Evolution, the world’s most powerful supplier of live dealer games for online casinos, has announced its financial results for the third quarter of 2023 and the numbers show record-breaking revenue for the company.
The company’s revenue during the third quarter amounted to 453.6 million euros, a figure which marks the best three months in the group’s financial history. The good result was mainly driven by the company’s live casino segment, which drove in revenue of 358.8 million euros during the quarter, representing a 24.3 percent increase.
Moreover, Martin Carlesund, the Chief Executive Officer of Evolution, revealed that the demand for live casino content is increasing at a rapid pace and that the supplier will have to open more studios in order to cope with the demand.
Evolution also registered a record in the third quarter when it comes to the number of games launched, but even so the company will have to increase its production capabilities in order to keep up with the demand.
Martin Carlesund revealed that the company is ready to open new studios and hire more staff on three continents: Europe, North America and Latin America. “We see a higher demand for our product than what we currently can deliver,” Carlesund explained, adding that the company has to “increase the pace of recruitment both in existing studios as well as to support new studios.”
The Evolution CEO also added that the company has already opened a live casino studio in Colombia at the beginning of the fourth quarter and revealed that they will open a new studio in Europe by the end of the year and three or four next year in Europe, North America and Latin America.
The company’s random number generator games (RNG) segment did not do that well during the third quarter, registering a revenue drop of 1.9 percent to 66.8 million euros. Despite the decrease, the Evolution CEO says he remains optimistic because the RNG business has progressed in the third quarter.
“We are methodically and systematically moving our RNG business forward,” Martin Carlesund explained and added that the current focus is on improving the business “step-by-step.”
When it comes to geographical areas, the most lucrative one for Evolution remained Europe, which drew 175.1 million euros in revenue in the third quarter, a figure which represents an increase of 10 percent year-on-year.
However, Asia registered revenue of 172.1 million euros, a rise of 34.7 percent compared to the same quarter of last year. If the trend continues, Asia will most likely surpass Europe in the fourth quarter. North America generated 54.7 million euros in revenue for Evolution in the third quarter, while Latin America managed to draw 34.4 million euros.
Source: “Evolution eyes new studios to support live casino growth after record Q3“. iGaming Business. October 26, 2023.