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Evolution’s Q1 revenue doubles after NetEnt acquisition

Evolution’s Q1 revenue doubles after NetEnt acquisition

Published on by kirk

It is no surprise that 2020 was a record year for many in the online gambling industry. Perhaps more interesting is the continued success that some industry leaders are experiencing in 2021. After acquiring NetEnt in December 2020, Evolution announced its intention to maintain the momentum gained during the pandemic and keep it moving for the foreseeable future. True to its word, that is exactly what the company seems to be doing. According to Q1 2021 figures, Evolution has more than doubled its revenue.

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While the developer joined with Evolution in 2020, the company’s latest financial statements are the first to feature NetEnt’s figures in both the comparative accounts for 2020 as well as the Q1 2021 report. The result was a steep increase in both live dealer games as well as RNG titles. The former is listed at €183.6m while the latter came to €52.2m, bringing the total reported revenue to €235.8m.

Once operating expenses are removed, Evolution’s final profit was €132.0m. If that sounds like a low amount compared to the pre-operating costs total, don’t worry. The company saw its actual year-on-year profit rise by 143.6%.

More notable than the increase itself is the source from which much of it was gained. The company’s North American operating revenue rose by 204.2% in Q1 with the United Kingdom right behind with a 116.2% increase. Evolution has made it no secret that it intends to make an aggressive push for the North American market, and it certainly seems as though it is well on the way. The significant incline bodes well for the company’s future in the States as well as Canada.

Evolution is excited but unsurprised to see its efforts gain momentum. Martin Carlesund, Evolution’s chief executive, understands exactly from where the gains originate: “The positive trend from 2020 continues in to the first quarter of 2021 where we see a good momentum both in terms of growth and profitability.”

While some organisations might be willing to rest on their laurels, Evolution isn’t one of them. Carlesund continues: “We can already see good results from this work in the first quarter, and I believe that we are well-set to continue to capitalise on the growing interest in online casino worldwide.”

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