Evolution, a leader in online gaming, has announced stellar financial results for the year 2023, showcasing a remarkable 27.0% surge in net profit, reaching an impressive €1.07 billion.
The company attributes this substantial growth to the success of both its live casino and random number generator (RNG) segments.
Live casino took the spotlight, contributing a substantial 84.7% to the total revenue of €1.80 billion in 2023. However, CEO Martin Carlesund has expressed concerns about the company’s ability to keep up with the surging demand.
In response, Carlesund has committed to a bold expansion strategy for 2024, announcing plans to open a minimum of four new studios worldwide, in addition to the recently launched Bulgaria facility in Q4.
The live casino sector continued its impressive performance into 2024, achieving a staggering 28.1% increase in revenue, amounting to €1.52 billion. This contributed significantly to the overall revenue growth of 23.5% year-on-year.
Evolution plans to invest €120.0 million in 2024 to further expand its live casino offerings and establish new studios, reinforcing its commitment to meeting the escalating global demand.
Despite facing a class-action lawsuit alleging investor deception, Evolution remains bullish about its future.
The company increased its EBITDA margin guidance for 2024 to a range of 69% to 71%, citing its robust performance over the past year.
In the fourth quarter of 2023, Evolution reported a 16.6% increase in revenue, reaching €475.3 million.
Live casino revenue continued to lead the way, surging by 21.1%, while RNG revenue experienced a marginal decline of 3.7%.
Europe retained its status as Evolution’s core market, contributing €185.8 million in Q4, closely followed by Asia with €181.7 million in revenue.
As Evolution continues to dominate the online gaming industry, its ambitious plans for 2024, coupled with record-breaking financial results, position the company for another year of success and growth.
Despite legal challenges, Evolution remains resilient and looks forward to expanding its global presence, making waves in the dynamic world of online gaming.
