Evolution makes senior management changes as Q3 revenues grow 47%

Evolution Gaming has reported a 47% year-on-year increase in Q3 revenues driven by demand for its live casino products, with the company also announcing Martin Carlesund as its new group CEO.

Effective from 1 November, current CEO Jens von Bahr will replace chairman Joel Citron who is resigning from his role, but will remain on the board as a non-executive chairman.

The supplier also appointed a new CEO for its operations-focused subidiary, Evolution Malta, with Johan Nordström coming over from private education firm EF Education First.

Outgoing chairman Citron said: “As a result of our achievements, I have decided to resign as chairman as I am convinced that the company needs an executive chairman to meet our future challenges.”

New CEO Carlesund added: “The company is in a highly expansive period where existing customers are demanding more services, new customers are added, and where larger trends such as the land-based online migration are happening.

“Based on this, Evolution has a great opportunity to further strengthen its leading position in the live casino market, and I look forward to leading the company to further success.”

Evolution’s revenue totalled €29.2m (£26m) for the three months ending 30 September, while EBITDA rose by 37% to €10.8m (£9.6m).

The company saw increased mobile penetration too at 48%, up from the 28% recorded in the comparative period last year.

However, its margin fell from 40% to 37% during the period as a result of investments into its products.

“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,” von Bahr said.

“The strong demand for tables and environments continues to drive investments, hence exerting some pressure on the margin.”

The supplier recently launched a Manchester United customised live casino with Marathonbet, one of the first live dealer games branded by a Premier League club, as well as providing customised environments with Mr Green, Royal Panda and Tempobet.

Q3 also saw the firm strike deals with land-based casino operators The Ritz Club and The Hippodrome for its Dual Play Roulette.

“I am proud that two brands of such strength have chosen to go live with us,” said von Bahr.

“It clearly proves the trend of the land-based casino sector beginning to migrate online, even though we have only scratched the surface so far.”