{ "schemaVersion": 1, "organisationId": "O-83c9fb7246b14dd59ee1f6f51fd77ff4", "slug": "evolution", "name": "EVOLUTION", "updatedAt": "2026-10-04T14:26:56.779497Z", "sections": [ { "type": "OVERVIEW", "text": "Evolution is a business-to-business gaming content and solutions provider serving online casino operators. Its portfolio includes live-dealer casino games and game shows, RNG games, and slots, delivered through licensed content and related services. [P27795485][P30619246]\n\nThe company operates internationally, with live-casino production hubs in Riga, Malta, and Tbilisi and markets spanning Europe, North America, Latin America, and Asia. Evolution states its mission as “to extend the gap with the competition and strengthen our market leadership.” [P50490672][P84724366][T220826]\n\nFor the 2025 financial year, Evolution reported net revenue of €2,066.540 million and an average of 15,997 full-time employees; it reported 16,243 employees at year-end. [T6493293][T4430340]\n[P27795485][P30619246][P50490672][P84724366][T220826][T6493293][T4430340]", "updatedAt": "2026-10-04T14:26:56.779497Z" }, { "type": "PRODUCTS", "text": "Evolution’s products include live-dealer casino games such as roulette, blackjack, baccarat, poker, dice and craps, alongside game-show formats including *Crazy Time*, *Mega Ball*, *Dream Catcher*, *Lightning Roulette*, *MONOPOLY Live* and *Deal or No Deal*. [https://games.evolution.com/live-casino/][https://games.evolution.com/live-casino/game-shows/] Its RNG portfolio includes First Person versions of live games and shows, and slots from NetEnt, Red Tiger, Big Time Gaming and Nolimit City, with titles such as *Starburst*, *Gonzo’s Quest*, *Bonanza* and *Extra Chilli*. [https://www.evolution.com/brands/evolution][https://www.evolution.com/games/slots][https://games.evolution.com/evolution-brands/]\n\nThe company streams live games from studios and provides operator solutions that include dedicated tables and branded live-casino environments with customizable presentation and operating hours. [https://games.evolution.com/evolution-live-casino-games/][https://www.evolution.com/about/solutions][https://www.evolution.com/about/solutions/dedicated-tables/] It reported 24 studios in 16 jurisdictions at year-end 2025. [P94684156]\n\nFor FY2025, Live generated €1,772.579 million, approximately 85.8% of net revenue, while RNG generated €293.961 million, approximately 14.2%, out of €2,066.540 million net revenue. [T9726266] These are company-wide Live/RNG categories; the reported figures do not provide revenue shares for individual games, titles or brands.\n[P94684156][T9726266][T9726266][T9726266][https://games.evolution.com/live-casino/][https://games.evolution.com/live-casino/game-shows/][https://www.evolution.com/brands/evolution][https://www.evolution.com/games/slots][https://games.evolution.com/evolution-brands/][https://games.evolution.com/evolution-live-casino-games/][https://www.evolution.com/about/solutions][https://www.evolution.com/about/solutions/dedicated-tables/]", "updatedAt": "2026-10-04T14:26:56.779497Z" }, { "type": "GEOGRAPHY", "text": "Evolution has production hubs in Riga, Latvia; Malta; and Tbilisi, Georgia, and has also announced studios in Cebu, Philippines, and São Paulo, Brazil. Its 2025 reporting described studios across four continents and 22,475 employees at year-end; it did not provide an employee breakdown by country. [https://www.evolution.com/about/locations][https://www.evolution.com/news/evolution-launches-first-live-casino-studio-in-the-philippines][https://www.evolution.com/news/evolution-launches-first-live-casino-studio-in-brazil][P57148408][P7045114]\n\nEvolution’s reported 2025 geographic revenue mix varies by attribution method. Based on customer location, Europe accounted for approximately 72% of revenue, North America 14%, Latin America 11%, and Asia and other markets about 3% combined. Based on players’ IP locations, Asia represented about 38%, Europe 35%, North America 14%, Latin America 8%, and other regions 4%. The company distinguishes revenue assigned to customer location from revenue attributed to players’ IP addresses. [T301427][T5379542][P48377793]\n\nThe company identifies Malta