Evolution Plans Faster Game Releases Next Year
Live casino major supplier Evolution has so far focused on game releases at the end of the year, which has been a recurring trend in recent years. CEO Martin Carlesund is not completely satisfied with this development, and the goal is to get more games released already in the year’s first half.
“We want to release games earlier, as it’s more economically profitable. Currently, we’re somewhat weighted toward the end of the year. Next year, we want to get more games released already in the year’s first half,” Carlesund tells in an interview with Nyhetsbyrån Direkt.
Over 100 New Games Planned
Evolution plans to release over 100 new games during 2024. The company is expected to bring over half of these to markets during the remaining six months of the year. Simultaneously, the company’s new studios in Colombia and Czech Republic open their first tables.
The completion schedule for the new studio under construction in Atlantic City, United States, is still open. “I don’t want to give exact dates, as it can be challenging. We’re at full speed, and the faster, the better,” Carlesund states.
Key Information About Evolution’s Plans:
- Over 100 new games coming in 2024
- Half of games released in the latter half of the year
- New studios opening in Colombia and Czech Republic
- Atlantic City studio completion open
Lightning Storm and Economic Challenges
Evolution’s Lightning Storm game was launched at the beginning of the third quarter, although it was originally intended to come to markets already during the second quarter. According to Carlesund, the game’s early-stage data looks promising, although the game has been available for only two days.
In the second quarter, Evolution’s result fell short of analysts’ expectations on all metrics. Carlesund explains that globally unstable situation and major wars also affect the company’s operations. Additionally, nearly €35 million Crazy Time game payouts affected the result negatively.
“Although payouts were significant, they don’t fully reflect the company’s operational performance. We have potential for better,” Carlesund says.
EBITDA Margin and Future Prospects
Evolution’s EBITDA margin was 68.0 percent in the second quarter and 68.5 percent in the first half, which was slightly below the company’s 2024 guidance, which was 69–71 percent. Carlesund however remains optimistic and believes that the margin will strengthen in the year’s second half.
“We’re slightly behind our guidance, but we still believe that we’ll reach the goal by the end of the year,” he states.
New Acquisition: Galaxy Gaming
Evolution announced in the second quarter also Galaxy Gaming’s acquisition, whose value was approximately $85 million. Galaxy Gaming specializes in table games, and it’s expected to bring Evolution new licensing opportunities especially in United States markets.
“With the acquisition, we strengthen our position in the United States, especially in land-based casinos’ licensing markets,” Carlesund states.
The acquisition also reduces competition in markets, as Evolution becomes both supplier and competitor for many B2B operators.