Live dealer provider releases year-to-date metrics
News on 25 Oct 2017
News on 25 Oct 2017
Live dealer technology provider Evolution Gaming released its 2017 year-to-date numbers Wednesday, highlighting:
Q3-2017 results:
* Q3-2017 operating revenues increased by 56 percent to Euro 45.7 million;
* EBITDA rose 103 percent to Euro 21.8 million, up from the Euro 10.8 million last year, corresponding to a margin of 47.7 percent.
* Profit for the period totaled Euro 16.8 million.
Year-to-end September 2017:
* Operating revenues increased by 57 percent to Euro 127.7 million;
* EBITDA is up 83 percent to Euro 58 million, a total margin of 45.5 percent;
* Profit for the period amounted to Euro 44.1 million.
CEO Martin Carlesund said that third quarter growth and margin continued to achieve high levels, with investments in new studios in Georgia and Canada, as well as a positive development for Dream Catcher,
“Once again, I can summarise a strong quarter for Evolution Gaming, driven, among other things, by a high level of activity among our customers in the summer months,” he reported.
“We have seen continued high growth in existing studios, as several of our customers are extending their dedicated environments. This expansion intensified during the latter part of the quarter, which meant that the cost increase was somewhat lower than expected for the full period.
“By the end of the year, we expect to have about 400 tables in operation at all of our studios, making Evolution Gaming Europe’s largest casino by a good margin in terms of the number of tables.”
Carlesund detailed work on new studios in Georgia and Canada, designed to meet growth with Canada set to open early 2018 and Georgia during Q2-2018.
“Combined, these [new operations] entail a significant expansion of Evolution’s delivery capacity – with the new studio in Tbilisi as a primary hub, we will have prepared the company for continued expansion for 2-3 years. At the same time, the studio in Canada marks our first land-based establishment in a market outside Europe,” he observed.
Carlesund also noted a development that has occurred after the reporting period, namely the agreement with Bulgaria’s largest regulated operator National Lottery AD, which is to launch a complete Live Casino service later this year (see previous report).
“We also have good opportunities to focus growth in new tables to our other studios in the future,” Carlesund concluded.
“We currently perceive a favourable market situation, with good opportunities to continue growing. Next year, the FIFA World Cup will take place, and this has historically entailed a high level of activity among our customers. We continue to work according to our ambition to continually increase our lead on competitors and, with two new studios on the cards, I am convinced that we will progress further along that path.”
