Evolution Gaming posts 59% jump in Q1 revenues
Live casino provider reports increased demand from new and existing customers in three months to 31 March
Evolution Gaming posted a 59% jump in Q1 revenues to ?19.3m this morning, growth the supplier partly attributed to several existing customers expanding their live casino environments during the period.
The Stockholm-listed supplier reported a 67% rise in EBITDA to ?8m, at a margin of 42%. Profit for the first three months of the year was ?5.9m.
The firm pointed to major client William Hill launching a new Vegas product while Betsson also went live with new environments in both Riga and Malta.
“To date, the year has been characterised by a high level of activity,” Jens von Bahr, Evolution CEO, said. “Other customers who have increased their number of dedicated tables include Unibet, Mr Green, 888 and GVC.
“Among other things, we have entered into a new platform partnership with Aspire Global, and also extended our previous deal with BetConstruct,” he added.
Von Bahr also praised last year’s strategic agreement with Microgaming, which led to Betway launching several Evolution live tables, while 32Red is expected to come online in Q2.
Mobile growth also continued, with mobile penetration amounting to 34% for the quarter, up from 20% in the comparative period last year.
However Evolution also announced its COO Svante Liljevall would be stepping down on 30 June after eight years service. The firm said it does not currently not see the need for a replacement.
“On the whole, I view the continued development of both the market and Evolution with the same confidence as previously,” von Bahr said.
“Although Live Casino remains a small part of the total online gaming market, with its social interaction and customisable content, it has what it takes to continuing growing at a high pace over the coming years.
“At the same time, we will continue working according to our clear strategy to support both existing customers to develop their live offerings, while also benefitting from future growth areas such as land-based casinos,” he added.
Evolution shares were virtually unmoved in early trading, up around 0.5% to SEK301