Evolution hails growing importance of live casino as revenues soar

Evolution Gaming has hailed the growing importance of the live casino sector after the firm reported a 56% jump in Q2 gaming revenues to €42.3m.

Revenue from mobile devices also accounted for more than 50% of revenues during the quarter for the first time, Evolution said this morning.

“The favourable momentum of the past quarters continued into this period, with a strong and steady growth for all products,” said CEO Martin Carlesund.

“We are seeing continued Live Casino initiatives among all of our customers, who are also marketing their offerings towards end users to an increasing extent.”

EBITDA for the quarter climbed 81% to €19.2m, corresponding to a margin of 45% – a six percentage point jump over the same period last year.

Carlesund said the margin improvement was driven by “high growth among existing customers”, and supported by “a continuously improving and increasingly efficient organisation”.

The exec said the firm’s strategic priority to extend live casino beyond table games was progressing smoothly with its Dream Catcher spinning wheel product becoming popular with players.

“Dream Catcher is a clear example of our product innovation and, since its launch, it has developed in line with our high expectations,” Carlesund added.

Going forward, Evolution said it would be targeting the land-based casino industry with its Dual Play Roulette product, where online players can bet on wheels in real-life casinos.

“We are proud of our Dual Play solution, which really fills its purpose as a bridge between online and real-life play” Carlesund said.

“The land-based sector is still clearly larger than the online gaming market, and Evolution shall be the go-to partner for physical casinos seeking to develop their digital brands.”

The provider has existing partnerships with the Hippodrome in London and Grand Casino Bucharest.

Evolution’s share price was up 3.5% to SEK 477 on the main market at Nasdaq Stockholm.