Evolution Gaming Reports Profit

Evolution Gaming reported an increase in Q1 revenue and Profit. It attributed this development to an increase in patronage from customers. (Image Source: Evolution.com)

Report coming from Evolution states that the live casino supplier has recorded a sharp increase in both profit and revenue in the first quarter of 2021 since the company acquired NetEnt in December 2020.  In June 2020, the supplier of live casino games, Evolution Gaming, took over NetEnt in a 19.6 billion SEK bid. The first quarter of this year marks the first inclusion of NetEnt’s figure in Evolution’s 2020 comparative accounts and Q1 2021 figures.

The total income recorded by Evolution was 235.8 million Euros. This figure marks double what NetEnt and Evolution recorded in the first quarter of 2020. RNG (Random Number Generation) income totaled 52.2 million Euros while live revenue was 183.6 million Euros. Geographically, the live casino supplier recorded an all-round increase in income across all its operating regions all through the years. In North America, a 204.2% rise was recorded in the operating revenue for only this first quarter. Similarly, there was a 164.5% increase in the Nordics while a 155.8% increase in revenue was also recorded in Asia.

Rationale Behind Revenue Increase

Evolution justified the large increase in profit revenue especially in live casinos recorded across all its franchise to increased commission revenue from a part of its new customers and all its existing customers.

Expenses vs Profit

All operating expenses including impairment, personnel expenses, and other operating necessities amounted to 94.2 million Euros in total. This implies that operating profit recorded a 147.9% increase to a total of 141.65 million Euros.

Similarly, 8.7 million Euros tax bills and 953,000 Euros financial expenses summed up the total net profit to 132 million Euros. This figure represents a 143.6% increase compared to the income recorded in the first quarter of 2020.

While speaking on the development;

Chief Executive at Evolution, Martin Carlesund stated that the positive trend recorded in 2020 continues to be seen even in the first quarter of 2021. He added that the company sees a good drive both in terms of profitability and growth.

Carlesund further noted that the company has recorded good results so far from the work in the first quarter of 2021. He expresses optimism towards recording higher revenue growth. The company will achieve this by capitalizing on the high demand for online casinos across the world.

Evolution is set to continue acquisitions with the latest coming up soon. Earlier this month, the company has reached an agreement with Big Time Gaming to acquire it for 450 million Euros (389 million Pounds/ 534.5 million dollars). This is another acquisition that will help in the further expansion of this already great Gaming Giant.

 

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