as a principal licensing jurisdiction and cites the UK, Belgium, Canada, Romania and South Africa among additional regulated markets; these examples are not presented as an exhaustive list. [P57148408]\n[P57148408][P7045114][T301427][T5379542][P48377793][https://www.evolution.com/about/locations][https://www.evolution.com/news/evolution-launches-first-live-casino-studio-in-the-philippines][https://www.evolution.com/news/evolution-launches-first-live-casino-studio-in-brazil]", "updatedAt": "2026-10-04T14:26:56.779497Z" }, { "type": "SEGMENTS", "text": "Evolution reported one operating segment in its 2025 reporting year: provision of solutions for online casinos and related services to gaming operators. Live casino games are conducted in real time by presenters or dealers and streamed to players; the company also offers RNG-based games, including slots. [P107529202][P27795485][P30619246] The 2025 Annual Report presents Live and RNG as game-type revenue categories, not as separate operating segments. [https://cdn.evolution.com/uploads/Annual_Report_English_2026_04_01_5906785a97.pdf]\n\nFor 2025, net revenue was EUR 2,066.540 million: Live accounted for EUR 1,772.579 million, approximately 85.8%, and RNG EUR 293.961 million, approximately 14.2%. Percentages are calculated as each category’s revenue divided by total net revenue. [T420622]\n[P107529202][P27795485][P30619246][T420622][T420622][T420622][https://cdn.evolution.com/uploads/Annual_Report_English_2026_04_01_5906785a97.pdf]", "updatedAt": "2026-10-04T14:26:56.779497Z" }, { "type": "HISTORY", "text": "Evolution was founded in Sweden in 2006 by Jens von Bahr, Fredrik Österberg and Richard Hadida, and opened its first studio in Riga, Latvia. [https://careers.evolution.com/about-us/] In 2015, its shares began trading on Nasdaq First North Premier; in 2016, von Bahr became chairman and Martin Carlesund became Group CEO. [https://www.nasdaq.com/about/press-center/nasdaq-welcomes-evolution-gaming-nasdaq-first-north-premier] [https://www.evolution.com/news/changes-board-and-management-evolution-gaming-group-ab-publ]\n\nThe company expanded its live-casino offerings with game-show formats, including launches such as Dream Catcher, Lightning Roulette and Crazy Time. It completed the acquisition of live-casino provider Ezugi in 2019. [P88159824] [https://www.evolution.com/investors/financial-publications/press-releases/evolution-gaming-completes-acquisition-of-ezugi-ccc0b529] In 2020, Evolution completed its acquisition of NetEnt, broadening its portfolio beyond live casino; in 2022, it completed the acquisition of slot developer Nolimit City. [https://www.evolution.com/news/year-end-report-2020] [https://www.evolution.com/investors/financial-publications/press-releases/evolution-completes-acquisition-of-nolimit-city-2ea22810]\n\nIn 2024, Evolution acquired Livespins and Arcadia, adding social-streaming and virtual arcade-game capabilities. [https://www.evolution.com/news/evolution-acquires-livespins] [https://www.evolution.com/news/evolution-acquires-arcadia] In July 2026, it terminated its merger agreement with Galaxy Gaming, so that proposed acquisition did not proceed. [https://www.evolution.com/investors/financial-publications/press-releases/evolution-gives-notice-of-termination-of-merger-agreement-with-galaxy-gaming]\n[P88159824][https://careers.evolution.com/about-us/][https://www.nasdaq.com/about/press-center/nasdaq-welcomes-evolution-gaming-nasdaq-first-north-premier][https://www.evolution.com/news/changes-board-and-management-evolution-gaming-group-ab-publ][https://www.evolution.com/investors/financial-publications/press-releases/evolution-gaming-completes-acquisition-of-ezugi-ccc0b529][https://www.evolution.com/news/year-end-report-2020][https://www.evolution.com/investors/financial-publications/press-releases/evolution-completes-acquisition-of-nolimit-city-2ea22810][https://www.evolution.com/news/evolution-acquires-livespins][https://www.evolution.com/news/evolution-acquires-arcadia][https://www.evolution.com/investors/financial-publications/press-releases/evolution-gives-notice-of-termination-of-merger-agreement-with-galaxy-gaming]", 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