Evolution shares jump on strong Q2 results 

Evolution has reported a 40% rise in Q2 operating revenues to €59.3m, with the provider expecting to run more than 500 live casino tables by the end of the year.

EBITDA increased 36% to €26.2m, on a margin of 44.2%.

“As this report is being published, the FIFA World Cup has just ended – and the second quarter was largely characterised by the preparations for this major sporting event, with many new tables in our studios, followed by a high level of activity as the tournament began,” Evolution CEO Martin Carlesund said.

“We see continued favourable demand for tables even after the World Cup, and expect to have a total of more than 500 in operation at the end of the year. Similar to our historical pattern, we are leveraging our size and utilising our expanded resources for optimum efficiency, with each new table being optimised and delivering more over time.”

The provider said it had made “clear progress” with its initiatives in New Jersey, with several new customer agreements and activities associated with a new studio currently being built that is expected to go live in Q3.

Carlesund added: “With half of 2018 behind us, I can state that we are continuing to deliver on our ongoing mission to continuously extend the gap between us and our competitors.

“Evolution’s operations are becoming increasingly global, with over ten years’ experience of delivering the best Live Casino services to both pure online operators and land-based casinos in a growing number of markets.”

Carlesund said around one third of Evolution users were in regulated markets.

The firm’s share price climbed nearly 10% on the strong results announcement.