February 2, 2023 2 min read


Evolution Posts 36% Increase in Operating Revenues for 2022

Online gambling industry provider Evolution released its latest financial update, reporting strong performance for the fourth quarter and 2022

The new report reveals that the company’s operating revenues in 2022 hit €1,456,737 ($1.6 million) representing strong growth of 36% when compared to the €1.07 million ($1.2 million) result from 2021. Providing a breakdown, Evolution’s new report revealed that EBITDA for the period hit €1 million ($1.1 million), up by 37.3% from the €734,650 ($803,500) reported for the corresponding period the previous year.

Not unexpectedly, the company’s operating profit in 2022 increased as well. The operating profit reported for 2021 was €654,000 ($715,300), while in 2022, it soared by 38.8%, hitting €908,062 ($993,200). Profit for the period jumped as well, hitting €843,361 ($922,400) up by 39.3% when compared to the profit of €605,435 ($662,200) from 2021. The profit margin increased from 56.6% in 2021 to 57.9% for the period between January and December 2022.

Besides the strong performance for 2022, Evolution reported strong operating revenue growth for the fourth quarter of the year as well. Overall, Q4 operating revenue hit €407,480 ($445,700) up by 35.7% when compared to the result from the same period in 2021. EBITDA between October and December last year grew as well, hitting €279,529 ($305,700). This result, when compared to Q4, 2021, represented an increase of 35.1%. Operating profit jumped by 35.5% hitting €250,004 ($273,600) while the operating margin was 61.4%. The profit for Q4 2022 was €223,502 ($244,600), representing an increase of 30.3% when compared to the Q4 2021 result of €171,557 ($187,700).

The Company Celebrates Strong 2022, Plans Growth in 2023

Martin Carlesund, Evolution’s CEO, shared his excitement saying that the company closed the year with fantastic results in Q4. He explained that the growth in the fourth quarter and 2022 results came despite challenges related to the economic environment that include the negative effect of COVID, the war in Ukraine and continuously rising inflation. Still, Carlesund commended Evolution’s employees for their ongoing focus and dedication that ultimately helped the company through those challenging marketing conditions.

We wrapped-up a strong financial year 2022 with a very good fourth quarter.

Martin Carlesund, CEO at Evolution

Focusing on the results, the CEO said that in Q4, the strong demand for Live Casino delivered an excellent performance with revenue from the segment increasing by 41.1% year-over-year. At the same time, Carlesund said that RNG revenue jumped by 5.1%, further boosting the Q4 2022 figures.

Looking ahead, Evolution’s CEO said that this year, the company plans to release more than 100 games. He predicted strong growth for Evolution saying that getting better is a daily focus for the company which will “continue to widen the gap” between itself and the competition.


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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