Live Casino services company sees a near-double increase in earnings for the first quarter of 2020.
Compared to Last Year’s Earnings, Evolution Gaming Almost Doubles Revenue
Evolution Gaming, a company that provides Live Gaming services, has seen its earnings almost double according to its Q1, 2020 reports released a week ago. Figures released showed an increase in Evolution’s revenue by a whopping $124.64 million, a 45% increase in revenue year on year to March 31, 2020.
The company’s markets recorded steady growth with its earnings tripling in the Asian market to reach $22.52 million. Revenue from the Nordic market remained unchanged at $6.71 million while the company’s revenue from North America increased by 54% to reach $7.69 million. The European market churned up $64.67 million, a 50% increase.
Evolution reported a loss of revenue in the UK market, with earnings dropping to $10.72 million. Based on the figures released, Evolution’s fortunes are clearly on the rise. An analysis of the results reveals that more people have switched to live gaming as a result of the cancellation of most sporting events across the world due to the COVID-19 pandemic.
Strength In The Face Of Adversity
Evolution, like many other businesses, has had to persevere and strategize in the wake of the COVID-19 pandemic, but the company has shown its strength by posting profits despite the uncertainties in the world today.
In early March, Evolution’s venues in Georgia and Spain were closed by the authorities in those countries. And as part of reaching out to the community, Evolution staff went ahead to give microphones and web cameras to young parents at a local children’s hospital in Spain.
In Latvia and Malta, Evolution had to operate at reduced capacity as a result of the social distancing rules being implemented in those countries.
Martin Carlesund, CEO of Evolution Group, had this to say;
“The spread of COVID-19 has put the world in an exceptional and challenging situation which has also meant operational trials for Evolution. So far, we have handled the situation in a good way, and financially, Evolution has started 2020 very strongly in terms of both growth and profitability”.
What’s Next for Evolution Gaming?
Ongoing works on the company’s new studio in Pennsylvania have been slowed down by the coronavirus situation in the U.S, but Evolution is planning for works to finish and for the studio to be opened before the end of 2020.
Also, there are plans to enter the Michigan market with hopes that the state’s market regulations will be hastened up. Evolution is targeting 2020, not 2021, as the year it makes its debut into Michigan’s gaming and online betting market. And with the budget of most states taking a hit from the coronavirus pandemic, it is hoped that they will see tax revenues from gambling as a great opportunity to increase the state’s earnings.
Carlesund also stated: “To conclude, I am proud of how we have started off the year from a financial perspective but even prouder of how we have handled these difficult times from an operational standpoint“.
What’s more, Evolution has announced the launch of a new game called Mega Ball. According to Evolution, Mega Ball, which will have a First-Person version, generated a lot of interest even when it was in its beta version.
The company also revealed that its First-Person genre of games will be getting some new releases – Baccarat Multiplay and Power Blackjack, which will be coming out soon.