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Sweden – Evolution’s Q2 operating revenue up 34 per cent

By - 21 July 2022

Evolution’s second quarter revenues have increased by 34 per cent year-on-year to €344m and EBITDA has increased to €238m, corresponding to an EBITDA margin of 69 per cent.

In the second quarter, live casino increased by 36.7 per cent on 2021 and RNG revenues grew by 6.1 per cent.

During Q2, Evolution announced the acquisition of Nolimit City. Expected to be completed in Q3, the deal includes an upfront consideration of €200m and earn-outs of up to €140m, payable in 2023, 2024 and 2025, respectively.

Looking further ahead, Evolution’s intention is to distribute Nolimit City slots through its One Stop Shop and add them to its operator offering.

CEO Martin Carlesund reflected: “The operational delivery in the second quarter 2022 is nothing but fantastic and during the quarter we reached many and significant milestones.

“These include the new studio in Connecticut, opening of the regulated Ontario market, opening of the new studio in Madrid, opening of the new studio in Yerevan, launch of Live games in West Virginia and started construction of an additional studio in New Jersey.

“All this on top of expansion all over the world adding close to 1,000 employees during the quarter shows the speed we are moving forward with. I am very proud of all achievements that the employees of Evolution have made during the quarter.

“Even so, we need to be better tomorrow than what we are today and we need to constantly challenge ourselves to perform better.”

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