Evolution reports 38.6% revenue growth in Q1, driven by Live Casino demand

In its interim report for January-March 2022, Evolution said Thursday its revenues in the first quarter increased by 38.6% to EUR 326.8 million ($343,4 million), while the EBITDA increased by 43.4% to EUR 229.7 million ($241,4 million), with a margin of 70.3%.

Profit for the period amounted to EUR 197.7 million ($207.7 million), and earnings per share before dilution amounted to EUR 0.93.

During the period, the company successfully launched its online live casino Lightning Roulette in New Jersey, and it has plans to expand into additional states soon.

After the end of the period, the company went live with an extensive set of online casino services for multiple operators in the new, regulated online gaming market in Ontario, Canada.

Live Casino revenue for the first quarter started with good momentum resulting in strong growth of 44.0%. RNG growth of 1.8% year-on-year pro forma was in line with the company’s expectations.

"There is a continued strong demand for online casinos across the globe. In North America, we continue to expand all our studios, with Connecticut as the next studio to be launched in 2022. In Asia, we also continue to experience good growth, while the more mature European markets are, in general, in a slower growth mode - some due to regulatory changes affecting operators. However, we still see growth opportunities in Europe. LatAm also offers good potential going forward and continues to develop with several markets in discussions regarding the regulation of their market for online gaming,” said Evolution CEO Martin Carlesund in a press release.

"We are in the final preparations of Go-Live in our new studio in Madrid,” he added. “Also, we are moving closer to opening our Yerevan studio to add even more capacity to the Evolution network. A lesson learned during the pandemic years is to not be too dependent on any one studio. Today we can efficiently allocate our resources within our network of fifteen studios and shift resources from one site to another when needed, without any impact on our delivery capacity. As we add studios to the network this becomes even more of a strength benefiting our operators. As earlier communicated, we expect total investments in new studios to increase also in 2022.”