Evolution, the world’s most powerful supplier of live dealer games for online casinos, has announced its financial results for the third quarter of 2023 and the numbers show record-breaking revenue for the company.

The company’s revenue during the third quarter amounted to 453.6 million euros, a figure which marks the best three months in the group’s financial history. The good result was mainly driven by the company’s live casino segment, which drove in revenue of 358.8 million euros during the quarter, representing a 24.3 percent increase.

Moreover, Martin Carlesund, the Chief Executive Officer of Evolution, revealed that the demand for live casino content is increasing at a rapid pace and that the supplier will have to open more studios in order to cope with the demand.

Evolution also registered a record in the third quarter when it comes to the number of games launched, but even so the company will have to increase its production capabilities in order to keep up with the demand.

Martin Carlesund revealed that the company is ready to open new studios and hire more staff on three continents: Europe, North America and Latin America. “We see a higher demand for our product than what we currently can deliver,” Carlesund explained, adding that the company has to “increase the pace of recruitment both in existing studios as well as to support new studios.”

The Evolution CEO also added that the company has already opened a live casino studio in Colombia at the beginning of the fourth quarter and revealed that they will open a new studio in Europe by the end of the year and three or four next year in Europe, North America and Latin America.

RNG Decline

The company’s random number generator games (RNG) segment did not do that well during the third quarter, registering a revenue drop of 1.9 percent to 66.8 million euros. Despite the decrease, the Evolution CEO says he remains optimistic because the RNG business has progressed in the third quarter.

“We are methodically and systematically moving our RNG business forward,” Martin Carlesund explained and added that the current focus is on improving the business “step-by-step.”

When it comes to geographical areas, the most lucrative one for Evolution remained Europe, which drew 175.1 million euros in revenue in the third quarter, a figure which represents an increase of 10 percent year-on-year.

However, Asia registered revenue of 172.1 million euros, a rise of 34.7 percent compared to the same quarter of last year. If the trend continues, Asia will most likely surpass Europe in the fourth quarter. North America generated 54.7 million euros in revenue for Evolution in the third quarter, while Latin America managed to draw 34.4 million euros.

Source: “Evolution eyes new studios to support live casino growth after record Q3“. iGaming Business. October 26, 2023.

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SOFTSWISS, the established international provider of software and content for online casinos and sportsbooks, has released the results of its research which shows that the cryptocurrency segment has experienced slower growth compared to the entire iGaming industry in the first nine months of 2023.

The analysis conducted by SOFTSWISS was based on data collected from the over 530 online casino and sportsbook brands which are currently using the supplier’s online gaming platform. Moreover, the company also took into account the in-game currency conversion possibilities as SOFTSWISS clients are able to play fiat only games even when holding just crypto currencies in their balance.

The global iGaming market has registered constant growth during the first three quarters of 2023. The total amount of money wagered went up by 36.6 percent compared to the first nine months of 2022, and the number of bets have also gone up by 50 percent year-on-year.

However, cryptocurrency bets during the first nine months of 2023 registered an increase of just 18.7 percent compared to the previous year. Nevertheless, the number of crypto bets went up by 66.4 percent compared to 2022. The share of crypto bets in the total bets amount decreased by 4.3 percent, ending up at 28.5 percent.

The analysis conducted by SOFTSWISS also points out that the sums of crypto bets registered incremental growth from quarter to quarter since the beginning of 2022, but their share in the total bets sum decreased, mainly due to larger increases registered by the sums of fiat bets.

Andrey Starovoitov, Co-Chief Executive Officer at SOFTSWISS, underlined that cryptocurrencies are showing signs of weakness in other fields as well, such as fundraising, “where the third quarter showed its worst results since the end of 2020”. However, Starovoitov concluded that “the position of cryptocurrencies in iGaming could be evaluated as comparatively stable at the moment.”

Top 5 Most Used Crypto Currencies

SOFTSWISS also revealed which were the most used digital coins in the iGaming industry during the first three quarters of 2023. The top five doesn’t bring any surprises, it remains unchanged since the beginning of 2022 with Bitcoin dominating the market with a 74.9 percent share, Ethereum gathered 8.9 percent, Litecoin followed with 6 percent, Tether had 4.6 percent while Dogecoin wrapped up the top five with 3 percent.

Bitcoin also managed to register an increase of 3.9 percent in its share compared to the first nine months of 2022. Ethereum on the other hand lost 6.3 percent from its market share during the first three quarters of 2023.

Source: “9M 2023 Crypto in iGaming Landscape: Moderate Growth Amidst Fiat Rise“. SOFTSWISS. October 24, 2023.

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