Increased growth and stronger margins due to investments in new games and studios, as well as an overall rise in demand globally, has seen Evolution Gaming continue a trend of reporting consistently strong financial performances.
Encouragement has also seen the firm “reaching completely new player types,” who it’s said are accessing live for the first time and are also being converted across other game categories such as slots.
Stressing that the firm is “favourably positioned to take advantage of the growing general demand for live,” Evolution saw revenues for Q3 increase 47 per cent to €94.7m (2018: €64.3) which nudged full-year figures to €259.8m, a 48 per cent rise from €175.2m.
The positive revenue derives from heightened commission income from existing customers and new customers, with successful new titles launches seeing a continually rising demand for live as dedicated tables and environments also contributed to the increase.
Martin Carlesund, CEO of Evolution, explained on the global impacts felt by the firm: “We continue to invest in additional studio capacity to meet the total demand for live. Our all-new studio in Malta is now operational, and we are also continuing to expand our existing studios in both Georgia and New Jersey.
“In Georgia, we have now doubled the capacity since the launch of the studio in April 2018. By the end of the year, we will also have doubled the capacity in New Jersey in order to add more games from our portfolio and to allow additional space for dedicated customer environments. Currently, we offer 9 out of 21 game titles from our portfolio to operators in the state.”
Lauding a new partnership inked after the end of the quarter with Flutter Entertainment and it’s Paddy Power and Betfair entities, Evolution also saw profit increase 87 per cent to €39.8m (2018: €21.2) for the June to September period.
Representing a 78 per cent jump in the first nine months of 2019 to €102.8m (2018: €57.8m), EBITDA for the quarter increased by 73 per cent to €48.5m (2018: €28m)
Carlesund went on to address further US progress made and plans for the immediate future: “During the quarter, we received an Interactive Gaming Manufacturer licence from the Pennsylvania Gaming Control Board, which is a prerequisite to be able to offer our services in Pennsylvania.
“Based on our experience in New Jersey, we see great opportunities to attract both online operators and land-based casinos with our offering. Planning for the studio is in full swing with launch during 2020.”
Concluding: “The absolute core of Evolution is built on innovation with a focus to meet the demand for live and to constantly increase the gap to the competition. I have a confident view of what the future will bring.”