Evolution Gaming, one of the leading casino and gaming software developer, that many top sportsbooks and casinos rely on. As proof, their interim report for the Evolution Gaming 2022 Q1 and H1 Results show strong performance across the board. Overall, the gambling software company is showing a 34% year-on-year rise in operating revenue.
According to the report, they saw operating revenues increase by 34% to €344 million ($350 million) in Q2 2022. Furthermore, the EBITDA for the company went up by 36.4% to €238.2 million ($242.68 million) or a margin of 69.3%. In term of profit for the period, they also went up to €200.9 million ($204.68 million).
For Evolution Gaming shareholders, this is great news with earnings per share amounting to €0.94 ($0.96).
According to gambling industry news analysis, this healthy Q2 performance shows Evolution’s H1 operating revenue grow by 36% year-on-year. For the six-month period, Evolution’s operating revenue amounted to €671m, up from €492.5m, while EBITDA rose by 40% to €468m.
Evolution Gaming 2022 Q1 and H1 Results – First half Results Strong, but could be better
According to the report, the results of the first half of the year (January thru June 2022) were encouraging. This is due to an increase 36.2% to €670.7 million ($683.32 million) for that period of time.
Furthermore, the EBITDA had strong results, increasing by 39.8% to €467.9 million ($476.71 million), or a margin of 69.8%. In addition, evolution saw profit reach €398.6 million ($406.10 million). Last, shareholders earnings per share for H1 were €1.87 ($1.91).
According of Evolution Gaming’s CEO Martin Carlesund, the results do not properly reflect the company’s operational performance. He said that “Financially, I regard the second quarter as good but not great” This is because he believes it is “not quite reflecting the success we have had operationally”.
For the first half of the year, Evolution has undergone many milestones. One of them being their launch in the Ontario sports betting market and increasing their global workforce to 1,000 employees.
Furthermore, they have many other plans and games releases for the rest of the year. According, bookie pay per head insiders, Evolution plans on developing a total of 88 new games this year. So far 34 of these games are already out on the market. Last but not least, the NoLimit City transaction is set to be done in the third quarter of the year.
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