Evolution Dips as Crackdown on Unlicensed Operators Slows Growth

Evolution ABfell the most on record after it missed analysts’ estimates for revenue and profit in the first quarter following a crackdown on the unlicensed use of its online casino games.

The Stockholm-based company, which provides live games to gambling operators, reported operating profit of €303.4 million ($345 million) for the three months ended March, according to a statement on Wednesday. Analysts had expected €325.7 million, according to an average of estimates compiled by Bloomberg. Net revenue in the quarter rose 3.9% to €521 million, missing the €544 million analysts had expected.

Chief Executive Officer Martin Carlesund said that ...