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Evolution Records Increased Revenue and Profit in 2020

Posted on February 12, 2021 | 10:31 am

Evolution, the biggest global supplier of live dealer software and content, has reported a significant year-on-year increase in revenue and profit for 2020, as more customers turned to online gaming amid the coronavirus pandemic.

The company’s total revenue for the 12 months of last year amounted to 561.1 million euros, which represents an increase of 53.4 percent compared to the 365.9 million earned during the previous year.

Evolution revealed that the increased revenues come from larger commissions from clients, but also as a result of the company’s acquisition of video slot developer NetEnt. The merger was finalised at the beginning of December 2020, and the combined business resulted in increased revenues for the final month of the year.

About the acquisition, Martin Carlesund, Chief Executive Officer at Evolution, said“Through the acquisition of NetEnt, we add a second vertical to our unrivalled live casino offer and two strong and fantastic new brands to our product portfolio. This makes us well placed for our long-term ambition of taking a leading global position in online casinos.”

As for spending, Evolution had operating expenses of 261.4 million euros in 2020, up 25.5 percent from 2019. However, most of the increase was driven by the company’s expenses related to the NetEnt acquisition, a huge deal worth around 2.3 billion dollars.

Nevertheless, Evolution recorded an operating profit of almost 300 million euros and the earnings before interest, tax, depreciation and amortisation (EBITDA) was 351.6 million euros, almost double compared to 2019.

Profit before tax was 298.7 million euros, a significant 89.9% increase compared to 2019. The company had to pay just over 14.1 million euros in income tax, which means the net profit at the end of 2020 was 283.6 million euros.

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Looking Forward To 2021

With the valuable assets of NetEnt already integrated into the company, Evolution is in a very strong position to continue its growth in 2021. At the end of December, the company announced a new partnership with Dutch online casino operator JVH gaming & entertainment group, boosting its presence on that regulated market.

“There is much to look forward to in 2021,” Martin Carlesund added. “We enter the new year with an intense and successful 2020 behind us, a proven strong, competent and energetic team and tremendous business momentum.

2021 is off to a strong start and I am excited to soon share more news from the group on how we plan to work with operators to take product innovation and player experience to the next level.”

Evolution, formerly known as Evolution Gaming, is the current market leader when it comes to providing B2B live casino services. It currently employs over 4,000 people in the several offices and studios that they operate in Latvia, Canada and the United Kingdom.

Source: “Year-End Report 2020“Evolution. February 10, 2021.

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