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New game releases to reach 100 during 2024 for Evolution as revenues grow by 15 per cent

By - 22 July 2024

For the second quarter of 2024, Evolution reported revenue of €508.4m corresponding to a
year-on-year revenue growth of 15 per cent and an EBITDA margin of 68 percent. Revenue growth at constant currency is estimated to 19 per cent for the quarter.

Revenue from Live Casino increased by 18 percent year-on-year with Evolution maintaining a full focus on increasing its delivery capacity and expanding its studio network. During 2024 it expects to go live with its first tables from the new state-of-the art studios in Colombia and the Czech Republic. Evolution currently operates over 20 studios around the globe, creating a unique capacity to deliver both volume and variation of its world-leading games to customers.

Martin Carlesund, CEO, said: “After two quarters heavily focusing on expansion, the second quarter was one of consolidation with a slightly lower margin as new resources were gradually coming up to speed. We expect a more normalized expansion of staff during the second half of the year. Revenue in RNG is slightly higher in comparison to the previous quarter as well as year-on-year, delivering a revenue of €70.3m in the quarter. We continue to make incremental improvements to our RNG business by adding new games as well as new functionality to OSS.”

Evolution had the largest pay-out ever in online casino during the quarter on its Crazy Time game.

Mr Carlesund explained: “Large player wins are part of the game and positive for our games’ attractiveness to players, but it does affect us through lower revenue share in the period. We also see somewhat slower development in general in most regions for the second quarter. This is part of the natural variations in our industry. With that said, there are of course things we can do to improve as has always been our focus when faced with these periods in the past. The underlying market drivers and demand for our market-leading products remains very strong.”

He highlighted a high pace of fantastic game-delivery in 2024, even better than in 2023, with plans for over 100 new releases.

Mr Carlesund added: “Although one of our bigger launches – Lightning Storm – has been pushed into Q3, we are overall on track with our release plan for the full year. The release of Lightning Storm will be one of the biggest releases ever in the industry. We have taken some extra time to make sure we release something spectacular that the market has never seen before.

“In Q2 we saw the very successful release of Balloon Race, a latest-generation online live slot game combining game-show features with a simple and easy-to-play slot game, a game that was very well received by end users. Also, Lightning-versions of our popular SicBo and Dragon Tiger games came to market. On the RNG side, we have released 26 titles in the quarter – all fabulous games with the distinct trademark of quality and innovation of our four individual RNG-brands: Red Tiger, Nolimit City, NetEnt and Big Time Gaming.

“As already mentioned, when looking at the global market, we see that the underlying growth drivers remain strong and vast potential in all our regions. Europe continues to show a steady pace of growth, and Asia continues to be the fastest growing region. Our presence in North America expands, offering more successful game types in each state. In the second quarter we have also introduced our Live games in Delaware for the first time. LatAm is performing well, even though the Brazilian market is still waiting for the transition to regulation,” he added.

“We are constantly looking for new ways to strengthen our position as the leading supplier of online casino games and have announced an offer for Galaxy Gaming. With the acquisition, we accelerate and solidify our presence in the US market where Galaxy is licensed in 28 states. Through Galaxy we gain a relationship with regulators in states that are not yet open for online and fast-track all future licensing. Galaxy holds over 130 licenses in total world-wide. Galaxy has a diverse portfolio of great games that further will strengthen Evolution’s games-portfolio and secure access to the fantastic titles that our future players are accustomed to already today.”

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