Evolution posts 105 per cent revenue rise for Q1
Live casino supplier Evolution Gaming has posted a strong first quarter of 2021, with operating revenue increasing 105 per cent to €235.8m (£205.1m/ $284.5m).
The revenue rise has been driven by the acquisitions of NetEnt and Red Tiger Gaming towards the end of last year.
EBITDA increased by 150 per cent to €160m from €64,123m at the same point in 2020, with a corresponding margin of 67.9 per cent.
The first quarter also saw Evolution close its NetEnt synergy project nine months earlier than planned, reaching €40m in annual cost savings related to the acquisition.
The firm’s live casino business grew by 60 per cent in the quarter, which the firm said was the highest growth rate it has recorded in a single quarter to date.
The RNG business started 2021 with growth of 6 per cent compared to NetEnt revenues Q1 2020, which was in line with forecasts. However, CEO Martin Carlesund pointed out that the firm faces tougher comparable figures in Q2, given the effects of the pandemic on the NetEnt business.
Evolution is structured into four regions: Europe, Asia, North America and Latin America & Africa – all of which reported strong Q1 performance, according to Carlesund. Although live casino studios have been operating at limited capacity due to the pandemic.
Evolution has entered into an agreement to acquire Big Time Gaming, with that transaction expected to be completed during the second quarter.
“I very much look forward to welcoming the Big Time Gaming team to Evolution and to work together on new innovative games. Supported by a combination of underlying megatrends – like the digitalisation of the world in general and the shift from land-based to online casinos in particular”, Carlesund said.
This summer the supplier will release its first product from the collaboration between the live and the RNG product development teams, Gonzo’s Treasure Hunt. The game is touted to combine the best features from the live and the RNG worlds.