Evolution Gaming Group, the largest B2B online casino solutions provider, has released its much-anticipated report for the first half of 2023. The company’s remarkable performance in H1 2023 demonstrates considerable gains in operational sales, EBITDA, and profit, underscoring its industry dominance. Martin Carlesund, CEO of Evolution, expressed satisfaction with the company’s financial results but underlined the need to improve operational efficiency.
Evolution Gaming Group’s financial indicators increased dramatically in the second quarter of 2023. Operating sales increased by 28.2% to EUR 441.1 million ($489 million), representing strong growth over EUR 344.0 million in the same quarter previous year. The company’s EBITDA increased by 30.8% to EUR 311.7 million ($345.7 million), with an exceptional EBITDA margin of 70.7%. Profit for the period was EUR 264.1 million ($292.8 million), above last year’s profit of EUR 200.9 million. Notably, earnings per share increased from EUR 0.94 in Q2 2022 to EUR 1.24 in Q2 2023, demonstrating Evolution’s solid financial health.
Evolution Gaming Group had an incredibly profitable first half of 2023. The company increased operational sales by 29.8%, reaching EUR 870.6 million ($965 million) in H1 2022, up from EUR 670.7 million in H1 2022. The profit for the first half of the year was an excellent EUR 515.2 million ($571.2 million), beating the previous year’s profit of EUR 398.6 million. Furthermore, earnings per share increased to EUR 2.41 from EUR 1.87, highlighting the company’s outstanding success.
The Evolution Gaming Group’s Live Casino division remained the key driver of its expansion, accounting for an astounding 84% of total revenues. Revenue from this vertical increased by 33.5% in Q2 2023, totaling EUR 371.8 million ($412.3 million). The company’s unwavering dedication to creating an immersive and unique gaming experience continues to draw players from all around the world.
While Evolution achieved significant success in its RNG operations, earning EUR 69.3 million ($76.8 million) in Q2, the CEO noted that the road to double-digit RNG growth will take more time. However, the company hailed the successful debut of “Funky Time” in Q2, a game that elegantly merges RNG and Live game aspects, enthralling players with animated characters and live video features.
The Evolution Gaming Group has an intriguing vision for the second half of 2023, which includes additional live games and RNG products. The company is committed to growing its RNG portfolio, with a goal of having more than 100 games in total to complement its Live games. The CEO expressed optimism about the company’s development prospects and hinted at an even more exciting vision for 2024.
Evolution Gaming Group is currently seeking expansion possibilities in a variety of regions. The firm increased its Live gaming portfolio in North America, recently releasing Live Craps in Michigan. In the meantime, the Latin American market saw an increase in player numbers, prompting Evolution to extend its studio network in the region. Despite a difficult macroeconomic environment, the company is confident in its financial position and cash flow generation.
The post Evolution Gaming Group Achieves Remarkable Growth in H1 2023, Records Strong Q2 Results appeared first on iGaming.org.