Evolution scores outstanding H1 as a dominant live casino supplier
Evolution Gaming AB has cited a fantastic H1 trading period, in which it has achieved significant commercial, strategic and operating milestones.
Publishing its 2022 interim trading results, Evolution registered operating revenues of €670m, up 36% on like-for-like 2021 results of €492m.
Topline growth was primarily driven by its Live Casino unit which generated H1 revenues of €542m (H12021: €387m), attributed to increased commission from existing customers and the improved performance of new players.
Live Casino growth was supported by Evolution’s RNG unit registering a 21% increase in revenues to €127m, described as a solid performance against increased market competition.
Moving forward, Evolution cited that its RNG portfolio of games would be refreshed by its €340m acquisition of No-Limit City – expected to be closed by Q3 trading.
The growth of Evolution’s flagship units saw the Stockholm Nasdaq games supplier register period EBITDA of €467m, up 40% on 2021 results of €334m.
Period expenses amounted to €129m (H12021: €100.8m), attached to higher personnel costs connected to the launch of new live table games and the expansion of its live casino studio.
Closing its H1 2022 accounts Evolution declared corporate profits of €398m, corresponding to a 44% increase on 2021 results of €276m.
Evolution underlined its corporate strategy to become the market’s dominant live casino supplier in which it is supported with live studios in Spain and Armenia as well as the launch of Live games in West Virginia
Group CEO Martin Carlesund commented on H1 trading: “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, the opening of the new studios in Madrid and Yerevan, and the launch of Live games in West Virginia and started construction of an additional studio in New Jersey.
“I very much look forward to the second half of 2022. I feel excited about all things we have in front of us. We want to be better, we want to deliver more, we want to run faster – that is who we are. Adding Nolimit City and the upcoming games on the 2022 roadmap will be great and we are again increasing the gap to all competitors. The world is changing but we stand strong, we continue forward.”