Evolution Revenues Surge in Third Quarter

Gaming group Evolution announced their third quarter 2023 financial results, noting that revenues jumped during the period but drew concerns from the company's CEO over future demand.

Key financial indicators for the period ending September 30th, 2023 were:

• Live dealer casino revenues up 24.3% to €358.8 million
• RNG casino game revenues down 1.9% to €66.8 million
• Operating revenues up 19.6% to €452.6 million
• 8 new live dealer games launched during the period
• 28 new RNG games launched during the period
• European revenues of €175.1 million, up 10% from last year
• Asian revenues up 34.7% to €172.1 million
• North American revenues up 8.4% to €54.7 million
• Latin American revenues of €34.4 million
• Other market revenues of €16.3 million
• Net profit up 23.3% to €272.8 million
• Operating expenses up 16.5% to €165.5 million
• EBITDA up 22.1% to €318.6 million

Regarding the concerns over supply, Evolution CEO Martin Calesund said, "Our live casino revenue grew to €385.8m for the quarter," Carlesund said. "And we see a higher demand for our product than what we currently can deliver. That is a measure of the phenomenal traction our games have.

"However, it also means we are not expanding our studios at the right pace. We have faced delays, and in some cases not executed fully, in several of our planned studio projects for this year but even more importantly we need to increase the pace of recruitment both in existing studios as well as to support new studios.

"We are working hard to get back on track in our existing locations and we will continue to invest in our network of studios and add new locations. We opened a smaller studio in Colombia just after the end of the third quarter.

"We plan to open one new studio in Europe later this year and three to four next year in Europe, North America and LatAm."