Evolution Gaming ready to go in New Jersey

18 July 2018

Evolution Gaming said its New Jersey live casino studio will launch with 10 tables in the next two months as the company outlined plans for growth in North America in its H1 financial results.

In the six months to June 30, Evolution saw operating revenues up by 35% to €110m ($128m), with EBITDA up by a similar amount to €48m.

Evolution’s share price soared by more than 10% today (Wednesday) following the release of its results.

The company said a highlight of the most recent quarter was “clear progress” in New Jersey, where it signed several new customer agreements with Resorts Casino Hotel, Ocean Resort Casino and 888.

Evolution’s studio, set to go live by the end of Q3, is being built to serve several operators and will initially offer 10 tables with Live American Roulette, Blackjack, Baccarat, Three Card Poker, Ultimate Texas Hold’em and Slingshot Auto Roulette.

“More games and tables will then be released gradually, including dedicated tables for specific operators,” said Evolution chief executive Martin Carlesund.

The company’s Q2 trading update showed that revenue in regulated markets was down slightly quarter-on-quarter to 31%.

Growth in the Rest of the World grew from 22% to 25% quarter-on-quarter, and is up from just 14% in the corresponding period during 2017.

Carlesund added: “We see continued favourable demand for tables … and expect to have a total of more than 500 in operation at the end of the year.

"Similar to our historical pattern, we are leveraging our size and utilising our expanded resources for optimum efficiency, with each new table being optimised and delivering more over time.

“I can state that we are continuing to deliver on our ongoing mission to continuously extend the gap between us and our competitors.”

The Stockholm-listed company is preparing for regulatory changes in Sweden, and just recently signed new deals with Svenska Spel and horse racing operator AB Trav och Galopp (ATG) that will go live on January 1.

Carlesund said: “We take a positive view of regulation and look forward to continuing to work with both existing and new customers in Sweden’s new gaming market.”