Having released its end-of-year financial report, Evolution 2021 profits double breaking the $1 billion mark. (Image from Kelly Sikkema at unsplash.com)
Coming fresh off the back of the extended US deal with FanDuel Group for Live Casino content, Evolution Gaming has announced its 2021 end-of-year financial report, and it makes great reading for the worldwide iGaming supplier, as it generated revenue of over $1 billion.
The records show that October to December was a key period for Evolution, where it generated operating revenues of $343.2 million, which was a 69% spike on the same period in 2021 ($203.2 million). A key to this growth was the enormous demand in the industry for Evolution live dealer titles, which surged 49%. In quarter 4 of 2021, live casinos represented over 75% of generated revenue for the supplier, at $271.4 million. Additionally, there was a 9.4% increase in random number generated games compared to 2021, with revenue totalling $71.9 million.
The EBITDA (Earnings before interest, tax, depreciation, amortization) figures showed a 115% rise from Quarter 4 2020, reaching $236.5 million, from $110 million. A highly notable figure was that of total profit. Evolution’s 2021 quarter 4 profit rocketed by 114% compared to the same period in the previous year. Quarter 4 profit was $196.2 million, compared to $92.1 million in that same period of 2020.
Key Reasons for Such High Growth
Just like it has harmed most businesses, the Covid-19 pandemic was rife in 2020, and so Evolution Gaming felt the financial strains that came with it. But, Evolution’s personal growth should not be overlooked also, with the supplier continuing to add more and more high-quality titles to its portfolio. When you couple that with an increased demand for live casino games, Evolution’s ability to fill the gaps played a key role in its success. In 2021, Evolution added 300 more titles to its bulging portfolio, which is the most it has ever increased by in a year. Evolution’s growth has allowed it to be the biggest player in live casino gaming. 2022 will be an even bigger year for the company, as more and more countries ease ‘Covid’ enforced restrictions, meaning that further demand will be even more likely.
Stock Price Reacts to Gains: The Evolution Gaming Group (EVO) stock reacted positively a day after the announcement of its 2021 end-of-year financial report. The stock price was at 1,014.00 SEK at 13:00 on 9th February, and by 09:30 10th February, the stock had climbed over 10% to 1,126.20. Will the stock continue to climb on Friday? Find out in our next bi-weekly stock report.
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