Surging Demand for Live Dealer Games Leaves Evolution Batting to Keep Place
LISTEN TO THIS ARTICLE:Evolution is set to open a number of new game studios in order to accommodate the growing demand for its live casino segment. After a successful Q3, Evolution CEO Martin Carlesund warned that the company is struggling to meet the increasing demand.
Live Gaming Drives Revenue Surge
The company revealed a 24.3% rise in live casino revenue for the quarter ending September 30, reaching €358.8 million. According to Evolution, this surge helped elevate the company's overall Q3 operating revenue by 19.6%, setting a new record at €452.6 million.
However, the steady revenue climb has brought about challenges. Carlesund spoke out after the release of the Q3 results, stating that the existing studio infrastructure isn't sufficient to handle the increasing demand.
Several New Games Launched in Q3
The company did launch a record number of games during Q3; however, with the demand for new content escalating, Carlesund emphasized the need for action. He pledged to open additional studios and recruit more employees in various regions, such as Europe, North America, and Latin America.
Our live casino revenue grew to €385.8m for the quarter. And we see a higher demand for our product than what we currently can deliver. That is a measure of the phenomenal traction our games have. However, it also means we are not expanding our studios at the right pace. We have faced delays, and in some cases not executed fully, in several of our planned studio projects for this year but even more importantly we need to increase the pace of recruitment both in existing studios as well as to support new studios.
More Studios Coming Next Year
Carlesund went on to explain that the company is striving to get back on track at its existing studios and that it will continue to invest in its studio network. He also highlighted the opening of a small studio in Colombia just after the end of Q3. Finally, he said that the company hopes to open a new studio in Europe this year and three or four in Europe, North America and LatAm next year.
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