Evolution targets further expansion in US following record Q3 results

Article by : Charles Perrin Oct 30, 2023

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Evolution intends on making further roads in the US market in 2024, the company’s CEO Martin Carlesund has revealed in the wake of its Q3 results.

The top-tier casino technological giant posted record live casino revenues in the three months leading to September 30 to $278.2million, representing a 24.3% uptick.

Moreover, Evolution has not let up with gaming production in 2023, and there is an insatiable appetite for their titles across the world.

With continued growth, Evolution needs to keep pace, and Carlesund recognizes that to fulfill continued demand, the company will look to move into new live studios over the coming year.

Discussing the Q3 results, Carlesund said: “We have seen a higher demand for our product than what we can currently deliver.

“We are working hard to get back on track in our existing locations and we will continue to invest in our network of new studios and add new locations. We opened a smaller studio in Colombia just after the end of the third quarter.

“We plan to open one new studio in Europe later this year and three to four next year in Europe, North America, and LatAm.”

While live casino remains the key driver for Evolution’s financial success, revenues for random number generator (RNG) games dropped by 1.9% to around $70.4m. However, Carlesund refused to dampen optimism, insisting the company is making incremental steps to bolster this product.

At the time of writing, Evolution is on course to surpass its target of releasing more than 100 games in 2023, and Europe remains its core market for now judging by geographical performance.

However, the US did see revenues soar to $57.7m, up 8.4% compared to last year, while Latin America drew in revenues of $36.3m.

Nevertheless, the need to open additional studios will likely see personnel costs rise, but that is something that Carlesund has factored into consideration.

While the headwinds that have buffeted the casino industry at times are eminently stronger compared to a year ago, Evolution’s ambition to stay as a premium casino operator remains undimmed. If its Q3 results are anything to go by, then it is well placed to achieve its goals in 2024.