The live casino business of Evolutions continued to expand in the initial three months of 2022, boosting earnings by 38.6% to €326.8 million. The core live casino division continued to be the main driver of growth during this period.
Evolutions’ revenue climbed to €326.8 million, with the live casino business continuing its upward trend.
Income from live dealer games continued to rise at a rapid pace, increasing by 44.3% to €264.5 million. CEO Martin Carlesund highlighted the significance of this growth, noting that the first-quarter figures were already more than twice the total for the same period in 2020.
“We experienced extraordinary growth in the first half of 2021, so the comparable figures are demanding,” he stated. “The start of 2022 is positive, and the entertainment and excitement provided by live games continue to attract both new and existing customers to participate in our games.”
Revenue from random number generator (RNG) games saw a slower increase, rising by 19.3% to €62.3 million. The majority of this growth was attributed to the addition of Megaways creator Big Time Gaming, as RNG revenue would have increased by only 1.8% if this division had been included in the first quarter of 2021. Carlesund described this as “in line with expectations.”
“End-user satisfaction is always paramount, and achieving this is not a one-time event,” Carlesund remarked regarding the RNG division.
The path to achievement is rarely a direct route, but our objectives are well-defined, and I am certain we will attain our growth objectives in due course.
The Nordic area and the United Kingdom experienced robust revenue growth, reaching €21.8 million and €32.9 million, respectively. This signifies a year-on-year increase of 32.9% and 1.8%, respectively. Europe, Evolution’s primary market, generated €108.8 million in revenue, a 4.5% rise from the previous year.
Asia was the region with the most rapid growth, with revenue surging 94.4% to €103.4 million. North America witnessed revenue climb 70.4% to €36.8 million, while the remainder of the world saw a 79.6% jump to €34.3 million.
Evolution noted that its revenue from regulated markets remained stable at 40%.
Expenditures also rose, but at a slower pace, increasing 27.0% to €119.7 million. The most significant cost was personnel expenses, which climbed 30.1% to €63.5 million. Depreciation, amortization, and impairment costs expanded 22.1% to €22.6 million, while other operating expenses increased 24.9% to €33.6 million.
This resulted in an operating profit of €207.1 million, a 46.2% rise.
The company generated a profit of €4.3 million on financial items, leading to a pre-tax profit of €211.4 million, up 50.2%.
After paying €13.7 million in taxes, Evolution’s profit reached €197.7 million, a 49.8% increase.
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