Online gaming provider Evolution has released its revenue report for the third quarter of 2022 revealing that operating revenues for the period grew by 37.1% to €378.5 million from €276 million in Q3 2021.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 35.3% to €261.0 million giving the company a margin of 69.0%. This resulted in profits of €221.3 million. The same period in 2021 saw EBITDA of €192.9 million and a margin of 69.9% and profits of €157.4 million.
The latest figures means that revenues for the year-to-date increased by 36.5% to €1,049.3 million compared to €768.5 million in the previous year.
Speaking of the report’s data, CEO Martin Carlesund said:
Evolution Q3 Report Reveals 45% Growth in Live Casino BusinessCarlesund noted the growing popularity of the company’s live casino games:
Live Casino reported a continued rapid growth of 45 percent in the quarter. We continue to see very strong global demand for our new as well as existing products and we are increasing market shares and our distance to competitors. The roll-out of the full product suite to all regulated markets continues.
However, he also noted that Evolution’s growth was behind schedule.
Evolution Q3 Report Reveals 45% Growth in Live Casino BusinessTotal RNG revenue increased by 11 percent compared to last year, including the acquired Nolimit City business, comparing to pro-forma figures growth year-on-year is 2 percent. This is not yet satisfactory. We have delivered too few slot games during the past period, however we remain fully committed to the target of double-digit growth. We continue to see great potential in OSS and are now focusing on accelerating rollouts. On the road to double digit growth, we will continue to see fluctuating quarterly performance, as earlier stated the development will not be a straight line.”
