Evolution Gaming: 1H 2020 Profits Nearly Double

Latest report by Evolution Gaming outlines how much did the company spend and profit in the first half of 2020.

Profits 1H 2020 Nearly Doubled, Says Evolution Gaming’s Latest Report

Evolution Gaming released its interim report reflecting the company’s results for the period January – June 2020. According to the report, profits by Evolution Gaming for the first half of 2020 have nearly doubled. The company marked revenue increase of 47.5% year-on-year to €243.5 million (£221.0 million /$277.3 million) for the six months period until June 30.

Evolution Gaming marked that the expenses for the same period were €112.2 million, up 14.3%. From that amount, some €63.6 million were spent because of workforce increase, surrounding newly created studios and live tables. For the six month period, charges for deprecation, amortization and impairments were some €13,9 million. Another €34,6 million were spent for other operating expenses.

With this in mind, Evolution Gaming made a profit of €131.3 million for the period. Excluding €6.5 million because of income tax and some €159,000 in financial items, the operator made a net profit of €124.6 million. This marks a 97.5% year-on-year profit increase.

The report by Evolution Gaming included a breakdown of the raised revenue per region. Looking at revenue raised by the Nordics, we see € 12,9 million in H1 2020 while the UK market raised €20,5 million. Remaining of Europe raised € 122,2 million for the same period. Asia raised some €49 million in revenue. Last but not least, North America raised €15,6 million in revenue and other gaming markets raised €23,5 million for the six months.

Evolution Gaming’s CEO Comments on the Subject

CEO Martin Carlesund commented on the subject by saying: “The strong development for Evolution continued during the second quarter.” He added: “The quarter has been eventful with several product launches and a very high demand, partly due to the lack of sports betting games through a large part of the period, but we also see strong underlying growth.“

Carlesund did not miss to say that Evolution Gaming will continue to work towards growth in the US. He said that the company is increasing the number of studios in order to meet the increasing demand. Globally, the company has 8,000 employees and 8 studios. A new studio is planned to launch in Pennsylvania. In addition, the company is planning to create a second studio in Michigan as well as an English speaking studio located in Lithuania.

Evolution’s CEO added: “During 2020, Evolution has continued and strengthened its focus on products and innovation.” He continued by outlining that so far the company launched 8 out of the planned 12 games this year. Carlesund noted that the company’s vision is to become a leading B2B online casino provider. According to him, the acquisition of NetEnt will only accelerate this process. Carlesund said that if this happens, a strong market position will be created, especially in the US.