Evolution reported 45 percent revenue growth for 3Q22 as the company continues to experience an increasing preference for its products in Asia.
“We continue to experience an increasing end-user preference for our products in Asia, driving a continued strong growth,” Martin Carlesund, Evolution’s CEO, stated in 3Q22 earning release note.
Evolution’s total revenues in the third quarter of 2022 amounted to EUR 378.5 million, an increase of 37.1 percent compared to last year.
EBITDA amounted to EUR 261.0 million, corresponding to a margin of 69.0 percent. For the nine-month period, the EBITDA margin was 69.5 percent.
Live Casino reported a continued rapid growth of 45 percent in the quarter.
The company continues to see very strong global demand for our new as well as existing products and increasing market shares and distance to competitors, Evolution’s CEO, Martin Carlesund, noted in the earnings release.
Total RNG revenue increased by 11 percent compared to last year, including the acquired Nolimit City business, compared to pro-forma figures growth year-on-year is 2 percent, a result not yet satisfactory by the CEO metrics.
Martin Carlesund argues that the company delivered too few slot games during the past period but remains fully committed to the target of double-digit growth.
Evolution continues to see potential in OSS and is focusing on accelerating rollouts. The company completed the acquisition of Nolimit City during the quarter, and the acquisition is fully consolidated in the third quarter.
Operations have started off strongly, but it is worth noting that the double-digit growth target for RNG is set excluding Nolimit City.
Martin Carlesund is satisfied with the product rollout of Live 2022. The game continues to attract players, and in this quarter, introduced a bingo-style live game show called MONOPOLY Big Balle. Also new in this quarter is Crazy Coin Flip – a game combining both Live and RNG game mechanics.
The company also introduced a new addition to the live Roulette family called Gold Bar Roulette, in which a studio and some fresh game features take Roulette to a new exciting level.
Online Casino continues to grow worldwide, and the growth path in a long-term perspective is very strong, the CEO stated.
