Sweden’s Evolution Gaming recently report a 47 percent increase revenues during the third quarter of this year as a result of closing some key deals with land based casinos in Europe. Evolution Gaming is one the leading live dealer gaming suppliers that has benefited greatly in 2016 as more land based casinos continue to migrate to online casinos that provide live dealers.
Some of those key deals include the Hippodrome and the Ritz Club in London, the Grand Casino in Bucharest and partnering with the Olympic Entertainment Group which is one of the major gaming suppliers in the Baltic which partners with a number of European casinos.
In a statement, Jens von Bahr, CEO, said: “Live Casino continues to gain ground both in terms of strategic significance for operators and popularity with end-users, and we were therefore able to record yet another quarter of strong growth. Sales rose by 47 percent compared with the year-earlier period. It is also encouraging to see that we grew compared to the previous quarter, despite the third quarter historically being a weaker period. EBITDA amounted to €10.8m, corresponding to a margin of 37 per cent”.
Evolution Gaming made €29.2 million during the third quarter compared to the €19.8 million it made during the same period last year. The company anticipates on-going demand for its live dealer services and has made a major investment into developing its new Live Casino studio which is located at the Grand Casino – Bucharest. This is the seventh studio that the company has opened and has also become the first Live Casino supplier in Romania.
The company plans to target regulated markets in Europe and will increase its portfolio in the coming months by adding a number of new products. Most of these products will be related to the poker niche and will cover games such as Caribbean Stud Poker, Live Ultimate Texas Hold’em, Three Card Poker and Casino Hold’em.
Evolution Gaming has also made a number of changes to its senior management in order to prepare for the future. Chairman Joel Citron submitted his resignation but will continue to remain as a board member. Board member and chief executive officer Jens von Bahr has taken up the post as temporary chairman till the board elects a new chairman. Johan Nordström is the new chief executive of operations while Martin Carlesund has become the new chief executive officer of the group.