Key facts
- Evolution AB is a Swedish company listed on Nasdaq Stockholm. It started in 2006 as a small studio in Latvia and, by its 2025 annual report, ran about 2,000 live tables from 24 studios with more than 22,000 staff.
- In 2025 it reported net revenues of EUR 2,066.5 million: EUR 1,772.6 million from live casino and EUR 294.0 million from RNG games such as slots.
- Evolution is a supplier, not a casino. Most of its revenue is commission calculated as a percentage of the operator's profit from its games.
- Only 46% of 2025 revenue came from locally regulated markets, up from 40% in 2024. Asia, at EUR 793.7 million, was its largest region.
- Its published licence list does not include Australia, where online casino games cannot legally be offered under the Interactive Gambling Act.
Evolution Gaming in one paragraph
Evolution makes live dealer tables and live game shows, and says it holds a leading position in live casino in both Europe and North America. The listed parent, Evolution AB, is based in Stockholm and has traded on Nasdaq Stockholm since June 2017. Its own history starts in 2006 with a small studio in Latvia, and 2026 marks its 20th anniversary. It does not run a casino: it builds and streams games and sells them to casino operators, who deal with the players and their money.
How big Evolution is
All figures are from Evolution's 2025 annual report and its year-end report for 2025.
| Measure | 2025 |
|---|---|
| Live tables operated | About 2,000 |
| Studios | 24, across Europe, Asia, North and South America |
| People employed | More than 22,000 (about 22,500 in the year-end report) |
| Languages spoken by game presenters | 24 |
| Languages in the game interface | 47 |
| New live and RNG games launched in 2025 | 113 |
| Customers (operators and land-based casinos) | About 870 |
| Share of revenue from mobile | 73% |
The three main production studios are in Riga, Malta and Tbilisi, which the report calls Evolution's largest hub. Riga is where many new games are developed and tested. In 2025 it opened its third studio in New Jersey, a second in Romania, its first in Asia (in the Philippines) and its first in São Paulo, Brazil.
Evolution live casino and its brands
Evolution sells two kinds of product: live casino and RNG games (games run by a random number generator, mainly slots).
| Brand | What it makes |
|---|---|
| Evolution | Live tables (roulette, blackjack, baccarat, poker, craps) and game shows such as Crazy Time and MONOPOLY Live; First Person animated versions |
| Ezugi | A second live casino brand |
| NetEnt | Slots |
| Red Tiger | Slots |
| Big Time Gaming | Slots, including the Megaways mechanic |
| Nolimit City | Slots |
| Sneaky Slots | A new in-house slot studio launched in 2025 |
The live side is the core of the business. Our guides to live casino game shows, live baccarat and live blackjack cover how its main products work, and its slot brands have their own pages: NetEnt pokies and Big Time Gaming pokies.
In 2025 Evolution also signed a multi-year exclusive deal with Hasbro to make online live casino and slot games based on MONOPOLY and other Hasbro brands, building on MONOPOLY Live and MONOPOLY Big Baller, which the report calls two of its strongest-performing titles.
How Evolution makes its money
Evolution earns mainly through commission: a percentage of the profit an operator makes from players on Evolution's games. Operators that want tables reserved for their own players pay extra fees for "dedicated tables". The practical meaning for players is simple: Evolution's revenue grows when players' losses on its games grow.
| 2025 results (EUR million) | 2025 | 2024 |
|---|---|---|
| Net revenues | 2,066.5 | 2,063.1 |
| of which live casino | 1,772.6 | 1,775.7 |
| of which RNG | 294.0 | 287.4 |
| Adjusted EBITDA | 1,365.7 | 1,410.7 |
| Adjusted EBITDA margin | 66.1% | 68.4% |
| Profit for the period | 1,062.1 | 1,244.0 |
Live casino brought in about 86% of net revenues in our calculation from those figures. An EBITDA margin of about two thirds is very high for any business. The largest single customer accounted for about 12% of net revenues, and the five largest for about 39%.
Where the revenue comes from
Evolution allocates revenue by where players are located. Its 2025 split:
| Region | 2025 (EUR million) | 2024 (EUR million) |
|---|---|---|
| Asia | 793.7 | 802.7 |
| Europe | 729.8 | 779.0 |
| North America | 296.7 | 257.7 |
| South America | 156.8 | 145.5 |
| Other regions | 89.6 | 78.3 |
Revenue from regulated markets was EUR 942.8 million, 46% of the total, up from 40% in 2024. That leaves more than half of Evolution's 2025 revenue coming from places it does not count as regulated markets. The report says cyber criminality hit its performance in Asia and that "ring-fencing measures" in Europe also had a material impact.
The report also notes that in many countries online casino is prohibited, and that in a growing number of them, content providers like Evolution must actively block their games from being accessed by unlicensed operators.
Licences
Evolution's game sites state that Evolution Malta Holdings Limited is licensed by Great Britain's Gambling Commission and that Evolution is licensed by the Malta Gaming Authority under licence MGA/B2B/187/2010. Its licence page lists approvals across Europe, Africa, the Americas and several US states. Australia is not on that list.
Pundit tip: a well-known game maker's logo on a casino site tells you who built the game, not who is holding your money. Your protection depends on the operator's licence, and no offshore operator can hold one that covers online casino games in Australia.
Evolution and Australia
Evolution has an Australian connection through Big Time Gaming: its annual report lists Bigtime Gaming Pty Ltd among two Australian subsidiaries. But its live casino and game shows cannot legally be offered online to people in Australia. Under the Interactive Gambling Act 2001, online casino-style games are prohibited interactive gambling services, and ACMA blocks illegal offshore sites. It is not an offence for you to play, yet if a site refuses to pay, there is no Australian regulator to go to. Our live dealer casinos page explains what that means in practice.
Whatever the studio, a live table carries the house edge of the game it streams. The house edge explainer and best odds casino games ranking show which of those games cost least.
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Frequently asked questions
What is Evolution Gaming?
Evolution AB is a Stockholm-based company that develops and streams live casino games, such as live blackjack, roulette, baccarat and game shows, and owns slot brands including NetEnt, Red Tiger, Big Time Gaming and Nolimit City. It sells to casino operators, not to players.
Where are Evolution's live casino studios?
Its 2025 annual report lists 24 studios. The main production hubs are Riga (Latvia), Malta and Tbilisi (Georgia, the largest), with others in Lithuania, Romania, Czechia, Armenia, Spain, Bulgaria, Argentina, Colombia, Brazil, the Philippines, Canada and several US states.
Is Evolution live casino licensed in Australia?
No. Evolution's licence list does not include an Australian licence, and online casino games, including live dealer games, cannot legally be offered to people in Australia under the Interactive Gambling Act 2001.
How does Evolution make money?
Mostly through commission: a percentage of the profit the casino operator makes from Evolution's games, plus fees for dedicated tables reserved for one operator. That means Evolution earns when players lose.
Who owns Big Time Gaming and NetEnt?
Evolution. Its annual report lists NetEnt, Red Tiger, Big Time Gaming, Nolimit City and Ezugi among its brands, and two Australian subsidiaries, including Bigtime Gaming Pty Ltd.
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