Evolution Gaming revenue, profit spike 30% on live casino growth

Live dealer online casino technology provider Evolution Gaming started 2018 the way it finished 2017: setting revenue records.

Figures released Thursday by the Stockholm-listed Evolution show revenue of €51.6m in the three months ending March 31, a 30% year-on-year improvement and nearly €1m higher than the company reported in its Q4 2017 scorecard. Earnings were up 29% to €22m on an ungodly margin of 42.6% while profit rose 30% to €16.5m. Evolution’s shares rose more than one-quarter on the news.

The end users of Evolution’s products placed 3.1b bet spots in Q1, up from just 2b in the same period last year, thanks to new customer launches and existing customers expanding their live casino offering.

Evolution CEO Martin Carlesund said Q1 had closed off stronger than it started, putting the company on track to at least match its 2017 profitability as the current year progresses.