Live casino supplier Evolution Gaming has seen revenue and profit rocket during H1 2020, with “very high demand” during the COVID-19 crisis. 

Evolution reported operating revenues for Jan-Jun 2020 surged by 48%, to €243.5m, while EBITDA grew 85% to €145.3m. Compared to the same period in 2019, profit almost doubled, rising 98% to €124.6m, with profit margin increasing by 13% to 51%. Earnings per share before dilution were also up 96% to €0.69 per share. 

The second quarter, which covered the height of the COVID-19 lockdowns in most places, saw operating revenue grow 50% year-on-year, to €128.3m, EBITDA jump by 90% to €81.1m, and profit more than double, up 104% to €70.4m. 

Evolution put the very strong performance down to the almost complete cessation of sports betting during the lockdown, and said the “very high” demand had enabled it to further strengthen its live casino offering.

Reflecting on the year so far Evolution Gaming CEO, Martin Carlesund, said:

“It has been an intense first half of the year impacted by Covid-19, which has entailed here-and-now problem solving. Since a few months back, we have a more stable virus situation and we have been able to devote more time to look forward while also preparing Evolution for a possible future second wave or similar pandemics.

“We are now working intensively with next years’ product launches and how Evolution will play a role in the continued digitisation of the casino industry. I believe that our focus on the best game experiences and a relentless approach to always improve as a company will continue to be important pieces as we move ahead. We shall become slightly better each day, and every dal shall take Evolution another step forward.”

As we previously reported, in June Evolution Gaming announced a SEK 19.6bn ($2.1bn USD) takeover bid for NetEnt. Last week, NetEnt also revealed a strong performance during the second quarter of 2020, with revenue increasing 37%, as the lockdowns had a “positive effect on revenues in April and May.”

AYO.NEWS says:

Suppliers like Evolution Gaming and NetEnt have clearly been making hay while the sun shines, but with the world in an incredibly precarious position, facing the very likely scenario of a second wave of infections coupled with a global economic crash, nothing is certain. One thing is for sure though, if Evolution does take over NetEnt, the resulting business will be very well placed to weather any approaching storm. 

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