Evolution Surpasses €2 Billion in Revenue in 2024 Amid Regulatory Challenges

London, 31 January 2025 – Evolution has reported annual revenue exceeding €2 billion for the 2024 financial year, with net profit rising in line with its business growth.

The company’s operational revenue for the twelve months ending 31 December 2024 reached €2.21 billion, marking a 23.1% increase compared to the previous year. Evolution disclosed its full-year financial results on 30 January.

Strong Growth in Live Casino and RNG Segments

Both of Evolution’s key business areas—live casino and random number generator (RNG) games—contributed to the company’s growth. Live casino remained the dominant source of revenue. Despite rising operational costs, increased turnover supported a positive financial outcome.

“In the past year, Evolution has strengthened its position as the world’s leading provider and innovator of online casino games,” said CEO Martin Carlesund. “The key to future success is continuing to offer players an exciting, entertaining, and seamless gaming experience.”

Challenges and Regulatory Developments

Despite its strong financial performance, Evolution faced several challenges in 2024. The company reported acts of sabotage targeting its studio in Georgia from July, as well as cyberattacks in Asia. Additionally, increased tax rates in certain markets led to higher expenses.

Towards the end of the year, the UK Gambling Commission confirmed that Evolution was under licence review following reports that its games had been offered through unauthorised operators in the UK. The company stated that it is fully cooperating with the ongoing investigation.

Carlesund acknowledged the evolving regulatory landscape but emphasised that Evolution is taking steps to adapt.

“A growing number of countries are introducing national regulations for online casinos, which we see as a positive development and a long-term growth driver,” he said. “We have implemented additional technical measures to ensure our games are only accessible via locally licensed operators.”

Live Casino Revenue Dominates

Live casino continued to be Evolution’s primary revenue stream, generating over 80% of total earnings. Revenue from this segment grew by 16.6% to €1.78 billion. The number of live gaming tables increased to over 1,700, though operations in Georgia were affected by strikes, reducing capacity to 60% in October.

Meanwhile, Evolution’s RNG segment—which includes brands such as NetEnt, Red Tiger, Big Time Gaming, and Nolimit City—saw revenue growth of 4.4% to €287.4 million. The company has introduced new games and features to revitalise its RNG division.

Increased Profit and Future Outlook

Total operating expenses rose by 21.2% to €794.6 million, mainly due to higher staff costs linked to the expansion of gaming tables and studios.

As a result, operating profit increased by 24.2% to €1.42 billion. Net profit grew by 16.2% to €1.24 billion, while EBITDA rose by 23.2% to €1.56 billion.

Strong End to the Year

For the fourth quarter, Evolution reported a revenue increase of 31.5% to €625.3 million, with €459.4 million coming from live casino and €74.4 million from RNG. Net profit for Q4 reached €377.1 million, marking a 32.2% rise. “With dedication and professionalism, our team has positioned Evolution for continued growth,” Carlesund stated. “We will keep striving for improvement every day in 2025.”

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