written and last updated by
Sam Smith at
27 Oct 2022
Journalist, Editorial Department
Global provider Evolution has reported a 37% increase in revenue for the third quarter of 2022. According to company executives, this significant growth was driven by heightened user demand for live dealer games.
The group's operating revenue for Q3 2022 reached €378.5 million ($381 million), up from €276 million in the same period last year. Meanwhile, EBITDA rose by 35%, reaching €261 million compared to €193 million in 2021. Operating profit also saw a substantial increase, climbing from €172 million to €236.4 million, reflecting an overall revenue growth of more than 37%.
Evolution's net profit also showed strong growth, with the group reporting earnings of €221.3 million for the period, a 41% increase compared to the same quarter last year.
Martin Carlesund, CEO of Evolution, commented, "We continue to see very high global demand for both our new and existing products. We are also consistently increasing our market share and widening the gap from our competitors."
Live games accounted for the lion's share of the group's revenue in Q3 2022, generating €310.4 million—an increase of 45% compared to the same period last year. Games featuring random number generators (RNG) contributed the remaining portion of Evolution's operating revenue for the third quarter, totaling €68.1 million.
Carlesund also noted that overall revenue from RNG games increased by 11% year-on-year, aided by the company's acquisition of Nolimit City. However, he expressed that this figure was not satisfactory, citing that the provider developed too few slot games in the past quarter. The company plans to address this issue in the near future, with plans to release a series of new titles featuring unique mechanics.
In related news, Betsson has also reported revenue growth for the third quarter of 2022.
