Evolution Q2 results deliver, as live casino segment grows

Evolution Gaming has closed the books on its second-quarter earnings and first-half year with the company reporting several significant milestones during the period, while trying to continue boosting the RNG sector in which it has been investing determinedly over the past several years.

Quarterly and half-year results remain strong for Evolution

To start with, the second quarter revenue had increased to €508.4m, or a 15% growth year-over-year, the company’s update stated. This comes at a time when the company is carefully navigating new market opportunities with markets such as the Philippines, Brazil, and the Czech Republic presenting the company with the chance to secure a larger swathe of the live casino market – established and emerging.

Evolution’s boss, CEO Martin Carlesund, similarly confirmed that the first quarter has been a time of preparation. The company has already released many of its games for the year, but the second half of 2024 will indeed be more demanding on production lines.

At the same time, Crazy Time, one of the studio’s leading game shows, has registered its largest payout ever in an online casino. In pure financial terms, the live casino sector grew by 18% year-over-year, as the company continues to operate out of a network of 20 studios, with more studios added in Colombia and the Czech Republic where Evolution Gaming is looking to gain a stronger foothold, as it pivots towards European and Latin American markets.

In the meantime, EBITDA for the second quarter increased by 10.9% and hit €345.8m. Profit stood at €269.1m and earnings per share were set at €1.28.

At the same time, the company revealed its full H1 results for the financial year 2023 – the period between January and June 2024. Operating revenues hit €1bn, or a 16% increase year-over-year. EBITDA stood at €691.6m, up 13%, and profits for the period were €538.3m, along with €2.55 per share.

The RNG sector grows slower than expected, stressing sector competitiveness

In the meantime, the company’s second-quarter RNG revenue was slightly higher year-over-year, reaching €70.3m in the quarter. Evolution is also looking to roll out 100 new live casino games in 2024 alone, which is ahead of the 2023 roadmap.

Plus, the company has already released one of its most ambitious games in Q3, Lightning Storm, which has been introduced exclusively with BetMGM Ontario for the time being. Carlesund and Evolution are buoyant about the company’s operations and core products, hailing the arrival of such innovative products as Balloon Race, a new generation of slots that combines the traditional game mechanics with the live casino experience.

SicBo and Dragon Tiger have also enjoyed a Lightning Series makeover, giving players yet more reasons to interact with the games. As to the company’s RNG sector, it continues to be carried by the four brands that the company operates, to wit Red Tiger, Nolimit City, NetEnt and Big Time Gaming.

At the same time, Evolution has already revealed an ambitious play for Galaxy Gaming, a Las Vegas-based supplier of online casino games, with the company looking to pay $85m in cash for a 70% stake in the company at first, and then acquire the rest later on.

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