The novel Coronavirus and the restrictions that resulted due to Covid-19 have taken their toll on many industries.
At the start of lockdown, many speculated how the casino industry would fare during these tough times, particularly the online casino industry.
As the months have progressed, online casinos and operators have started to reveal just how well they’ve fared throughout the second quarter of 2020. While some expected the numbers to drop, many have had an impressive spike in revenue.
NetEnt and Evolution Gaming are among those who are celebrating their spectacular growth this year with the following stats recently released.
NetEnt rises through the ranks
It’s no secret that NetEnt is one of the largest and most successful software providers in the online casino industry right now.
Thanks to the creation of spectacular casino games that continue to draw in new players and provide hours of entertainment, NetEnt has continued to grow throughout Q2.
The company has reported an impressive 37% rise in revenue, having generated a massive SEK 573 million in the quarter, year on year. Thanks to these strong figures, NetEnt’s revenue for the first half of 2020 are at SEK 1.09 billion – a boost of 30% compared to 2019.
NetEnt CEO, Therese Hillman, commented on their impressive quarter:
“The coronavirus pandemic continues to impact people and companies around the world. There are signs that the rapid changes in consumer behavior caused by the pandemic will further speed up the digitalization of a number of industries, including entertainment such as gaming. Just like in other online industries, the major lockdowns in some of our big markets (UK, US, Italy and Germany) led to a positive effect on revenues in April and May, followed by a more normal pattern in June as those economies gradually opened up.
Hard work and transformational steps taken in the past year are now starting to create value. We remain fully committed to continue on this path and with growth engines such as USA, Red Tiger and Live Casino, I feel that we are well positioned to continue delivering profitable growth and strong cash flows for the rest of this year and onwards.”
Between releasing 19 new slots, entering new markets, and fielding an offer from Evolution Gaming, NetEnt has had a very busy 2020 so far.
Everybody loves Evolution Gaming
Not only is Evolution Gaming making headlines by offering to purchase NetEnt, but they’re also showing stunning growth in their own Q2 revenue reports.
A massive 50% boost in year-on-year operating revenue compared to 2019 finds Evolution boasting €128.3 million on the books. Profit also jumped by 104% to €70.4 million for the same period.
It’s believed that due to the shut down of sports betting, Evolution was able to fill a gap that provided live casino and real-time rewards. High demand for these services gave Evolution the ultimate opportunity to shine in a space that they already dominate so well.
Evolution CEO, Martin Carlesund, focused on the future in his comment:
"It has been an intense first half of the year impacted by Covid-19, which has entailed here-and-now problem solving. Since a few months back, we have a more stable virus situation and we have been able to devote more time to look forward while also preparing Evolution for a possible future second wave or similar pandemics.
We are now working intensively with next years' product launches and how Evolution will play a role in the continued digitisation of the casino industry. I believe that our focus on the best game experiences and a relentless approach to always improve as a company will continue to be important pieces as we move ahead. We shall become slightly better each day, and every day shall take Evolution another step forward."
As the industry continues to evolve and the world aims to wait out the current pandemic, the future certainly looks bright for casino operators like NetEnt and Evolution.