Evolution Gaming reports rapid growth in Q1, continuing its momentum from 2020 when it acquired NetEnt.
Evolution Records Boosted Growth in 2021
Evolution Gaming has posted a strong performance in the first quarter of the year, with the company’s core earnings buoyant on a shift towards online gambling and Evolution’s forays into Asia and the United States paying off. The company’s results increased by 150% over the reported period, resulting in earnings before interest, taxes, depreciation, and amortization (EBITDA) of $193.27 million, NASDAQ Stockholm reported in an official release.
The Swedish gaming company is traded under the EVOG.ST ticker on the exchange and constitutes one of the most significant players in the industry with a string of M&As already revealed and completed this year. Commenting on the results, Evolution chief executive Martin Carlesund argued that the growing demand for online products had translated into higher profitability for the company and boosted growth through 2021, a trend Carlesund noted, started in 2020.
Evolution’s primary growth in revenue still comes from Asia (156%) and North America (204%). In Q1, the company recorded revenue tripling in North America and doubling in Asia.
Evolution’s Offering Has Become a Must-Have in Europe
Evolution Gaming continues its rapid growth trend from 2020. Last year Evolution bought NetEnt AB for $2.12 billion, gaining access to the company’s trend-setting slot development division and other assets. With this move, Evolution became a dominating company in the online casino industry on the European scene. According to research firm Redeye, with this acquisition, Evolution’s offering became a must-have. This April, the company marks 15 years since it set up its first live casino studio in Riga, Latvia.
Earlier this month, Evolution announced the acquisition of Australia-based company Big Time Gaming for €450 million. The transaction is expected complete in Q2. Carlesund stated that there is a lot to be proud of, but the most exciting part of the company’s journey has just begun. He stated that as new opportunities open up in new products, the next 15 years will be even more revolutionary for the company. Carlesund had this to add: “It will be about every one of us, every day, striving to be just a bit better. That is simply how we will continue to widen the gap to competition.”