Online gaming provider Evolution has released its revenue report for the third quarter of 2022 revealing that operating revenues for the period grew by 37.1% to €378.5 million from €276 million in Q3 2021.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 35.3% to €261.0 million giving the company a margin of 69.0%. This resulted in profits of €221.3 million. The same period in 2021 saw EBITDA of €192.9 million and a margin of 69.9% and profits of €157.4 million.
The latest figures means that revenues for the year-to-date increased by 36.5% to €1,049.3 million compared to €768.5 million in the previous year.
Speaking of the report’s data, CEO Martin Carlesund said:
“We delivered a strong revenue growth in the third quarter of 2022. Total revenues amounted to EUR 378.5 million, an increase of 37.1 percent compared to last year. EBITDA amounted to EUR 261.0 million, corresponding to a margin of 69.0 percent. For the nine-month period, the EBITDA margin was 69.5 percent.
Carlesund noted the growing popularity of the company’s live casino games:
Live Casino reported a continued rapid growth of 45 percent in the quarter. We continue to see very strong global demand for our new as well as existing products and we are increasing market shares and our distance to competitors. The roll-out of the full product suite to all regulated markets continues.
However, he also noted that Evolution’s growth was behind schedule.
Total RNG revenue increased by 11 percent compared to last year, including the acquired Nolimit City business, comparing to pro-forma figures growth year-on-year is 2 percent. This is not yet satisfactory. We have delivered too few slot games during the past period, however we remain fully committed to the target of double-digit growth. We continue to see great potential in OSS and are now focusing on accelerating rollouts. On the road to double digit growth, we will continue to see fluctuating quarterly performance, as earlier stated the development will not be a straight line.”
Evo is regarded as the top provider of live casino games for casino brands worldwide. The company has a number of exclusive live dealer casino games, custom shuffling algorithms and AI to detect cheating.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.