Evolution Gaming’s “strong momentum” continues as Q1 revenues soar
Supplier reports a 60% increase in revenues and plots North American expansion following British Columbia Lottery Corporation deal
Evolution Gaming today reported a 60% year-on-year rise in Q1 2017 revenues, with growth attributed to higher demand for live casino and expansion into Latin America.
Revenues during the three-month period increased to EUR 39.7m , up from EUR 24.8m last year, while the Stockholm-listed supplier’s EBITDA was also up 65% to EUR 17m.
CEO Martin Carlesund said momentum in January and February was particularly strong, after the brand expanded into the Latin American market via a deal with Codere for the exclusive provision of live casino in Mexico.
The supplier also signed additional agreements during the quarter with mybet, Matchbook and White Hat Gaming.
Carlesund added: “We have seen generally high player volumes among all types of customers, while customers are also increasingly optimising their live casino offerings. In line with this, growth has, as in the past, derived primarily from existing customers, while new customers initially focus on adjusting their offer to attract end users to start playing live casino.
“Looking ahead in 2017, we see continued strong demand for our products, even if the second and third quarters tend to have less activity than the winter months.
“To support future expansion, we intend to start the establishment of our third major studio in Europe during the year, which like our production studios in Riga and Malta will be able to serve multiple markets and customers.”
Evolution Gaming recently announced an agreement with the Canadian state-run British Columbia Lottery Corporation to launch an eighth live casino studio in the Metro Vancouver area that will cement the firm’s entry into the North American market, later this year.