Evolution reports 100% year-on-year increase in Q2 revenue

By Peter Lynch

Evolution has reported operating revenues of €256.7m ($301.8m) for the second quarter of 2021, a 100% increase from the prior-year period.

EBITDA increased by 115% to €174.7m, with profit for the period amounting to €144.4m, up from €70.4m.

Evolution highlighted the continued high demand for live casino among its main events of Q2 2021, with the vertical growing 59% year-on-year. The company also announced the acquisition of Big Time Gaming, which closed on 30 June, with Evolution’s new Michigan studio approved after the end of the period.

“We have high demand on expansion and we will continue to invest both in existing studios as well as new studios both in North America as well as in Europe,” said Evolution CEO Martin Carlesund. “During 2021 we will add two new delivery hubs in Europe.

“Coming into 2022 we see expansion and investment in studios continuing in current locations but also in new markets like Latin America. Still, the pandemic continues to impact our expansion plans and we continue to follow guidelines set by the countries where we are active. The overall situation is improving but it is still very hard and the pandemic is not over.”

Evolution also reported financial results for H1 2021, with operating revenues growing by 102% year-on-year to €492.5m. EBITDA increased by 130% to €334.8m, while profit for the period rose from €124.6m to €276.4m.

“It is a very active time within the company right now,” added Carlesund. “I very much look forward to the second half of the year, and to continue to widen the gap to competitors.”


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