Interactive

Evolution shows no signs of slowing with growth of 17 per cent

By Phil - 26 April 2024

For the first quarter of 2024, Evolution continued to render strong results with revenue up 16.7 per cent to €501.5m with ‘continued capacity increase both in tables and employees’ and ‘all geographical regions show[ing] good growth and strong momentum.’

Revenue from Live Casino increased by 19.8 per cent year-on-year or €25.7m in revenue.

Martin Carlesund, CEO, said: “Although a strong start to the new year, much remains to be done to fully leverage our position in the market and serve the underlying demand. RNG revenues improved sequentially both in comparison to the previous quarter as well as year-on-year, delivering a revenue of EUR 70.1 million in the quarter. We continue to incrementally improve our RNG business both in the pace of game releases and in tools surrounding the games. We are adding and injecting AI into our system infrastructure and also in our way of operating where we see that it can contribute to efficiency, analysis, or automation.

“Now we also can see clear benefits of OSS as it is starting to deliver direct results for our operators. With AI-driven functionality and world-wide distribution to the largest Online Casino network in the world OSS is already very powerful. We will continue to add features, more to come already later in the year.”

During the period Evolution continued to increase its table capacity to meet the market demand and increased the pace of new game introductions.

Mr Carlesund explained: “We aim at maintaining a high pace also 2024. The first Live game launch of the year is Stock Market, a fantastic game set in the volatile, exciting world of financial markets. Players have quickly taken to the game, and it has been a strong release in the period. In Q2 we will launch our most ambitious game show ever – Lightning Storm – the newest, most thrilling, and extravagant member of our Lightning family. In RNG over 20 new titles were introduced in the first quarter.

“Our product ambitions are as always high, and we aim to bring players new playing experiences that increase entertainment value and lift excitement to new levels. The addition of the Livespins product is one example of a brand-new playing experience that brings a new dimension to online casino. I very much look forward to the coming year and realizing the ambitions of the “Product Leap years” creating more never-before-seen games and playing experiences. Our products have a global audience and in the first quarter we see growth both compared to the previous quarter and the first quarter 2023 across all regions. The long-term trends remain, with stable organic growth in Europe and very robust growth in Asia. In North America, we added a new client, Fanatics, and expanded our strategic relationship with Ceasars Digital, which includes an additional studio in New Jersey.”

Evolution also entered Delaware with its slot game offering. LatAm reported good year-over-year growth in the quarter, however operators are awaiting the transition to regulation in Brazil. It launched the Bulgarian studio in the fourth quarter of 2023 and will now add a studio in New Jersey with Ceasars with one in Colombia on its way, and one new in Czech Republic to open during the year.