$438.7M in revenue

Evolution sees revenue up by 31.5% in Q1, driven by live casino games

Martin Carlesund, Evolution's CEO.
Reading time 1:55 min

Online casino solutions business Evolution has shared its report for the first quarter of 2023. During the period, operating revenues increased by 31.5% to EUR 429.6 million ($438.7 million). EBITDA increased by 30.7% to EUR 300.2 million ($330.4 million), corresponding to a margin of 69.9%, while profit amounted to EUR 251.2 million ($197.7 million). 

According to a press release, 83.8% of revenues are derived from live casino games, while RNG delivered EUR 69.5 million ($76.4 million) in revenue, only a slight increase compared to the same quarter last year. Live casino grew strongly by 36.1% compared to last year, and revenues amounted to EUR 360.1 million ($396.08 million).

Martin Carlesund, Evolution's CEO, said: "As we have communicated earlier, the development in RNG will not be linear towards our target of double-digit growth. I remain convinced that we can perform better in the RNG area and are working hard to improve. The underlying growth drivers for online casinos are solid, and I am happy with the start of 2023."

During the first quarter, the business presented two new live game shows; Funky Time, a game that builds on concepts from the known Crazy Time title but also introduces brand new features; and Extra Chilli Epic Spins, a game show built around one of the firm's most popular slot games. The latest titles, described as "social slots," will be launched to players during the second quarter.  

Furthermore, during the period, the company released 18 RNG titles and has plans to release 100 games during the year. A highlight during the quarter was the launch of the company's first timed jackpot functionality in parts of North America. Furthermore, the business hopes to start work on 1-2 additional studios during the year.

Evolution's stand at ICE London 2023

From a regional point of view, Europe reported strong growth of 14% in the first quarter compared to last year. The region, including Nordics and UK, represents 40% of total revenue. Meanwhile, Asia reported strong growth of 49%, and North America saw a 56% growth. Last but not least, Latin America made up 7% of the total revenue in the quarter. 

For Fiscal Year 2023, the company expects an EBITDA margin in the 68-71% range, and for the first quarter reported a margin of 69.9%, a figure that falls within previously the communicated range. 

"We have high ambitions, and we are acting on a growing market. We are a profitable, strong, all-equity financed company making money at present and we are focused on growing," added Carlesund. "Hence, we will continue to invest, recruit and push for growth even though we currently face a tougher macro-economic climate."

See the full report for the first quarter here.

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