Survival of the Fittest, Evolution Posts an Impressive 2020
Evolution, the crack international B2B business which dominates the Live Casino offering, has recorded a tremendous 2020 financial year of increased revenue and profit.
Citing its recent acquisition and merger with NetEnt, and big moves in the US market as key drivers, the NASDAQ Stockholm-listed provider has posted total revenue of €561.1m (£491.4m/US$679.8m) for its financial year, ending December 31, 2020 – more than a 50 per cent increase compared to the previous year.
“Through the acquisition of NetEnt [finalised on December 2] we add a second vertical to our unrivalled Live Casino offer and two strong and fantastic new brands to our product portfolio,” said Evolution’s Chief Executive Martin Carlesund.
“This makes us well placed for our long-term ambition of taking a leading global position in online casino.”
Founded in 2006, and in keeping with its name, Evolution has surged to the fore in live iGaming.
It is the only company, for example, currently offering real-time online Craps.
The gamer’s 2020 adjusted earnings before interest, tax, deprecation and amortisation (EBITDA) was €351.6m (£308.32m/US$426.41m) – a massive 92.2 per cent up on 2019.
After paying €14.1m (£12.37m/US$17.1m) in tax, net profit came in at €283.6m (£248.71m/US$343.9m), another near doubling, year-on-year.
Continued Carlesund: “[Although] the pandemic has continued to be a factor throughout the year, our organic growth was already solid in the beginning of 2020.
“And I’m pleased to see continued strong demand, with many new players and high activity in the network throughout the year.”
Evolution has also, concurrently, detailed its Q420 fiscals.
Earnings hit €177.7m (£155.82m/US$215.49m), up almost 70 per cent year-on-year.
The field was led, by several lengths, by Europe, trailed by Asia, with the UK, North America and the Nordics following head-to-head at some distance.
Operating costs—factoring-in the €19.4m (£17.01m/US$23.52m) cost of absorbing NetEnt–climbed 62 per cent to €92.8m (£81.37m/US$112.53m), leaving Evolution at the period’s end with a reported profit of €80.6m (£70.67m/US$97.73m).
Ever-evolving Evolution has had a good year.