Evolution Gaming, top live casino supplier, saw a surge in profits during the first half of 2020 and the company anticipates further growth as the novel Coronavirus continues to place a damper on the rest of the world.
The first half of 2020 has been incredibly positive and profitable for Evolution Gaming as they see growth in earnings to the tune of €243,500,000 since the start of the year. Their earnings per share before dilution also gained ground and is up 96% to €0.69.
Covid Conflict
Despite the Covid-19 lockdown in the second quarter, Evolution weren’t affected as they saw a 50% growth in operating revenue, earning €128,300,000 while the EBITDA jumped by 90% to €81,100,000.
With sports betting taking a knock during the lockdown due to the cancelation of live sports matches, Evolution noticed a high demand for live casino games, which strengthened their position in the market.
Evolution Gaming CEO Martin Carlesund had this to say on the impressive growth:
“During 2020, Evolution has continued and strengthened its focus on products and innovation. Our ability to develop new unique games while at the same time creating new variants of traditional games is important to further strengthen our leading position in Live Casino.
So far, we have launched 8 out of the 12 games that we will launch this year. After the end of the quarter, we launched another one – Crazy Time – which is the most expensive and time-consuming game that we have developed to date. The reactions were instant, and we are overwhelmed by the positive reception among both players and operators.”
Evolution clearly recognises the power of the people and is carefully tracking player activity to feed into the market as needed.
Epic Expansion
In June 2020, the company made a bid for NetEnt with a public offer of SEK19,600,000,000 (US$2,100,000,000) and, given that NetEnt also reported profits of 37% earlier this week, this may well be the best collaboration we see this year.
“It has been an intense first half of the year impacted by Covid-19, which has entailed here-and-now problem solving. Since a few months back, we have a more stable virus situation and we have been able to devote more time to look forward while also preparing Evolution for a possible future second wave or similar pandemics.
We are now working intensively with next year’s product launches and how Evolution will play a role in the continued digitalisation of the casino industry. I believe that our focus on the best game experiences and a relentless approach to always improve as a company will continue to be important pieces as we move ahead. We shall become slightly better each day, and every day shall take Evolution another step forward,” continued Carlesund.
It looks like Evolution Gaming is in for a bumper year and the next few months are bound to be filled with exciting changes!
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