Live Casino
Comparer
  • Live Casinos
    Live Casinos
    • Best Live Casinos
    • Live Casino Reviews
      • Bet365 Live Casino
      • Marathonbet Live Casino
      • Redbet Live Casino
      • Leo Vegas Live Casino
      • Betfred Live Casino
      • ComeOn Live Casino
      • William Hill Live Casino
      • Royal Panda Live Casino
    • Free Live Casino
    • High Roller Live Casinos
    • Exclusive Live Dealer Tables
    • Land Based Casinos
    • Mobile Live Casino
    • Live Casino Bonuses
    • Payment Methods
      • Neteller
      • Skrill
      • VISA
      • Bitcoin
  • Online Casinos
    Online Casinos
    • Best Online Casinos
    • Real Money Casinos
    • Instant Play Casinos
    • Mobile Casinos
    • Best Payout Casinos
    • Fast Withdrawal Casinos
    • Minimum Deposit Casinos
  • Bonuses
    Online Casino Bonuses
    • Best Casino Bonuses
    • Welcome Bonuses
    • No Deposit Bonuses
    • Free Spins
  • Software
    Online Casino Providers
    • Pragmatic Play
    • Microgaming
    • NetEnt
    • BGaming
    • Yggdrasil
    • BigTimeGaming
    • Wazdan
    Live Casino Providers
    • Betgames Live
    • Evolution Live
    • Ezugi Live
    • Playtech Live
    • Pragmatic Live
    • Stakelogic Live
    • See All Live Providers
  • Games
    Live Casino Games
    • Monopoly Big Baller
    • Red Door Roulette
    • Crazy Time
    • Lightning Storm
    • Sweet Bonanza Candyland
    • Funky Time
    • Sweet Bonanza Candyland
    • Mega Wheel
    • Monopoly
    • See All Live Games
    Online Casino Games
    • Online Slots
    • Crash Games
    • See All Online Games
  • Trackers
    Trackers
    • Sweet Bonanza Candyland Statistics
    • Crazy Time Statistics
    • Mega Wheel Statistics
    • Boom City Statistics
  • Entertainment
    Entertainment
    • News
    • Promotion
    • Blog
    • Live Blog
    • Casino Guides
  • LiveCasinoComparer
  • News
  • Evolution Reports €1bn Profits For 2023
News

Evolution Reports €1bn Profits For 2023

evolution year end 2023
Written byNeil Walker
Last updated: October 15, 2025
  • Share on Facebook
  • Share on X
  • Share on Telegram
  • Copy linkCoppied!

Evolution has released its 2023 year-end report, and for the first time, profits have exceeded €1bn for the year. The revenue distribution shows Live Casino makes up the most with €1.52bn, with RNG contributing €275m.

Evolution Year End Report 2023

Evolution has released its final quarter financials for 2023 and the consolidated figures for the Year End 2023, and they make impressive reading.

In summary:

Fourth quarter of 2023 (Q4 2022)

  • Operating revenues increased by 16.6% to EUR 475.3 million (407.5)
  • EBITDA increased by 20.5% to EUR 337.0 million (279.5), corresponding to a margin of 70.9% (68.6)
  • Profit for the period amounted to EUR 282.9 million (223.5)
  • Earnings per share amounted to EUR 1.32 (1.05)

Full-year 2023 (2022)

  • Operating revenues increased by 23.5% to EUR 1,798.6 million (1,456.7)
  • EBITDA increased by 25.7% to EUR 1,267.4 million (1,008.4), corresponding to a margin of 70.5% (69.2)
  • Profit for the year amounted to EUR 1,070.9 million (843.4)
  • Earnings per share amounted to EUR 5.01 (3.95)
  • The Board proposes a dividend of EUR 2.65 per share (2.00)

Comments from CEO Martin Carlesund:

In the fourth quarter 2023, Evolution reported revenue of EUR 475.3 million and EBITDA of EUR 337.0 million, corresponding to year-on-year revenue growth of 16.6 percent and an EBITDA margin of 70.9 percent. In addition to the strong financial results, we finished the year operationally very well. During 2023 we added 110 new exciting games to our portfolio, exceeding our target of 100 new games set at the beginning of the year. We also made significant progress towards a better supply balance of tables and simply accelerated expansion during the fourth quarter. Currency headwinds remain in the year-on-year comparison, revenue growth at constant currency is estimated to have been 25 percent in the fourth quarter.

