Evolution Gaming posts 45% Q1 revenue rise, crediting sporting suspension
Evolution Gaming has seen revenue rise 45% year-on-year for Q1, which the supplier credits to the absence of sports betting that has caused an increased demand for its products.
Operating revenue was up to €115.1m ($124.2m) for the three months to 31 March, while profit after tax increased 90% on 2019, to €54.2m. EBITDA also showed a big increase, rising 79% to €64.1m.
The demand for live casino grew in Q1, due to new customers, with the number of stakes placed from players amounting to €8.7bn.
The supplier admitted the suspension of live sports betting during the end of the quarter allowed for product growth, with an increased and strong demand for its services.
Evolution Gaming expects this to continue into Q2 with many new players being introduced to its live casino and poker games, in the absence of live sports.
CEO Martin Carlesund, said: “With a good financial start to the year, great confidence ahead of the upcoming product launches and a good momentum at the start of the second quarter, I am more certain of our objective for 2020 to improve the margin level compared to 2019.
“All in all, this means we have had a very good start to the year so far, but there will be also continuous challenges as we have not seen the end of the development of COVID-19 yet.”
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