Evolution: optimistic outlook for 2025

In 2024, Evolution reached a major milestone by recording a record turnover of €2.21 billion, a 23.1% increase compared to the previous year. This remarkable achievement was primarily driven by the continued growth of the live casino segment, despite a series of operational and regulatory challenges.

The history of Evolution: from its beginnings to a global reference

Founded in 2006, Evolution started as a service provider for live casino games. The company quickly stood out thanks to its technological innovations and the quality of its productions. By collaborating with major operators in the online gaming sector, Evolution redefined the user experience for table games such as blackjack, roulette, and baccarat.

The company later diversified through strategic acquisitions of iconic brands such as NetEnt, Red Tiger, and Big Time Gaming. Today, it is regarded as the global leader in live casino, offering a wide range of games to millions of players.

Live casino expansion and revenue diversification

Live casino remains the cornerstone of Evolution’s success, representing over 80% of its total revenue. In 2024, the revenue from this segment reached €1.78 billion, marking an increase of 16.6%. This growth was supported by the expansion of table game offerings, now featuring more than 1,700 tables available to players.

Meanwhile, the random number generator (RNG) division, including brands such as NetEnt, Red Tiger, Big Time Gaming, and NoLimit City, experienced a modest 4.4% increase in revenue, reaching €287.4 million.

Challenges for the company

The year was not without challenges for Evolution. In October, strikes at their studio in Georgia disrupted operations, reducing capacity to 60%. Furthermore, the company was the target of cyberattacks in Asia, complicating activities in this strategic market.

In December, the UK Gambling Commission announced a review of Evolution’s licence status following allegations that its games were accessible to unlicensed operators in Great Britain. CEO Martin Carlesund acknowledged the importance of adapting to this constantly evolving regulatory landscape.

“An increasing number of countries introduce a national regulation for online casino. We view this development positively and consider it a long-term driver of growth for the industry,” said Carlesund.

European growth and acquisition strategy

In the fourth quarter, Evolution recorded a 9% increase in revenue in Europe compared to the previous year. However, analysts suggested this growth might indicate a decline in the company’s overall market share.

Despite the launch of new RNG titles, performance in this segment remains below expectations, with some observers describing recovery efforts as “slow.”

On the mergers and acquisitions front, Evolution remains active, attributing €151.1 million of additional revenue to commitments related to previous acquisitions, including Livespins and Arcadia Gaming Solutions. The acquisition of Galaxy Gaming is on track to be finalised by mid-2025.

Fourth-quarter 2024 results

The fourth quarter was particularly strong for Evolution, with a turnover of €625.3 million, a 31.5% increase compared to the previous year. Quarterly net profit reached €377.1 million, reflecting a 32.2% rise, while EBITDA climbed by 35% to €455 million.

Martin Carlesund expressed optimism about the company’s future, stating:

“With great determination, with hard work and professionalism our employees have brought Evolution to an excellent position for future growth.”

With a strategy clearly focused on innovation, regulatory adaptation, and strategic acquisitions, Evolution appears well-positioned to maintain its leadership in the online gaming sector. The challenges are numerous, but the company’s resilience could continue to bear fruit.