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Evolution Records Profit Of Over 1 Billion Euros in 2023

Posted on February 2, 2024 | 9:02 am

Evolution, the world’s biggest supplier of live dealer games for online casinos, has announced its financial results for 2023 and the numbers show increases both in revenue and profits.

The live casino supplier recorded a net profit of 1.07 billion euros in 2023, a figure which represents an increase of 27 percent over the previous year. The company’s live casino segment was once again the main source of revenue, generating 84.7 percent of the total revenue of 1.80 billion euros in 2023.

The company explained that its business continued to grow as live casino content generates more and more interest all around the world but the main problem for the supplier is to keep pace with the booming demand.

In fact, after the third quarter of 2023, Martin Carlesund, the Chief Executive Officer of the company admitted that Evolution has to open new live casino studios in various locations around the world. The CEO reiterated this scenario upon the release of the results for the whole year.

“We have increased the pace of our studio expansions in the fourth quarter and expect to continue into 2024,” Carlesund said. The Evolution CEO reminded that the company launched a new live casino studio in Bulgaria at the end of 2023, along with a project to build a second studio for the company in Colombia.

The Evolution boss also added that the company has invested 94 million euros in 2023, quite a bit below the 120 million it had projected at the beginning of the year, because it was unable to “expand quite as fast as planned.” For 2024 the company has set out a goal of investments worth 120 million euros as it plans to add at least four new live casino studios to its portfolio by the end of the year along with expanding the existing locations.

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Live Casino Leading the Way

As mentioned earlier, live casino was the main revenue generator for the company once again, bringing in 1.52 billion euros in 2023. The figure represents an increase of 28.1 percent compared to the previous year while RNG only managed to achieve a revenue growth of 2.6 percent to a total of 275.3 million euros.

The company’s operating expenses also registered a significant growth of 25.6 percent to 688.9 million euros, but the revenue growth ensured that Evolution ended the year with an operating profit of 1.14 billion euros, up 25.9 percent year-on-year.

The live casino supplier had to pay 77.7 million euros in tax, leaving a net profit of 1.07 billion euros, 27 percent higher than what it had recorded in 2022. Moreover, earnings before interest, tax, depreciation and amortization amounted to 1.27 million euros, up 25.7 percent year-on-year.


“Evolution: Revenue growth pushes net profit past €1.00bn in 2023“,, February 1, 2024.

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