Evolution Announce Huge Revenue Boost and Post NetEnt Update

Evolution LogoEvolution has announced a huge revenue boost for the final quarter of 2020, with a 68% year-on-year increase for the same period in 2019 reported.

Of that monumental increase, a hefty portion was achieved through their enhanced slots library, acquired courtesy of their purchase of NetEnt last year. Since taking on the reigns of the slot game specialist, it is estimated that Evolution has pocketed €17.8 million already in revenue from their expanded games library.

In further pleasing news for the firm, demand for their Evolution Live product has also enjoyed a boom, with a growth rate of 51% reported in quarter four of an outstanding year for the Scandinavian outfit.

At a time when many casino operators are struggling, Evolution also revealed that their revenue for 2020 was up 53% on the year prior – in real terms, that was a whopping €561 million (£491 million).

The CEO of the casino group, Martin Carlesund was understandably delighted.

“We end an eventful 2020 on a high note with a quarter that marks a significant step forward for Evolution,” he said.

“The pandemic has continued to be a factor throughout the year. Our organic growth was solid already in the beginning of 2020, and I am pleased to see continued strong demand with many new players and high activity in the network throughout the year.

“In this time of change and growth it is important to note that Evolution’s focus will remain centred on the same idea that the company was once founded upon – innovation and pushing boundaries.”

Evolution Grows From Shaky Beginnings

Overlaid Financial Charts

When Evolution took over NetEnt in December in a deal worth a reported €2.3 billion, the whole episode became something of a PR nightmare.

It was rumoured that the firm essentially fired NetEnt’s live casino workers in Malta on the spot, shutting down the studios and asking employees to clear their desks while Evolution chiefs were celebrating the acquisition with champagne. Legal action on the part of the disgruntled NetEnt workers was brought, with as many as 300 workers affected.

A courtroom disaster has since been averted, with the General Workers’ union in Malta agreeing a deal that saw 40 jobs saved within Evolution and 60 more workers repositioned within the industry.

Meanwhile, in the foreground things have gone rather more smoothly with Evolution integrating the slot software seamlessly into their own operations.

Carlesund pointed to €40 million saved annually in ‘cost synergies’, achieved partly through the closure of the NetEnt studio and incorporating the firm’s products into their own. The CEO also mused on his optimism for the year ahead.

“There is much to look forward to in 2021,” he said.

“We enter the new year with an intense and successful 2020 behind us, a proven strong, competent and energetic team and tremendous business momentum.

“2021 is off to a strong start and I am excited to soon share more news from the group on how we plan to work with operators to take product innovation and player experience to the next level.”