Evolution Released Q1 2020 Report On The Day Of Mega Ball Launch
Posted on April 24, 2020 | 2:20 pm
Released on 23 April, Evolution Gaming’s Interim report for January-March 2020 shows that the leading provider of Live Casino solutions had a great start of the year with operating revenues increased by 45% to €115,1 million compared to the same period of 2019.
It’s interesting, this day was also marked by the official launch of Mega Ball (including a First Person version), the Evolution’s first game in the lottery vertical showcased in February at ICE London together with other eleven novelties.
Moving Forward Every Day
According to Group CEO Martin Carlesund, the company has started 2020 very strongly in terms of both growth and profitability. The financial results speak for themselves with EBITDA amounted to €64 million (at a margin of 55.7%) and profit reached €54.2 million, which is almost twice the amount achieved in the first four months of 2019.
Martin Carlesund commented:
“With a good financial start to the year, great confidence ahead of the upcoming product launches and a good momentum at the start of the second quarter, I am more certain of our objective for 2020 to improve the margin level compared to 2019. Together, all employees did a fantastic job during the first quarter. I am deeply grateful for the energy and determination with which we have taken up the challenge – we have step-by-step, methodically moved forward every day.“
He also stressed an important role of Evolution hubs in Malta and Latvia, which had to manage a significantly larger share of the traffic due to the temporary closure of the studios in Georgia and Spain.
Speaking of the increased demand for the company’s Live Dealer products, Carlesund said: “During the end of the quarter the absence of sporting betting games likely also favoured growth in our products. This circumstance effects also the start of the second quarter and we now see many new players being introduced to the Live segment.“
Further Increasing Gap To The Competition
Not only studios but also games were in the focus during the first quarter. The brand is known for the widest range of casino classics including blackjack, baccarat, poker, and roulette.
Recalling the announcement of 12 new titles earlier this year, Carlesund mentioned the success of Speed Blackjack and Lightning Baccarat launched within the aforementioned period. He also revealed plans to extend the First Person portfolio, as well as introduce Power Blackjack and Baccarat Multiplay in the second quarter. As for the new studio in Pennsylvania, it’s supposed to go live before the end of the year.
Referring to the situation in different markets, the Group’s CEO added:
“Michigan has accelerated its casino regulation process and we hope that the state soon will be the third regulated market in the US. In South Africa we have received a National Manufacturer license. The license means that Evolution now is able to offer its and the subsidiary Ezugi’s products to all licensed gaming operators in South Africa.“
Martin Carlesund summarized the Q1 results saying that he’s “proud of how we have started off the year from a financial perspective, but even prouder of how we have handled these difficult times from an operational standpoint“ and promising to continue “to increase the gap to the competition“ strengthening Evolution’s leading position.