EBITDA margin for the full year amounts to 70.5 percent, in the upper end of the communicated full year guidance of 68-71 percent. For 2024 we are raising the guided range to 69-71 percent – we will continue our strong focus on expansion and with expectation that the margin will be stronger in the second half of 2024. As we have stated many times before our top priority is growth and during 2024 we will increase the pace of our investment for future growth in line with that strategy.

Revenues in Live Casino increased to EUR 405.6 million in the fourth quarter. We are now clearly in a better balance between supply and demand than a quarter ago. The hard work to improve capacity and focus on expansion the past few quarters has paid off. During the quarter we also increased our studio network in Europe, as communicated in the third quarter, as we opened a new studio in Bulgaria also helping to end the year with over 1,600 live tables in total.

Revenues in RNG increased sequentially from the third quarter to EUR 69.8 million in Q4 but declined compared to the corresponding quarter in 2022. Our efforts to systematically improve operations, have continued in the second half of the year with positive effects. Every day we move one step forward and I am happy with the development in Q4. We aim for continued step-by-step improvements during 2024.

We see encouraging development in all the regions going into 2024. North America showed strong momentum in Q4 coming back to sequential growth. The quarter also included landmark game launches such as the launch of Crazy Time, a title which has been incredibly successful in other regions. We look forward to bringing US players the fun and entertaining experience this title can offer. Europe continued its good development from the previous quarter with close to 10 percent year-on-year growth rate for the second quarter in a row. There is still untapped potential in Europe and it remains a region with good potential for Evolution. Asia and LatAm are the fastest growing regions year-on-year at the moment. Brazil’s announcement of an upcoming regulation of online casino came at the end of the period and is a sign of the rapid development of the market in this region. We will continue to invest in the LatAm region in the years to come.

We have increased the pace of our studio expansions in the fourth quarter and expect to continue into 2024. We launched a new studio in Bulgaria and have initiated the project to build a second studio in Colombia. Investments in 2023 amounted to EUR 94 million which was below our guidance of EUR 120 million from the beginning of 2023, as we did not manage to expand quite as fast as we had planned. For 2024 we will repeat the capex guidance of EUR 120 million. We see strong demand and aim to accelerate investments during 2024 for our Live Casino product across the globe and will invest in new game development as well as expand table capacity both in our existing network of studios and in new studios. We plan to add at least four new studios during 2024 in addition to expansion in existing locations.

Our pace of game releases increased during the past year and with the launches in the fourth quarter we managed to exceed our target of more than 100 new games across both RNG and Live, ending with 110 new fabulous games released. In Live casino we continued to develop our homegrown franchises built around Crazy Time and the Lightning-series with games like Red Door Roulette and Crazy Pachinko. We create exiting new player experiences in a style that players have grown to recognize and really enjoy. RNG has increased its release tempo in the second half of the year and kept the pace of the third quarter into the fourth.

We closed 2023 and delivered on a great product roadmap. Many games were released during the second half or even towards the end of the year which means that we are just starting to see their contribution. I am proud of what we have brought to market, and I am proud of all team members working for Evolution constantly pushing boundaries delivering player experiences often beyond what many can dream of. But even with a successful 2023 we come into 2024-2025 with higher ambitions than ever. We want to do more – we want to create games that take the entertainment to the next level. We want to invent, we want to develop, we want to break new boundaries. 2024 -2025 we will do more for our product, more for our end-users, than ever. We are going to deliver more exciting games, we will explore new types of games that we do not have today and we will invest in unique games for specific markets. We will yet again increase the gap to the competition. I very much look forward to what I call “the Product Leap” years 2024-2025. What an exciting time in front of us!

