Evolution Grows Third-Quarter Revenue as Brazil Ban Draws Criticism

Swedish live casino provider Evolution has released its third-quarter financial results. The company's revenue rose 3.7 percent to 526.1 million euros. Adjusted EBITDA increased 2.7 percent to 345.9 million euros. Net profit fell 3.6 percent to 243.3 million euros.

CEO Martin Carlesund described the quarter as a quiet period. Live casino revenue grew 2.6 percent, while RNG revenue rose 10.1 percent. North America grew 13.6 percent, and Latin America and Africa grew 23.1 percent and 23.7 percent respectively. Revenue from players in Europe fell 4.7 percent.

The most notable topic in the results announcement was Brazil. After the government banned regulated online betting and casino activities, Evolution closed its studio in the country on October 5. The company said it does not know when operations will resume.

Carlesund referred to the election process under President Lula, who signed the ban, saying a populist agenda had been able to eliminate a regulatory framework that had been in force for only a year and a half. He added that Evolution is ready to quickly reopen its operations if the government reverses the decision.