Evolution’s Q2 Revenues Up 28% Year-on-Year, CEO Says, “We Can Do More”

Article ByDavid Weir

July 21, 2023

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Posted in: US Casino News, US Gambling News

Evolution, a world-leading online casino game provider, has reported a robust performance for the second quarter of 2023.

The company’s operating revenues for Q2 2023 hit $491 million, which is up 28.2% on Q2 last year. The company’s profit from that for Q2 was almost $294 million, and the profit for 2023 so far was $573.5 million.

Evolution is known for providing high quality live casino games with livestreamed dealers. It has also been a serious innovator in the online casino space with games like Dream Catcher and Lightning Roulette influencing developers across the sector.

It operates dozens of live dealer studios across the world – including three in the U.S. It also owns worldwide slot providers NetEnt, Red Tiger, and NoLimitCity, and live dealer developer Ezugi.

Evolution’s CEO, Martin Carlesund, expressed his satisfaction with the figures in the company’s official statement. He praised the company’s record-high level on its earnings before interest, taxes, depreciation and amortization, or EBITDA.

“We will continue to invest for growth, to try new solutions – sometimes fail – but always strive to be better every single day. Together with the soon-18,000 people at Evolution, I look forward to the second half of 2023 with great enthusiasm,” Carlesund said.

100 Games Targeted for Launch in 2023

Carlesund highlighted Evolution’s RNG operations as a major source of revenue for the company, announcing that the company plans to continue creating new live games at a fast pace – but also more RNG (random number generator) based slot-like games.

“Our release schedule for Live games is tilted toward the second half of the year and we have many exciting releases planned,” he said.

“Also, our RNG roadmap is busier during the second half of the year, all according to plan, and in line with the 2023 target of more than 100 games in total (including Live games).”

Those game launches so far this year included Funky Time and Extra Chilli Epic Spins, as well as various new variants of roulette, blackjack, and craps.

While Evolution will have to deal with a tougher macroeconomic climate, Carlesund is bullish on continuing international growth in key markets such as the US.

“We continue to see long-term growth opportunities in all regions. In North America, we continuously expand our Live game portfolio,” he said.

“In the second quarter, we launched Live Craps in Michigan. We are now present with this iconic dice game in four states in the U.S.”

Related: The best casinos for live dealer games

Partners for Expansion

In addition, Evolution also partnered with Caesars Entertainment to offer its games via Caesars Sportsbook and Casino in Pennsylvania. It also teamed up with Big Time Gaming to launch Golden Catch in the U.S. market.

Big Time Gaming, one of the world’s most popular slot developers, will also bring its games to casinos that have an existing partnership with Evolution.

The second quarter of the year also saw the company launch Funky Time and grow its live casino presence in Latin America. The report continues the favorable trends recorded in Q1 2023.

Evolution started out as Evolution Gaming (something you still have to type into search engines to find them) in 2006.

By 2012, they were operating the biggest live casino studio in Europe. In 2017, it was the first live casino developer to make a live casino hybrid gambling game show, with its giant spinning wheel game, Dream Catcher.

These have gone on to be emulated by other developers, and they’re now a standard sight at online casinos.

In 2018, Evolution launched a live casino studio in New Jersey. Today, it is live in dozens of legal states via various operator agreements, and it also runs two additional U.S. live casino studios in Michigan and Pennsylvania.