Evolution reported a 15.3% increase in operating revenue for Q2 2024, reaching €508.4 million ($553.4 million). CEO Martin Carlesund noted that the Crazy Time game had its largest-ever payout, impacting the revenue share.
Carlesund explained, “Large player wins are part of the game and positive for our games’ attractiveness to players, but it does affect us through lower revenue share in the period. We also see somewhat slower development in general in most regions for the second quarter. This is part of the natural variations in our industry.”
Despite the large payout, Evolution’s EBITDA increased by 10.9% compared to Q2 2023, reaching €345.8 million. Operating profits also rose 10.5% year-over-year to €311.1 million. However, the profit margin decreased from 59.9% in Q2 2023 to 52.9% in Q2 2024. Overall profit for the period grew by 1.9% to €269.1 million.
Discussing future improvements, Carlesund said, “There are of course things we can do to improve as has always been our focus when faced with these periods in the past. The underlying market drivers and demand for our market-leading products remain very strong.”
Revenue from Live! Casino increased by 18% year-over-year. Evolution is focused on expanding its delivery capacity and studio network. New studios in Colombia and the Czech Republic are expected to go live in 2024.
On the same day, Evolution announced the acquisition of Galaxy Gaming for $85 million in cash. This acquisition aims to strengthen Evolution’s position in the US market and enhance its role as a licensor of proprietary table games to the online gaming industry.
With Galaxy Gaming’s portfolio, Evolution plans to continue its strategy of offering diverse casino games and providing quality gaming content to its customers.
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