Big Board Alerts

October 26, 2023
Growth may be slowing for Evolution in Q3

Evolution witnessed a 20% increase annually, year-on-year, in its operating revenue during Q3. To break this down, Evolution generated €385.8 million from its live casino division, marking a significant increase from the previous year’s €310.4 million. In contrast, its random number generator (RNG) segment reported revenue of €66.8 million, showing a decrease of €1.3 million compared to the previous year, and this figure represents the lowest earnings for this segment in a year.

RNG, which stands for Random Number Generator, is employed to create events that appear to lack any discernible pattern for the player. This can be achieved using either physical hardware devices or software programs.

In July this year, Martin Carlesund, Evolution CEO, said Evolution was working toward the goal of double-digit growth, saying, “With our operational improvements in place, I see that we have many opportunities to execute going forward.”

With the new report, Carlesund underscored the strong performance of the live casino division and emphasized its potential for further expansion, stating, “Our live casino revenue for the quarter reached €385.8 million, and we are witnessing a greater demand for our product than our current capacity allows. This underscores the remarkable popularity of our games.”

Evolution’s comprehensive report reveals a company that has progressively established itself in the market

While it may no longer be posting year-on-year growth rates of 100%, the sheer magnitude of the figures it presents solidifies its position as an industry powerhouse, effectively dominating the field.

The online casino market continues in its early growth stage. Regarding North America, Calesund expects to see significant growth as iGaming expands. Calesund says that North America is a region that will be developed over the long haul, as the U.S. begins to regulate.

Featured Image Credit: Image from the Evolution website; Thank you!

The post Growth may be slowing for Evolution in Q3 appeared first on ReadWrite.


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