October 27, 2022 3 min read

Evolution Revenue in Q3 Soars by 37% Hitting €378.5M

The leading B2B solutions provider for the online gambling industry, Evolution, released its latest trading update Thursday.

Evolution’s Third Quarter Revenue Increased by 37%

The recent report outlined the company’s financial performance for the period between July and September or the third quarter. In Q3 this year, Evolution reported €378.5 million ($380.4 million) in operating revenues. When compared to Q3 in 2021, when revenues halted at €276 million ($277.3 million), an increase of 37.1% is observed. EBITDA in the third quarter increased as well, hitting €261 million ($262.3 million), up 35.3% when compared to the same period in 2021.

It’s no surprise that with the increase in revenue, Evolution reported an increase in operating profit. In Q3, the company’s operating profit hit €236.4 million ($237.5 million). When compared to the €172 million ($172.8 million) in operating profit reported in Q3 2021, an increase of 37.5% is observed.

Besides its third-quarter revenue results, Evolution revealed a trading update, outlining its performance between January and September. The company’s revenue for the period increased by 36.5% to €1.05 billion ($1.06 billion). A similar strong growth was observed in EBITDA between January and September this year which hit €728.9 million ($732.5 million), marking an increase of 38.1%. Considering the increase in revenue, Evolution also reported a 40.2% increase in operating profit to €658.1 million ($661.3 million) between January and September this year.

Revenue Boosted by Strong Growth of Live Casino Operations

A breakdown of the €378.5 million ($380.4 million) in revenue revealed that the company’s live casino operations were responsible for the bigger part of the revenue during Q3 this year. Overall, Evolution’s live casino segment reported €310.4 million ($311.9 million) in revenue in the third quarter. This marked a significant increase when compared to the €214.5 million ($215.5 million) result reported a year earlier for the same period. On the other hand, the company’s RNG games revenue hit €68.1 million ($68.4 million), marking strong growth from the €61.5 million ($61.8 million) reported in Q3 2021.

We continue to see very strong global demand for our new as well as existing products and we are increasing market shares and our distance to competitors.

Martin Carlesund, CEO at Evolution

Martin Carlesund, Evolution’s CEO, commented on the topic saying that the company enjoyed strong revenue growth in the third quarter. He pointed out that the company’s live casino operations saw 45% growth during the quarter.

Evolution continues to push forward, working across multiple time-zones full of energy with a hunger to improve – always striving to be a little bit better, every single day. I look forward to the final months of this year and onwards to 2023,

added Carlesund

Carlesund acknowledged that Evolution continues to see strong demand for its products within the live casino vertical in different global markets. At the same time, he acknowledged that RNG game revenue in Q3 increased slightly. Focusing on the results between January and September, Carlesund said “I am satisfied with our delivery under the current circumstances.” Finally, Evolution’s boss thanked the company’s employees for their hard work and dedication.


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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