Evolution‘s 2024 operating income reached €2.21 billion, marking a 23.1% increase compared to the previous year.
The company released its annual results this Thursday (30), showing growth in the random number generator (RNG) and live casino segments, with the latter being the largest source of revenue. Despite the increase in spending, revenue growth resulted in a positive final balance.
Evolution CEO Martin Carlesund stated: “Over the past year, Evolution has strengthened its position as the world’s leading provider and innovator of online casino games. We continue to innovate and develop our world-leading product portfolio.”
Evolution’s challenges in the regulatory landscape
Despite the positive numbers, Evolution faced challenges in 2024, such as sabotage at its studio in Georgia and cyber attacks in Asia.
Additionally, the company faces a license review in Britain after the Gambling Commission identified games supplied to unlicensed operators.
Carlesund did not directly mention these issues, but highlighted the need to adapt to evolving regulations in the betting industry.
“An increasing number of countries are introducing regulations for online casinos. We see this development as a long-term market driver,” he stressed.
Live casino growth
Revenue from Evolution’s live casino division exceeded £1.78 billion, an increase of 16.6%. The company expanded its tabletop gaming offering despite strikes at its Georgia studio, which was operating at reduced capacity.
The RNG segment, including NetEnt, Red Tiger, Big Time Gaming and NoLimit City, saw revenue rise 4.4% to €287.4 million, although it faces continued challenges.
Regulus Partners noted that RNG’s performance is “shaped by a slow ‘recovery'” despite promises of new game releases.
Evolution’s acquisitions and net profit
Evolution recorded €151.1 million in additional operating income related to mergers and acquisitions, including the acquisitions of Livespins and Arcadia Gaming Solutions. The company is on track to purchase Galaxy Gaming by mid-2025.
Operating costs increased by 21.2% to €794.6 million, mainly due to new table and studio launches. This resulted in an operating profit of €1.42 billion, with profit before tax reaching €1.44 billion. After paying €194.9 million in taxes, net profit was €1.24 billion.
Fourth quarter results
In the fourth quarter, Evolution’s revenue increased by 31.5% to €625.3 million, with €459.4 million coming from the live casino. Thus, operating profit rose 38% and pre-tax profit reached €425.3 million.
Optimistically, Carlesund concluded: “With great determination, hard work and professionalism, our employees have led Evolution to an excellent position for future growth. We will continue to tirelessly strive to make Evolution a little better every day, also during 2025.”
