Evolution Gaming revenues soar on continued live casino demand

Evolution Gaming has reported a 48% climb in revenues for Q4 to €50.7m due to the continued demand for live casino games in the European market.

Full year profits for 2017 rose 92% to €66.8m with a strong profit margin of 37.5%. EBITDA increased by 81% to €80.6m with a margin of 45.2%.

CEO Martin Carlesund said Q4 was characterised by higher operational expenses due to an ongoing investment into studio expansion and product innovation.

“Looking back on 2017, it is easy to say that it was an exceptional year in many ways,” Carlesund said.

“On the whole, with new studios and exciting product launches on the cards, we see good prospects to continue strengthening our business in 2018, with a clear focus on profitable growth.”

The firm also detailed plans to launch a private live casino offering for VIP players which will offer a personal service and enable players to control the game round themselves.

Elsewhere the supplier is strengthening its Baccarat portfolio and expanding into live poker. A new studio was opened earlier this month in Canada with a further venue to be launched in Georgia in Q2 18.

Regulus Partners this morning said the supplier has cornered the live casino market despite increased competition from the likes of Playtech and NetEnt.

“To put Evolution’s rise into context, Q4 run-rate revenue has overtaken NetEnt and represents c. 40% of Playtech’s non-Philippine licenced gaming revenue,” the analyst noted.