Evolution reports solid growth

Live Casino Supplier Evolution has reported sharp annual increases compared to both sales and profit in the first quarter of 2021, the first quarter since the acquisition of NetEnt in December 2020.

Evolution bought NetEnt Following a bid of 19.6 billion sec in June 2020, the supplier's figures were included for the first time in both the Q1 2021 figures and the comparison with 2020.

Evolutions' total revenues were NOK 2,358 billion, more than double the Evolution and NetEnt had sales of in the first quarter of 2020. Live revenues were 1.836 billion and random number generator (RNG) revenue was 522 million.

Increased operating revenues in the Nordic countries

Geographically, Evolution had a total increase in revenues in each of its operating regions from year to year. The increased operating revenues in North America increased by 204.2 % this quarter, while the Nordic countries followed with an increase of 164.5 %. Asia was number three with an income growth of 155.8 %.

The UK revenues increased by 116.2 %, while the rest of Europe - its largest market - increased by 74.1 %. Revenues in other markets increased by 67.5 %.

Evolution explained that the increased revenues and profits, especially in live casino revenues, come from increased commission revenues from existing and partly new customers.

Operating costs, including personnel costs, impairment and other operational needs, amounted to NOK 942 million, and ended in an operating profit of 1,416.5 million. This is an increase of 147.9 % from the previous year.

Finance costs of 9.53 million and tax bills of 87 million, brought the total profit to 1.32 billion, an increase of 143.6 % compared to the first quarter of 2020.

2021 looks good for evolution

"The positive trend from 2020 continues to the first quarter of 2021, where we see a good momentum both in terms of growth and profitability," said Evolution chief Martin Carlesund.

"We can already see good results from this work in the first quarter, and I think we are well prepared to continue to capitalize on the growing interest in online casinos worldwide."

Evolution continues to buy up company as they recently entered a Agreement to buy Big Time Gaming for 4.5 billion Earlier this month.