Evolution Q2 2024 operating revenue increases 15.3% year-over-year
The company announced its acquisition of Galaxy Gaming on July 18 for a total equity value of $85m.
Evolution has released an interim report for the first half of 2024, including the financial results from Q2 2024. The company’s operating revenue increased 15.3% year-over-year, reporting a total of €508.4m ($553.4m) despite CEO Martin Carlesund stating that Evolution’s Crazy Time game had its largest pay-out ever recorded in its online casino.
“I see the financial result in the quarter as solid although not fully reflecting our operational performance. There are some clear reasons, one reason being that we had the largest pay-out ever in online casino during the quarter on our Crazy Time game,” Carlesund said.
“Large player wins are part of the game and positive for our games’ attractiveness to players, but it does affect us through lower revenue share in the period. We also see somewhat slower development in general in most regions for the second quarter. This is part of the natural variations in our industry.”
Evolution’s EBITDA also saw an increase from its Q2 2023 total, rising 10.9% and reporting a Q2 2024 EBITDA of €345.8m. The company’s operating profits increased 10.5% year-over-year as well, for a total of €311.1m during Q2 2024.
Profit margin in Q2 2024 decreased from 59.9% in Q2 2023 to 52.9% in Q2 2024, but the overall profit for the period increased 1.9% year-over-year to €269.1m.
Carlesund also commented on how Evolution can improve financial results going forward in 2024, stating, “There are of course things we can do to improve as has always been our focus when faced with these periods in the past. The underlying market drivers and demand for our market-leading products remains very strong.
“Revenue from Live! Casino increased by 18% year-on-year, and we maintain full focus on increasing our delivery capacity and expanding our studio network. During 2024 we expect to go live with our first tables from the new state-of-the art studios in Colombia and the Czech Republic.”
Evolution also announced on July 18 that it has entered into an agreement to acquire Galaxy Gaming for a total equity value of approximately $85m, payable in cash.
The acquisition will look to continue Evolution’s strategy of being a provider of different casino games and supplying its customers with quality gaming content. With Galaxy Gaming’s portfolio, Evolution will look to solidify its presence in the US market and enhance its position as a licensor of proprietary table games to the online gaming industry.
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