Development continued its robust expansion in the initial period of 2022, with its fundamental live casino division earnings rising by 38.6% to €326.8 million.
Live dealer game earnings continued to expand quickly, increasing by 44.3% to €264.5 million. The operator’s chief executive, Martin Öberg Carlson, highlighted that this growth is noteworthy as the first-quarter figures are more than twice the total for the initial period of 2020.
“We encountered exceptional expansion in the first half of 2021, so the comparable figures were demanding,” he stated. “The beginning of 2022 has been positive, and the entertainment and excitement provided by live games continue to draw new and existing players to our games.”
Earnings from random number generator (RNG) games grew at a slower rate, increasing by 19.3% to €62.3 million. Nearly all of the growth was attributed to the addition of Big Time Gaming, the creators of Megaways, as RNG earnings would have only increased by 1.8% if the division was included in the first quarter of 2021. Carlson said this was “in line with expectations.”
“In the end, end-user satisfaction is crucial, and achieving this is not a one-time occurrence,” Carlson said, referring to the RNG division.
The route to achievement may not be a direct path, but our objectives and aspirations are evident, and I am certain we will achieve our growth targets.
Dividing income by area, Northern Europe and the United Kingdom generated €21.8 million, an increase of 32.9% and 1.8%, respectively. The rest of Europe was Evolution’s largest market, generating €108.8 million, an increase of 4.5%.
Asia was the region with the fastest growth, with revenue increasing by 94.4% to €103.4 million. North America saw revenue rise by 70.4% to €36.8 million, while the rest of the world saw revenue increase by 79.6% to €34.3 million.
Evolution noted that its share of revenue from regulated markets remained steady at 40%.
Costs also increased, but at a slower rate, rising 27.0% to €119.7 million. Personnel costs were the biggest expense, at €63.5 million, up 30.1%. Depreciation, amortization, and impairment costs rose 22.1% to €22.6 million, while other operating costs increased 24.9% to €33.6 million.
This resulted in an operating profit of €207.1 million, an increase of 46.2%.
The company recorded a profit of €4.3 million on financial items, leading to a pre-tax profit of €211.4 million, an increase of 50.2%.
After paying €13.7 million in taxes, Evolution’s profit was €197.7 million, an increase of 49.8%.
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