Evolution Gaming continues to grow with 30% rise in revenue during Q1 2018
It seems like the sky is the limit for the live dealer online casino technology provider Evolution Gaming since they started 2018 the same way they had finished 2017, by setting the revenue record.
A Steady Streak
Stockholm-listed live dealer specialist has released its records for the first quarter of the year 2018 on Thursday and an amazing 30% increase in revenue. This represents the company’s 18th consecutive quarter of growth which definitely deserves a strong applause.
Evolution said that demand for Live Casino games was high over the whole quarter and the number of bet spots from end users increased by 55% to a whopping $3.1 billion. Revenues from dedicated tables and environments also contributed to the increase as a result of additional launches or extending to their Live Dealer environments.
Figures show revenue of €51.6 for the first three months which is not only 30% year-on-year improvement but nearly €1 million higher than the company reported for the last quarter of 2017.
Operating revenue was only €39.7 million in the same period last year which is a rise of nearly €12 million. This positive revenue growth derives both from increased commission income from existing customers and the new customers but also from new studios and games. Evolution continues its efforts in product innovation and tends to provide unparallel user experience.
They have launched Lightning Roulette and RNG Roulette that tested great during the beta test period and are set to be a huge hit among players. Evolution launched its first studio outside Europe in February, launching ten live casino tables for British Colombia Lottery Corporation and PlayNow.com website. At the beginning of a second quarter, new live dealer studio in Tbilisi, Georgia was launched. The ninth Evolution studio is the most advanced they built so far and is expected to accommodate growth for the next two or three years.
Profit increased from €12.7 to €16.5 million while earnings before interest, tax, depreciation and amortization (EBIDTA) jumped 29% from €17 million to €22 million with a margin of 42.6%. For the full year, Evolution expects profitability to be in line with the profitability achieved in 2017 with some fluctuation up and down from quarter to quarter.
Evolution will continue to combine cost-efficient operational excellence and unparalleled end user experience to stay ahead of the competition.