Online casino technology suppliers Evolution Gaming’s profits nearly doubled last year, a feat that was achieved largely before the company absorbed rival NetEnt. 

Figures released Wednesday show the Stockholm-listed Evolution generated revenue of €177.7m in the final quarter of 2020, a 68% rise over Q4 2019. Earnings shot up 72% to €96.2m on a gaudy 54.2% margin, while profit was up a similar percentage to €80.6m. 

Evolution’s game-changing acquisition of RNG casino tech provider NetEnt was completed on December 1, but Evolution said NetEnt’s Q4 revenue contribution of €17.8m was up only 5% year-on-year. In other words, Evolution largely achieved its stellar quarterly results on the strength of its market-leading live casino offering. 

Geographic expansion helped push Evolution’s operating expenses up 62% to €92.8m, although €12.4m of this relates to NetEnt, while restructuring and acquisition costs combined for €19.4m.