compared to the same period in 2021.

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