Casino and iGaming B2B Provider Evolution Reports 36% Annual Revenue Growth


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Carl Hughes Betting Expert

Updated:February 7, 2023

Evolution Gaming Group, the leading B2B provider of casino products, has published its financial reports for 2022. The company reports growth across all indicators, which has also resulted in a rise of its shares following the news. Evolution partners with a variety of betting sites in the UK and across the world and provides them with a large variety of betting and gaming content for their customers.

According to Evolution’s financial report, the company has recorded an annual revenue of £1.3bn (€1.46bn), which, compared to 2021 £950mn (€1.07bn) represents a growth of 36%. The numbers were consistent with growth of revenue in Q4 of 2022 when the company reported a revenue of £363.42m (€407.5m), which represents a 35.7% growth compared to the same period in 2021. The company has also reported that its profit for 2022 stands at £752.25 (€843.4m), which is a growth of almost 40% compared to 2021. As a result of this, Evolution’s EBITDA margin has gone up by 0.5%, from 68.7% to 69.2%. The actual EBITDA of the company has amounted to £900m (€1.01bn), compared to £657.8m (€737.7m) in 2021.

Evolution’s guidance suggests that the company should aim for an EBITDA of 69% – 71%, and this have been achieved, albeit towards the lower end of the scale. The company does not appear to be disheartened by this, however, and had described its performance in 2022 as “strong”, especially considering the challenging market conditions and circumstances. Despite the challenging circumstances, Evolution managed to continue its growth and expansion, and did finish 2022 by announcing in December that it had entered the Panama market for the first time through a partnership with betting site Codere.

Evolution Gaming Group started in 2006, and was at the time one of the first European providers of B2B Live Casino Solutions. Initially delivering its products to betting sites and physical retail locations, the company always kept innovation at the core of its activities. In 2012 Evolution started catering for mobile betting sites, and in 2013 it became the largest single-site casino operator in Europe. Following several successful years with a number of new studios opened across Europe, Evolution expanded to North America in 2018.

At present, some of the most popular UK betting sites use the products and services offered by Evolution. These include traditional betting sites such as 888sport and William Hill, Paddy Power, Entain Group’s Ladbrokes and Coral, as well as BetVictor, Betfair, and Unibet, however the company also caters for leading live casino providers such as LeoVegas, Casumo, and Mr Green. Evolution provides world leading betting and online casino experience through a variety of products such as traditional casino games (roulette, craps, blackjack, baccarat, poker), live game shows, slots, and a diverse portfolio of creative iGaming solutions.

Commenting on the numbers in its 2022 financial report, Evolution CEO Martin Carlesund stated:

“We wrapped-up a strong financial year 2022 with a very good fourth quarter. This despite the challenging market environment reflected in the war in Ukraine, rising inflation, lower consumer confidence and remaining COVID-effects on supply chains – all of which are currently impacting the recovery of the post pandemic world economy. The employees at Evolution have once again shown extraordinary focus on the task at hand and done great work in these challenging market conditions – Thank you!”

One of the most important products the Evolution offers to betting sites is its Promotions Suite. This is a bespoke tool created to help betting sites create and manage their promotions in a more effortless way. One of the main features of the Promotions Suite include real time rewards, which allows the betting provider to reward players instantly with game-specific bonus campaigns. The Suite also offers a Reward Games, Push Notifications, and technically advanced Game Streaming API which allows the betting site to create unique leadboards and distribute prizes more effectively.

Carlesund has pointed out that it is the company is looking to an even more successful 2023, with growth and expansion again being the aim. Evolution has already planned to release over 100 new games in 2023, and some of them will be presented at the ICE trade show next week. One of the games, according to Carlesund, will be the “biggest, most complex game show ever” created by Evolution. According to the CEO, the company’s strategy and core values for 2023 remain the same, and Evolution will continue to strive to be a little bit better every day of the year.

About the author

Carl Hughes


Carl Hughes


Carl Hughes is a leading expert on sports and casino betting. Carl began his career with a BSc in Sport, Exercise and Health Sciences from the University of Birmingham before working within the industry for some of the bigger names (GVC and Bet365) and has been praised as being "a leading sports betting commentator".