Evolution generated revenue of €452.6m in Q3 2023, an increase of 19.6% year-on-year, according to its latest interim report.
Q3 revenue breakdown
Of the total revenue, the live casino segment accounted for the majority at €385.8m, up 24.3%.
Evolution said it is currently seeing “a higher demand for our product than what we currently can deliver,” and will therefore focus on continuing to expand its footprint to meet demand.
In the RNG segment, however, revenue fell by 1.9% year-on-year to €66.8m, despite the business saying Q3 “was a quarter when we made progress in our RNG operations.”
By region, Evolution’s largest market was Europe, which generated €175.1m in revenue, up 10% year-on-year.
Asia generated €172.1m, meanwhile, amid growth of 34.7%.
Growth in North America was modest, at 9%, as the region generated €54.7m in revenue.
In Latam, meanwhile, revenue was up 38.7% to €34.4m. Other markets generated just €16.3m, a slight 1.2% reduction compared to Q3 2022.
Overall, 40% of Evolution’s Q3 revenue came from regulated markets. That figure is consistent with the previous three quarters but one percentage point lower than in Q3 2022.
Foreign currency impact and profitability
Evolution said it had suffered a more significant than usual impact from foreign currency fluctuations, as the relative strength of the euro meant the value of international revenues was reduced.
The company estimated a negative headwind of six to eight percentage points on revenue growth due to the currency fluctuations, it said.
While revenue continued to increase overall, Evolution’s already high EBITDA margin also improved in the latest quarter, from 69% in Q3 2022 to 70.4%.
That left the business with EBITDA of €318.6m, 22.1% ahead of Q2 2022.
Operating profit was €287.1m, up 21.5%, at a margin of 63.4%, up from 62.4%.
Evolution declared an overall profit for the period of €272.8m, up 23.3% compared to the previous year.
That meant the business had a profit margin of 60.3%, up from 58.5%.
Earnings per share during the quarter were €1.28, up from €1.04.
For the first nine months of 2023, Evolution generated €1.32bn in revenue, up 26.1% year-on-year.
EBITDA for the period was €930.5m, up 27.6%, while operating profit came in at €840.1m, up 27.7%.
Overall, the business declared a profit for the period of €788m, up 27.1% from €619.9m in the first nine months of 2022.
Ezugi today announced that its brand-new, state-of-the-art Baccarat studio is now live, streaming a range of world-class live dealer Baccarat games to online players in multiple markets.
In addition, the enhanced Baccarat games now being broadcast from the new Ezugi studio are the first to feature the company’s new user interface.
The new studio has been designed from the ground up to give players the most authentic and immersive online gaming experience, 24/7.
Complementing the stunning studio design and the luxurious atmosphere it creates for Baccarat lovers, the new user interface integrates several major enhancements that further elevate the player experience.
Fredrik Bjurle, chief product officer at Ezugi, said: “Every detail of the new studio and new user interface come together seamlessly to create one of the most thrilling and authentic playing experiences in the online Baccarat world.
“Players can currently choose from Baccarat, No Commission Baccarat, Speed Baccarat, Speed Cricket Baccarat, Knockout Baccarat, and also Dragon Tiger, a simple two-card game much loved by Baccarat enthusiasts.
“Everything has been carefully crafted to offer the very best for our legions of valued Baccarat players – and for the many new players we look forward to welcoming.”
Live casino product supplier Ezugi has launched in the UK market via a Gambling Commission operating licence under parent company Evolution.
After being acquired by Evolution in 2018 through a deal worth up to $18m, Ezugi is now ready to enter the UK market, where 11 of its most popular game titles have been fully certified by the regulator.
The approved titles include Roulette, Auto-Roulette, Blackjack, Unlimited Blackjack, Baccarat, Andar Bahar, Teen Patti, Bet on Teen Patti, Lucky 7, Dragon Tiger and Cricket War.
The supplier said the development constitutes a noteworthy and extensive market entry, while the selected games aim to appeal to a broad audience of operators and players, through a combination of traditional, well-known games and more localised offerings.
Andar Bahar and Teen Patti, for example, are traditional card games originating on the Indian subcontinent.
“This is a very significant step for Ezugi and its growth,” said Ezugi business development director Pang Goh.
“Obtaining the [Gambling Commission] certificates signifies our continuous efforts to reach the absolute highest industry standards. Our licence is acquired under Evolution Malta Limited, and we are pleased to have our best games finally certified.
“I believe that UK operators will benefit from Ezugi’s expertise in not only localised content and markets, but also from our large and innovative games offering. We are looking forward to this next chapter and to provide our best performing games to UK players.”
Ezugi is Evolution’s sister brand in the area of live casino. It boasts historic regional expertise in Latam, South Africa, Eutope and the US and sits in the Evolution subsidiary portfolio alongside NetEnt, Red Tiger and Big Time Gaming.