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Evolution’s Q1 Report Shows a Jaw-Dropping 150% Boost in Earnings

May 4, 2021 Artyom Ustinov
Sweden’s gaming giant, Evolution Gaming, released a report on the first quarter of 2021. Based on the numbers, the positive trend in 2020 continued in Q1 2021, showing good momentum in both profitability and growth.
According to the report, Evolution saw operating revenues increased by 105% to €235.8 million. Also, the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) beat all expectations with a 150% boost in core earnings as the pandemic and lockdown increased interest in online casinos and their products. Additionally, Evolution’s shares also rose 6.5% to a record-breaking 1,555 Swedish Krona. The entire profit for the first quarter amounted to €132 million. Based on the Q1 report, Evolution is the leader in the European market, especially after its successful purchase of NetEnt for €1.9 billion at the end of 2020. This transaction gave Evolution access to a couple of top-performing slot games, including Starburst, Gonzo’s Quest, Piggy Riches, etc.
The renowned software developer achieved its €40 million target of cost synergies from the NetEnt purchase deal nine months earlier than planned. Chief executive at Evolution, Martin Carlesund, said in an interview that the live casino titles have had some trouble finding the audience and saw some operational difficulties, but online slots were much more successful. North America and Asia continue to be the two main sources for growth, with the United States being the target, especially since more states are thinking about making online gambling legal. Evolution also spent another €450 million on the acquisition of the Australian-based slot game developer Big Time Gaming. They entered the deal earlier this month and expect to complete the transaction during the second quarter. Carlesund also stated that Evolution is looking for further acquisitions.

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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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