- Legal States
Rachael Price April 28, 2020 3 min read
Live Casino on the Rise, Evolution Gaming Earnings Soar in Q1, 2020
Evolution Gaming’s revenue nearly doubled in the first quarter of 2020, compared to last year’s results.
Evolution Gaming Revenue Close to Double Compared to Last Year
Evolution Gaming all but doubled in the first three months of 2020. Numbers, which were released just last week, show that the supplier’s revenue skyrocketed $124.64 million*. Figures until March 31, 2020, show a 45% increase in the revenue on a year-to-year basis.
Evolution’s markets showed a steady growth and some of them – like the Asian market – revenue tripled, reaching $22.52 million. While Nordic revenue remained constant at $6.71 million, revenue for North America hit an increase of 54% which is $7.69 million, and the European market increased by 50%, which is $64.67 million.
The only revenue decline was observed in the UK market, which went down to $10.72 million. Based on those numbers Evolution is clearly on the upside. Upon analyzing the results, the company reported that more people have taken to live gaming. The company suggested this might be due to the global cancellation of most sporting events.
It’s Always Dark Before the Dawn
Because of the COVID-19 pandemic, Evolution, like many others, had to find a way to persevere and still make a profit. Earlier in March, the governments of Spain and Georgia ordered to close the provider’s venues.
Evolution’s venues in Malta and Latvia were still operating, but at a decreased capacity due to the social distancing protocols which were implemented.
Although the activities of Evolution’s Spanish venue were on hold, the company staff helped a local children’s hospital by delivering web cameras and microphones to help young parents.
CEO Martin Carlesund of Evolution Group commented:
The spread of COVID-19 has put the world in an exceptional and challenging situation which has also meant operational trials for Evolution. So far, we have handled the situation in a good way, and financially, Evolution has started 2020 very strongly in terms of both growth and profitability”.
Evolution Gaming’s Future Plans
Evolution Gaming has announced that the building works for their new studio in Pennsylvania works are still ongoing, but they are delays in the timing due to the current coronavirus situation in the United States. This, however, does not change their plan to open the studio before the end of this year.
Furthermore, the company is still pushing for the Michigan market. Evolution hopes that the market regulations in the state will be accelerated as the company’s ultimate goal is to enter the gaming and online betting market this year and not in 2021. With state budgets taking a hit, many states might find it quite reasonable to boost up their budgets from the gambling tax revenues.
Carlesund also noted: “To conclude, I am proud of how we have started off the year from a financial perspective but even prouder of how we have handled these difficult times from an operational standpoint“.
Furthermore, the company has announced the launch of their new game – Mega Ball. The game will even include a First-Person version. There was high interest in the game even when it was a beta version, Evolution noted.
The company also said that the First-Person genre of games can expect a few new additional releases – Power Blackjack and Baccarat Multiplay, which are due soon.
*All numbers are converted into USD from EUR.