Evolution’s Live-Dealer Casino Games Drive Q2 Revenue Growth

Evolution Gaming has published its interim financial report covering the first six months of 2024, and the company demonstrated revenue growth in both Q2 and H1 2024, underpinned by the success of its live-dealer casino games.

From January to June, Evolution reported a 16% increase in revenue, from €870.6 million ($948 million) to €1.0 billion. EBITDA saw a boost from €611.9 million ($666 million) to €691.6 million ($753 million), while profit and earnings per share were also up.

Galaxy Gaming acquisition among highlights

During Q2, spanning April to June, Evolution saw a 15.3% increase in operating revenues to €508.4 million ($553 million). At the same time, EBITDA rose 10.9% to €345.8 million ($376 million). Profit for the period saw an increase from €264.1 million ($287 million) to €269.1 million ($293 million), and earnings per share amounted to €1.28 ($1.39), compared to €1.24 ($1.35) in the same period last year.

A highlight of Q2 2024 for Evolution was the introduction of its Capital Allocation Framework, with a goal of clarifying the board’s priorities and underlining the company’s commitment to driving long-term shareholder value. Additionally, the company entered into an $85 million agreement to acquire casino game provider Galaxy Gaming.

“With the acquisition, we accelerate and solidify our presence in the U.S. market, where Galaxy is licensed in 28 states,” said Evolution CEO Martin Carlesund in a press release.

During Q2, revenue from live-dealer games reached €438.1 million ($477 million), up 18% year-on-year. At the same time, RNG games generated €70.3 million ($76 million) in revenue, compared to €69.3 million ($75 million) last year, up around 1.5%. Evolution released 26 RNG games during the quarter.

Live-dealer games generated around 86% of Evolution’s total revenue for the first half of 2024, collecting €869.4 million, while RNG games generated the other €140.5 million.

Crazy money

Last month, Evolution reported that its Crazy Time game paid out its largest amount ever, €34.5 million, thanks to a 10,000x multiplier. This likely had an impact on the Q2 figures. 

“I see the financial result in the quarter as solid although not fully reflecting our operational performance. There are some clear reasons, one reason being that we had the largest payout ever in online casino during the quarter on our Crazy Time game,” said Carlesund. “Large player wins are part of the game and positive for our games’ attractiveness to players, but it does affect us through lower revenue share in the period.”

Looking ahead, Evolution remains optimistic. “We have a high pace of fantastic game-delivery in 2024, even better than in 2023, and we are planning for over 100 new releases,” commented Carlesund. “Although one of our bigger launches — Lightning Storm — has been pushed into Q3, we are overall on track with our release plan for the full year. The release of Lightning Storm will be one of the biggest releases ever in the industry.”

Founded in 2006 as one of Europe’s first B2B live casino solution providers, Evolution has since grown to operate in over 20 countries worldwide. In August 2018, Evolution opened its first casino studio in the U.S. in New Jersey, and is now available in six of the seven iGaming states. The company’s umbrella includes several casino game providers, including NetEnt, Red Tiger, and Big Time Gaming.