“Very high demand” sees Evolution Gaming post 48% H1 revenue rise

By Iqbal Johal

Evolution Gaming has reported significant revenue and profit rises for H1 2020, despite the coronavirus pandemic dominating the period.

The supplier’s operating revenues between January and June rose by 48% year-on-year, up to €243.5m ($277.9m), while EBITDA increased by 85%, to €145.3m.

Profit for the period significantly improved on 2019, up 98% to €124.6m, with profit margin increasing by 13%, to 51%. Earnings per share before dilution, rose 96% to €0.69 per share.

Q2 figures from April to June also saw a considerable rise, with operating revenue increasing 50% from 2019, up to €128.3m. EBITDA rose by 90% to €81.1m, while profit for the period improved by 104%, to €70.4m.

After posting an operating revenue rise of 45% for Q1, Evolution Gaming attributed the continued strong performance to the lack of sports betting, with live sports suspended in mid-March until May.

The supplier said the pandemic has seen product demand rise “very high” and allowed it to strengthen its live casino offering.

CEO Martin Carlesund mentioned the impending acquisition of NetEnt, saying it would create a very strong market position for the supplier, and that the bid process continues on schedule.

In June, Evolution Gaming announced an offer of SEK 19.6bn ($2.1bn) to takeover NetEnt.

Carlesund added: “Evolution’s vision is to become the leading B2B provider in online casino. An acquisition of NetEnt means that we can accelerate the pace towards this vision.

“We are now working intensively with next year’s product launches and how Evolution will play a role in the continued digitalisation of the casino industry.”

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