Live dealer casino specialist Evolution Gaming has released its Interim Report for the first nine months of 2018, reporting a 37 per cent year-on-year increase in operating revenues.
In the third quarter of 2018, operating revenues increased by 41 per cent to €64.3m, while earnings (EBITDA) rose 28 per cent to €28m in the period.
Operating revenues for the year to the end of September increased by 37 per cent to EUR €175.2m. EBITDA increased by 31 per cent to €76.1m, with a profit margin of 43.4 per cent, down slightly year on year.
This is despite what CEO Martin Carlesund called “a year of high investment,” with Evolution spending big in New Jersey and Georgia, and a “higher than expected” growth in the number of tables the supplier offers, now numbering more than 500. Still, more expansion is mooted with Malta getting a special mention.
The numbers for the period in question look like this:
Carlesund added: “The margin was impacted by a faster-than-expected growth in the number of tables. We had approximately 500 tables live at the end of the quarter and we expect continued high expansion going forward. We further expect the margin to improve somewhat in the fourth quarter, while the full year number will be in the lower end of our earlier expectations.
“The main milestone of the quarter was without doubt the launch of our state-of-the-art studio in Atlantic City, New Jersey… and the development of the offering has exceeded our expectations during the initial phase, which provides confidence for the future.
“However, the US market remains a long-term project, where New Jersey marks the start of a longer journey,” he cautioned. “The timetable for regulation in additional states is hard to predict; according to reports, Pennsylvania is next during 2019. Regardless of the timing, Evolution is now very well positioned to grasp the opportunities that will open up.”
“With little more than two months of 2018 remaining, we can soon look back at a year that in many ways will be historic for Evolution; not least thanks to our expansion outside Europe. This year, we have also passed the 5,000-employee mark in the group, which is a great achievement.
“Evolution continues on its course to strengthen its leadership in the market by providing the very best products and services that one may find,” he said.