Evolution: “High demand” for live casino drives 37% Q3 revenue increase

Evolution has reported a 37% top-line increase for Q3 spurred on by a “high demand” for live casino content.

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

EBITDA, in turn, experienced a 35% increase to €261m, up from €193m. However, this corresponds to a slightly lower margin of 69%, down from 70%.

Operating profit, meanwhile, climbed from €172m to €236.4m, an over 37% increase.

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

Live casino games were responsible for the lion’s share of the group’s Q3 revenue. In total, these generated €310.4m, up 45% year-on-year from €214.5m.

“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,” said Martin Carlesund, Evolution CEO.

Random number generator (RNG) games were responsible for the remainder of Evolution’s Q3 operating revenue, producing €68.1m. However, this constitutes a more modest 11% year-on-year increase.

Carlesund touched on this, commenting: “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. We have delivered too few slot games during the past period; however, we remain fully committed to the target of double-digit growth.”

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

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