Evolution Released Its Interim Report for Q1 in 2023

May 24, 2023 Artyom Ustinov
Evolution Gaming is off to a strong start in 2023. The company published a financial report revealing its numbers for the first quarter (January–March), demonstrating excellent performance on all fronts.
Based on the report, the developer increased its revenue by 31.5% to €426.9 million, slightly lower than Q4 of 2022 (36% to €438.8). Its profit for the same period amounted to €251.2 million. The company’s CEO, Martin Carlesund, stated that Evolution has always strived to evolve and deliver better results. The company expects the EBITDA margin to be within the 68%–71% range. As a result, they have been exceptionally pleased with the reported results of 69.9%, suggesting an increase of 30.7% to €300.2 million.
Regarding revenues from different verticals, the RNG titles brought in €69.5 million, while live casino games generated an impressive €360.1 million. According to Carlesund, the company aims to deliver high-quality and innovative gambling experiences to its players. Evolution places emphasis on creating engaging content that will appeal to future generations of online casino players. He has promised the company will continue to dominate the Game Show category by developing never before-seen games to the market. The CEO also reflected on the two game shows launching in the second quarter — Extra Chilli Epic Spinsä and Funky Time. Although they rely on well-known concepts, they bring brand-new features, including social elements and chat functions. The highlight of Q1 was the launch of 18 RNG titles and the Red Tiger’s unique timed jackpot games in parts of North America. Nevertheless, the developer has much bigger plans, as it aims to release over 100 games by the end of the year. Additionally, the casino supplier will continue investing in its existing studios and start working on new ones. With this report, the company has also gained insight into regional revenue. So far, Nordics and UK make up 40% and LatAm 7% of the total income. Compared to last year, Asia reported 49% growth, North America 56%, and Europe 14% in the first quarter of 2023. Carlesund expressed the company’s wish to continue improving player experience while staying loyal to its core principles. The CEO is excited to see what the rest of 2023 brings to Evolution Gaming.

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Artyom Ustinov

Artyom is Head of White Label & Turnkey Solutions and has been working in complex B2B/B2C sales, as well as business development and management consulting in iGaming for more than 18 years.

Together with the Key Account Management Team, he has helped over 100 start-ups and experienced gaming companies to launch their projects with SoftGamings.

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