Provider of Live Casino solutions for the international gambling industry Evolution Gaming Group AB posted today information about its financial performance during the three months ended March 31, 2016. Revenue for the first quarter of the year amounted to €24.8 million, up 59% from the €15.6 million reported for the same period of the previous year.
The company attributed the considerable growth to the increased commission income from its existing clients as well as partly to the acquisition of new customers. Proceeds from Evolution Gaming’s dedicated Live Casino tables and environments also contributed to a certain extent to the overall revenue increase.
Adjusted profit for the first quarter of the year totaled €7.6 million, up from the amount of €4.6 million posted for the same three months in 2015. Adjusted profit margin stood at 30.7% compared to 29.3% in the first quarter of the previous year.
Adjusted operating profit amounted to €8.3 million, up 68% from the same period of 2015. Adjusted operating margin stood at 33.3% compared to 31.6% for the same three months a year ago.
Adjusted EBITDA for the period increased 67% to reach €10.3 million. Adjusted EBITDA margin stood at 41.5% during the period in review compared to 39.4% reported for the same three months of 2015.
During the quarter ended March 31, 2016, Evolution Gaming announced platform partnership with Aspire Global and extended its existing agreement with BetConstruct. Over the reviewed three months, gambling operator William Hill went live with an Evolution Gaming Vegas environment in its Riga-based studio. In addition, Betsson went live with dedicated Live Casino environments in Malta and Riga. Popular gaming companies 888, GVC, Mr Green, and Unibet increased the number of live casino tables they offered.
Commenting on the company’s financial results, Evolution Gaming CEO Jens von Bahr said that the strong growth in 2015 has clearly continued into 2016 as the company posted increases in all its key performance indicators. The executive further noted that he sees the future development of both his company and the market as a whole “with the same confidence as previously.”
Mr. von Bahr also pointed out that even though Live Casino is still a small part of the overall online casino market, the segment has everything needed to continue its growth at a high pace over the years to come. Evolution Gaming will remain committed to following its clear strategy to assist both existing and new customers in developing their Live Casino product offering and to also benefit from other growth areas.
Following an agreement with Scientific Games, Evolution Games is set to launch a live version of Ultimate Texas Hold’em later this year. Double Ball Roulette is also expected to go live through the company’s partnership with Games Marketing.
