BUSINESS

Evolution Gaming’s live casino tables keep printing money

TAGs: Evolution Gaming, Live dealer, New Jersey Online Gambling, ocean resort casino

evolution-gaming-live-casino-printing-moneyLive dealer online casino providers Evolution Gaming went from strength to strength in Q2, with revenue, earnings and profit all rising more than one-third.

Figures released Wednesday show the Stockholm-listed Evolution generated revenue of €59.3m in the three months ending June 30, a 40% improvement over the same period last year. Earnings were up 36% to €26.2m while profit jumped 37% to €20.1m.

Evolution credited the gains to the company’s voracious expansion, which has seen the revenue contribution from the ‘rest of world’ geographic category grow from 14% in Q217 to 25% in the most recent quarter.

This international growth was spurred in part by February’s launch of Evolution’s live casino studio in British Columbia, the company’s first outside Europe, in partnership with the British Columbia Lottery Corporation. International expansion is set to continue in Q3, when the company expects to launch its new studio in New Jersey.

Last week, Evolution confirmed that it had inked a deal to supply live casino services to the online gambling site of Atlantic City’s new Ocean Resort Casino (the former Revel, which re-opened on June 28). The site will offer both studio-based live tables and an on-the-gaming-floor Dual Play Roulette table.

Evolution previously announced deals with the New Jersey online operations of Resorts Casino Hotel and UK-listed operator 888 Holdings, so the initial 10 tables in Evolution’s New Jersey studio will definitely be earning their keep.

Evolution’s share of revenue from regulated markets dipped three points to 31% in Q2, but this figure will get a boost not only from the New Jersey launch but also from the pair of deals Evolution recently inked with Sweden’s erstwhile gambling monopolies Svenska Spel and ATG, which are frantically burnishing their offering ahead of the market’s liberalization on January 1, 2019.

Evolution CEO Martin Carlesund said the company had enjoyed “a high level of activity” through its various online partners during the recent 2018 FIFA World Cup and the company saw “continued favorable demand” in the tournament’s immediate aftermath.

Evolution added oer 1,000 full-time employees since Q2 2017 and Carlesund expects Evolution to have over 500 live tables in operation around the world before the year is through.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com