October 26, 2023 3 min read


Evolution Posts Stellar Q3 Results, Plans Further Growth

Upon announcing its strong financial results for the third quarter, the company confirmed its plans to open new studios in Europe, Latin America and North America

The leading business-to-business provider of solutions, technology and content, powering the growing betting and gaming industry, Evolution, released its latest trading update. Published on Thursday, the latest report shares insights regarding the company’s performance for the third quarter and first nine months of this year.

Undoubtedly, Evolution had a busy third quarter, considering that its operating revenues hit €452.6 million ($476.9 million) for the period between July and September this year. This figure, when compared to the €378.5 million ($398.8 million) result posted for the same period in 2022, represents an increase of 19.6%.

EBITDA in Q3 this year hit €318.6 million ($335.9 million), marking an increase of 22.1% when compared to the EBITDA result from the corresponding period last year. Similarly, operating profit soared by 21.5%, hitting €287.1 million ($302.5 million) when compared to Q3 in 2022.

In its latest report, Evolution confirmed that cost-effective measures in combination with high demand helped generate an EBITDA margin of 70.4% in Q3 this year. Additionally, the company reminded that during the quarter it launched its second studio for the Latin American region. According to the latest trading update, Evolution is on track to exceed its initial plan for releasing more than 100 games through the end of the year.

Martin Carlesund, Evolution’s CEO, shared his excitement about the latest figures. He explained that in Q3, the company posted strong financial results and outlined that the “underlying growth drivers for the business remain solid.” Carlesund explained that during the recent quarter, Evolution released most games out of any quarter for the year so far. “A strong development that I am pleased with as entertaining games and a flawless player experience are the absolute most important factors for our long-term success,” he added.

The Company Plans to Open New Studios

When it comes to live casino, Carlesund explained that its revenue grew to €385.8 million ($406.5 million) for the third quarter of this year. He revealed that Evolution identified an increase in the demand for such products. According to Carlesund, a priority for the company will be investing in its network and expanding the number of its locations.

Acknowledging the opened studio in Colombia during Q3, the CEO said that Evolution plans to open a new studio in Europe later this year as well. He added that the company anticipates expanding further the number of its studios next year with three or four locations across Latin America, North America, as well as Europe.

Focusing on the bigger picture, the new report revealed that Evolution enjoyed strong growth for the first nine months of the year. Overall, the company’s operating revenues between January and September this year hit €1.32 billion ($1.39 billion), up by 26.1% year-over-year. Not unexpectedly, operating profit for the period increased as well, hitting €840.1 million ($995 million), marking a 27.7% increase when compared to the same period in 2022.


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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