Live dealer provider reports 60 percent rise in revenue in Q1-2017
News on 20 Apr 2017
News on 20 Apr 2017
Reporting on its Q1-2017 results Thursday, Evolution Gaming posted a 60 percent year-on-year rise in revenues, attributing growth to higher demand for live casino and expansion into Latin America.
Operating revenues during the three-month period increased to Euro 39.7 million , up from Euro 24.8 million last year, while the Swedish supplier’s EBITDA rose 65 percent to Euro 17 million (10.3), corresponding to a margin of 43 percent (42)..
Profit for the period came in at Euro 12.7 million (7.6) and EPS reached Euro 0.35 (0.21).
Events during the first quarter of 2017 included:
* Overall very high demand for Live Casino games among the customers;
* Agreement with the Spanish gaming operator Codere for exclusive provision of Live Casino in Mexico;
* Additional new agreements with mybet, Matchbook and White Hat Gaming;
The company noted under “Events following the balance sheet date” that entry into the Canadian market has been secured through an agreement with British Columbia Lottery Corporation for provision of Live Casino services
CEO Martin Carlesund said in a statement:
“Looking ahead in 2017, we see continued strong demand for our products, even if the second and third quarters tend to have less activity than the winter months. Furthermore, we have no major sporting event driving traffic during the summer this year.
“However, we view our continued growth confidently, with good opportunities to further widen the gap to our competitors, through our strategy with its clear focus on profitable growth. To support future expansion, we intend to start the establishment of our third major studio in Europe during the year, which like our production studios in Riga and Malta will be able to serve multiple markets and customers”.
