April 24, 2024 3 min read


Evolution Posts Q1 Results, Signs Deal with Bet365

CEO Carlesund said that his team feels encouraged to see the momentum from the end of 2023 carry over into 2024

Evolution has published its quarterly report for the first three months of 2023, demonstrating a stable performance. The company’s metric increased across the board, underpinned by Evolution’s robust business strategy.

In Q1, Evolution reported a 16.7% increase in operating revenues to EUR 501.5 million ($535.9 million). For context, the company reported operating revenues of EUR 429.6 million in the prior year period.

EBITDA for the period stood at EUR 345.8 million ($369.5 million), representing a 15.2% increase from the EUR 300.1 million reported in Q1 2023. EBITDA margin remained more or less stale at 69%.

Evolution also reported a Q1 profit of EUR 269.2 million ($287.6 million). This figure represents an increase of 7.2% from the EUR 251.2 million reported in the prior year period.

Earnings per share before dilution, meanwhile, amounted to EUR 1.27 ($1.36), up from EUR 1.18 in Q1 2023.

In addition, Evolution highlighted a number of notable developments, including its continued capacity increase in both tables and employees.

Furthermore, Evolution also expanded its geographical footprint, reporting good growth and strong momentum. The company also completed and closed a share buyback program and reacquired 3,648,247 of its shares.

Evolution’s CEO Is Optimistic about the Results

Martin Carlesund, CEO of Evolution, commented on the strong performance, saying that his team feels encouraged to see the momentum from the end of 2023 carry over into 2024.

He noted that his team is busy integrating AI-driven functionalities into its business in order to improve its efficiency. In 2024, Evolution plans to continue investing in delivery capacity and focusing on expansion margins, Carlesund said.

Evolution recently launched a new studio in Bulgaria and is now planning to add studios in New Jersey, Colombia and the Czech Republic.

Carlesund thanked his company’s team for making these favorable results possible.

I want to thank the amazing Evolution team – that now exceeds 20,000 exceptionally dedicated persons – for this great start to the new year and their contributions to securing our future growth, and I look forward to seeing how we can continue to make Evolution a little bit better every day in 2024!

Martin Carlesund, CEO, Evolution

Evolution Teamed Up with Bet365

In the meantime, Evolution penned a content distribution deal with bet365, agreeing to provide the leading operator with games. The Evolution products are already live with bet365 in select markets, providing players with access to amazing gaming opportunities. As a result, gamblers can now experience titles such as Crazy Time, Dream Catcher and Monopoly Live, among others.

Evolution’s content is available to players of most of the big gaming companies.


Angel has a passion for all forms of writing, be it fiction or nonfiction. His curious nature gives him an ace up his sleeve when researching a new topic. Angel’s thirst for knowledge, paired with adaptability, always helps him find his way around.

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