During the quarter, the Board of Director’s introduced a share repurchase programme of EUR 400 million to further improve the capital structure of the company, a proof of our strong financial position and capital structure. The Board of directors proposes a dividend of EUR 2.65 (2.00) per share for 2023, in line with the dividend policy to distribute a dividend of 50 percent of net profit annually.

As a company, Evolution remains profitable, strong, and all-equity financed. As we look into 2024 and beyond, we do so with excitement, hunger and ambition. We will continue to invest, recruit and expand our operations in the whole world. 2023 was an intense year and I want to thank the amazing team at Evolution for all the great achievements and I am looking forward to an equally fantastic and hectic 2024 where we will relentlessly continue to strive to make Evolution a bit better every day!

LiveCasinoComparer Comment

Hidden in the financial data are some interesting facts.

Europe continues to dominate the revenue with a €709.8m contribution, while Asia is the fastest growing region contributing €672.3m. North America is the third highest contributor with €226.6, which is impressive for a relatively new market.

RNG growth is fairly flat at 2.6%, while Live continues to deliver with 28.2% revenue growth.

Evolution continues to dominate the regulated market share with 40%.

This means competitors hold a healthy 60% of the regulated market, ensuring keen competition, which can only be good news for players.

Neil Walker

Casino Expert

Neil Walker is an expert in the Live Casino field with over a decade of experience playing both online and in land-based casinos. His passion for gambling began in 1989 after a trip to Las Vegas, where he discovered a love for Blackjack and Texas Hold’em. Since 2011, Neil has been an active live casino player, testing different platforms and providers to understand their unique features and differences. This hands-on experience makes him a trusted source of knowledge and advice for players looking for fair and high-quality live casinos.

  • Evolution Year End Report 2023
  • Comments from CEO Martin Carlesund:
  • LiveCasinoComparer Comment

Latest News

gravity roulette bonus number bet added
News

Iconic21 Enhances Gravity Roulette

28/03/2025
1 min
light & Wonder live closing down
News

Light & Wonder Exists Live Casino

28/02/2025
2 min
bet365 evolution new jersey
News

Bet365 Adds Evolution Live Dealer Games in New Jersey

13/02/2025
1 min
interview with Ray Freilibs
News

Interview with Ray Freilibs Winfinity

04/02/2025
1 min
Live Casino
Comparer

Your Top Destination for Casino Insights. We assist players in discovering their ideal casinos. Dive into our professional reviews, clever tools, and reliable guides to play with assurance.

Subscribe to our newsletter

Stay updated with the top reviews and latest news!

Thanks for your subscribing!

Online Casino

  • Casino Reviews
  • Casino Games
  • Casino Bonuses
  • Casino Guides
  • Online Software

Online Casino Games

  • Online Slots
  • Free Slot Games
  • Online Roulette
  • Free Roulette Games
  • Online Blackjack
  • Free Blackjack

Live Casino

  • Live Casino Reviews
  • Live Casino Games
  • Live Casino Bonuses
  • New Live Games

Live Casino Games

  • Sweet Bonanza Candyland
  • Monopoly Big Baller
  • Funky Time
  • Crazy Time
  • Mega Wheel
  • Adventures Beyond Wonderland

Information

  • Contact Us
  • About Us
  • Authors
  • FAQ
  • News
  • Sitemap
DMCA

#ad Advertorial – We value independence. We may earn from partner links, but they don’t influence our views.

Disclaimer: LiveCasinoComparer.com is an independent website that provides information, reviews, and recommendations about gambling at online Live Casinos. There are age & location restrictions on where you can gamble online. Ensure you meet these requirements by referring to the casinos’ Terms & Conditions. You must ensure you comply with all legal requirements for gambling online.

The content of this site is intended for visitors 18+ years of age. You are advised to gamble responsibly. If you are unsure what this means or think you have a problem controlling your gambling, please refer to www.gambleaware.org or www.gamcare.org.uk for further information and guidance.

Copyright © 2025 Live Casino Comparer.
All Rights Reserved.

Terms & ConditionsPrivacy PolicyCookies PolicyResponsible Gambling