April 27, 2023 3 min read


Evolution Celebrates Stellar 2023 Start with Q1 Revenue Increase

Releasing its interim report, the company revealed significant growth in operating revenue, complemented by strong performance in strategic global markets

Leading business-to-business (B2B) solutions provider for the iGaming industry Evolution released its results for the first quarter of 2023. Judging by the latest figures, between January and March this year, the company reported strong growth with operating revenue hitting €429.6 million ($474.4 million). This result, when compared to the corresponding period in 2022 when the operating revenue halted at €326.8 million ($360.9 million), marks an increase of 31.5%.

The latest financial update revealed that EBITDA in Q1 2023 hit €300 million ($331.3 million), up by 30.7% when compared to the €229.7 million ($253.7 million) result from the same period last year. The EBITDA margin for the first quarter of this year was 69.9%, compared to the EBITDA margin of 70.3% from Q1 2022.

Additionally, the interim report revealed that Evolution’s operating profit soared in Q1 this year. Overall, the operating profit hit €271.5 million ($300 million), representing a 31.1% increase when compared to the Q1 2022 result of €207.1 million ($228.7 million). Earnings per share before dilution increased by 27.1% to €1.18 ($1.30).

Growing on a global scale, resulted in the company increasing its headcount. According to the new interim report, at the end of Q1 2023, the company had 17,331 employees. Comparing that result to the same period in 2022, showed an increase in the headcount of 21%.

A Stellar Start of 2023 for Evolution

Martin Carlesund Evolution’s CEO, shared his excitement about the latest figures, acknowledging that the company enjoyed a strong start to the year. He pointed out that there are challenges from 2022 that the company continues to face every day.

Still, Carlesund stressed that Evolution has seen strong demand for its products and services from new and existing clients. The company’s CEO acknowledged that its new games have also enjoyed a positive momentum in Q1 this year.

I remain convinced that we can perform better in the RNG area, and we are working hard to improve. The underlying growth drivers for online casino are solid and I am happy with the start of 2023.

Martin Carlesund, CEO of Evolution

Carlesund added that nearly 84% of the company’s revenue in Q1 this year came from live casino games, while RNG contributed to the rest of the revenue. He said that Evolution’s live casino segment grew significantly by 36.1%, which resulted in strong revenue results.

According to the CEO, one of the highlights of the quarter was the debut of the company’s jackpot functionality in certain jurisdictions in North America. He outlined that in Q1 2023, Evolution released 18 RNG titles. However, Carlesund added that more than 100 games are planned to be released this year.

The Company Enjoys Growth in Strategic Markets

Evolution provided a breakdown of its €429.6 million ($474.4 million) revenue per region. Unsurprisingly, the company performed well in all strategic markets. Europe remained the region with the highest revenue for the first quarter of 2023, which hit €173.7 million ($191.8 million). The company’s Asia-facing operations performed well too, with revenue hitting €154.0 million ($170 million) in Q1 2023.

Evolution’s North American operations saw €57.3 million ($63.3 million) in revenue while its Latin American operations’ revenue hit €30 million ($33.1 million) for the first quarter this year. All of those markets showed an increase in their revenue on a year-over-year basis.


William Velichkov is a research-driven writer. His strengths lie in ensuring factual accuracy, vetting government documentation and reaching out to regulators and other officials. He is particularly fond of financial reporting, the sports betting industry, B2B partnerships and esports betting developments. William is a strong asset to the GamblingNews team as he adds a bedrock to our reporting.

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