Evolution Achieves Record €2.21 Billion Revenue in 2024
Evolution closed 2024 with €2.21 billion in revenue, a 23.1% increase year-on-year, driven by live casino growth. Net profit rose to €1.24 billion despite regulatory challenges, studio disruptions, and higher tax rates.

Strong Financial Growth Across Key Segments
Evolution has surpassed €2 billion in annual revenue for the first time, closing 2024 with a record €2.21 billion in operating revenue. This marks a 23.1% increase year-on-year, driven by continued dominance in live casino gaming and steady gains in the random number generator (RNG) segment. The company’s net profit also climbed to €1.24 billion, reflecting a 16.2% increase.
Live casino remains Evolution’s primary revenue driver, contributing over 80% of total earnings. Revenue from this segment grew by 16.6% to €1.78 billion, supported by the expansion of table game offerings to over 1,700.
Meanwhile, the RNG division—which includes NetEnt, Red Tiger, Big Time Gaming, and NoLimit City—experienced a modest 4.4% revenue increase, reaching €287.4 million.
Evolution Workers Strike and Regulatory Challenges
Despite strong financials, Evolution faced significant challenges throughout the year. The company encountered disruptions at its Georgia studio due to staff strikes, operating at only 60% capacity in October. Additionally, cyber-attacks in Asia and higher tax rates in several markets added to operational difficulties.
Regulatory scrutiny also intensified in 2024. In December, the UK Gambling Commission announced a review of Evolution’s licensing status following allegations that its games were accessible to unlicensed operators in Britain.
While Evolution is fully cooperating with the investigation, CEO Martin Carlesund acknowledged the evolving regulatory landscape as a key factor shaping the company’s future approach.
“An increasing number of countries introduce a national regulation for online casino. We view this development positively and consider it a long-term driver of growth for the industry as it over time attracts new end users and clarifies how B2C operators can address the market. As a B2B provider of games we hold licences in several markets and need to adapt as regulation evolves. We have implemented further technical measures to ring-fence the regulated markets and to ensure that our games are available only through the locally licensed B2C operators in markets where local licences are available”, Martin Carlesund stated.
Moderate European Growth and Ongoing M&A Strategy
While Evolution recorded a 9% year-on-year revenue increase in Europe during Q4, analysts from Regulus Partners suggest this growth may indicate a decline in overall market share.
Despite launching several new RNG titles, Evolution’s performance in this segment remains sluggish, with analysts describing the turnaround efforts as slow-moving.
The company’s merger and acquisition strategy remains active, with Evolution attributing €151.1 million in additional operating revenue to earn-out liabilities related to past acquisitions, including Livespins and Arcadia Gaming Solutions.
Evolution’s acquisition of Galaxy Gaming remains on track for completion by mid-2025.
Results in Q4 2024
Evolution closed the year with a particularly strong Q4, reporting €625.3 million in revenue—an increase of 31.5% year-on-year. Net profit for the quarter reached €377.1 million, reflecting a 32.2% rise, while EBITDA surged 35% to €455 million.
Carlesund remains optimistic about Evolution’s future growth, stating:
“With great determination, with hard work and professionalism our employees have brought Evolution to an excellent position for future growth. We will relentlessly continue to strive to make Evolution a bit better every day also during 2025″.