Evolution Gaming revenues rise as studio investment pays off

Evolution Gaming today reported a 54% increase in Q1 revenues to €79.3m as the supplier targets a 2019 full-year EBITDA margin of 46%.

Q1 EBITDA rose by 64% to €35.9m, up from €22m in the same period last year, while profit for the period reached €28.6m, rising €12m from 2018.

Evolution CEO Martin Carlesund said the strong first quarter performance was driven by a 2018 investment in studio space and an expansion in the number of tables due to customer demand.

Evolution also launched a record-high 10 new live casino games this year, but insisted the new games haven’t had any extensive effect on quarterly growth as “the roll-out has just begun”.

The supplier also went live with several new operators during the first quarter, including DraftKings in the US and Swedish giants Svenska Spel and ATG.

Martin Carlesund

Carlesund said: “Throughout last year, we expanded studio space as well as customer environments and the number of tables in line with the increasing demand from our customers, and we can now see how all of this pays off.

“It is our assessment that Live Casino as a product vertical will continue to take market shares in 2019 and why we consequently will continue to invest based on our customers’ demands in our studios also going forward.

“A demand driver is the fact that we are broadening the Live vertical with new products that appeal to completely new end users. In that way we can address a considerably larger part of the total online casino market,” he added.

Evolution Gaming also launched its new Monopoly-themed augmented reality live casino game earlier this month.