Evolution's CEO Announces a Strong Start to the Year Revenue-Wise

Evolution's CEO, Martin Carlesund, has announced that the company has posted a solid start in 2023. The official reported increased revenues by 31.5% to €429.6 million in Q1, with 83% of the gains from the company's live games.

Revenues from live casino games increased significantly by 36.1% over the previous year to reach €360.1 million, with RNG titles posting €69.5 million. Carlesund says the company continues to experience high demand from current and potential clients, as well as positive momentum for new games.

However, the company is adamant it can still improve in the RNG area. The CEO said:

“I remain convinced that we can perform better in the RNG area, and we are working hard to improve. The underlying growth drivers for online casinos are solid and I am happy with the start of 2023”.

Meanwhile, the report reveals increased operating profit by 31.1% to €271.48 million in Q1 2023 compared to €207.08 million last year. In Q1 this year, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) increased by 30.7% to reach €300.15 million.

Stagnant Operating Margin

During the announcement, Carlesund said the company posted a 63.2% operating margin, slightly down from 64.4% in Q1 2022. Evolution's EBITDA margin for Q1 2023 stands at 69.99% compared to 70.3% in Q1 2022. The company attributes these performances to external persisting issues they are still addressing.

The CEO said that Evolution will release more than 100 titles for online live casinos in 2023. He said the company has already released more than 18 RNG games in Q1, promising to backload the releases into the year's second half. Recently, the company released Extra Chilli Epic Spins, which offers a slot-like live game show experience. He also singled out the company's first timed jackpot in several North American regions as a significant success.

Geographically, Europe, which includes the United Kingdom and the Nordics, for Evolution Gaming had a significant increase of 14% in Q1, accounting for nearly 40% of total revenues. North America also experienced a boom of 56%, while Asia experienced strong growth of 49%. LatAm contributed 7% of Evolution's total revenue for the quarter.