Evolution Gaming’s core live casino unit continued to expand in the initial three months of 2022, contributing to a 38.6% surge in revenue to €326.8 million.
Income from live dealer games continued to rise rapidly, climbing by 44.3% to €264.5 million. This is noteworthy, according to the operator’s chief executive Martin Öhlund Carlsen, as the first-quarter figures are more than double the total recorded in the initial three months of 2020.
“We witnessed exceptional growth in the initial six months of 2021, so the comparable figures were elevated,” he stated. “The start of 2022 has been very positive, and the entertainment and excitement provided by live games continue to attract new and existing clients to participate in our games.”
Revenue from random number generator (RNG) games expanded at a slower rate, but still climbed by 19.3% to €62.3 million. Nearly all of this growth can be attributed to the addition of Megaways creator Big Time Gaming, as RNG revenue would have only increased by 1.8% if this segment was included in the first quarter of 2021. Carlsen stated this was “in line with expectations.”
“Customer contentment is always crucial, and achieving this is not a one-time occurrence,” Carlsen said, referring to the RNG segment.
The route to achievement is rarely a direct course, but our objectives are distinct and I am confident we will attain our growth objectives.
In terms of location, income from Nordic and British markets was €21.8 million and €32.9 million, respectively, an increase of 32.9% and 1.8% year-over-year. The rest of Europe was Evolution’s largest market, generating €108.8 million in revenue, a 4.5% year-over-year increase.
Asia was the fastest-growing region, with revenue rising by 94.4% to €103.4 million. North American revenue climbed 70.4% to €36.8 million, and revenue from the rest of the globe increased 79.6% to €34.3 million.
Evolution noted that its share of revenue from controlled markets remained stable at 40%.
Costs also climbed, but at a slower pace, rising 27.0% to €119.7 million. Personnel expenses were the largest cost item, at €63.5 million, up 30.1%. Depreciation, amortization, and impairment costs increased 22.1% to €22.6 million, while other operating expenses rose 24.9% to €33.6 million.
This resulted in an operating profit of €207.1 million, a 46.2% increase.
The business recorded a €4.3 million profit on financial items, leading to a profit before tax of €211.4 million, a 50.2% increase.
After paying €13.7 million in taxes, Evolution’s net profit was €197.7 million, up 49.8%.