Evolution
Evolution AB is a Swedish-listed B2B provider of live casino, slot, RNG and game-show technology, licensing integrated online casino solutions to 800+ gaming operators worldwide from 24 studios and 2,000+ live tables.
- Company typePublic
- Founded2006
- HeadquartersPasadena, United States
- Headcount501–1,000
- GTM typeB2B
- OfferingSoftware
What Evolution does
Evolution AB (publ) is a Swedish-listed B2B provider of online casino technology, headquartered in Stockholm (Nasdaq Stockholm: EVO) and founded in 2006 in Riga, Latvia. The group develops, produces and licenses fully integrated live casino, slot, RNG and game-show content to more than 800 gaming operators globally, including tier-1 online operators and land-based casinos migrating online. Its portfolio spans the core Evolution Live Casino brand and acquired labels — Ezugi (2018), NetEnt and Red Tiger (2020), Big Time Gaming and DigiWheel (2021), and Nolimit City (2022) — covering live dealer tables, branded slots, mechanics and game-show products such as Crazy Time, Lightning Roulette and the Hasbro-licensed MONOPOLY franchise.
The company runs 24 production studios across six continents with more than 2,000 live tables streaming 24/7/365 to mobile, tablet and desktop endpoints, supported by engineering hubs in Stockholm and Gothenburg (1,000+ engineers), operations in Malta, and regional studios in Connecticut, Grand Rapids (Michigan) and São Paulo serving newly regulating markets. Revenue is generated through (i) commission fees calculated as a percentage of operator winnings on the Live Casino offering, (ii) monthly dedicated-table and environment fees for branded/customised environments, and (iii) one-time set-up fees on new operator launches; pricing is not publicly disclosed and varies by table count, active hours and game type.
The group sells exclusively to enterprise gaming operators via direct B2B relationships and a channel of regional reseller/integration partners, with 100+ new games launched annually and a stated 20-year operating history culminating in a EUR 20BN+ market capitalisation. Recent quarterly results (Q4 2025: net revenues -3.7%, profit -18.6%) and a Goldman Sachs downgrade have introduced near-term growth concerns, while the Board proposed no dividend for 2025 in a deviation from its 50% net-profit distribution policy.
Evolution firmographics
Firmographics- Name
- Evolution
- Legal name
- Evolution AB (publ)
- Website
- https://evolution.com
- Company type
- Public
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Evolution AB is a Swedish-listed B2B provider of live casino, slot, RNG and game-show technology, licensing integrated online casino solutions to 800+ gaming operators worldwide from 24 studios and 2,000+ live tables.
- Ownership category
- akta.pro rank
Evolution industry classification
Industry- Product category
- Online Casino Software
- NAICS
- Casinos (except Casino Hotels) (71321)
- SIC
- Services-Amusement & Recreation Services (7900)
- akta.pro primary industry
- Live Dealer Online Casinos (MPAEABAB)
- akta.pro secondary industries
- Online Casino Studios & Game Publishers (Slots, RNG, Live Dealer) (MPAEABAJ), iGaming Platform Providers (Turnkey/Casino & Sportsbook Platforms) (MPAEAKAA)
Keywords
Where Evolution is headquartered
LocationHeadquarters
- HQ city
- Pasadena
- HQ country
- United States
- HQ region
- North America
Offices9 records
Markets served
Evolution business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Infrastructure, Technology or R&D, Operations, Marketing or Sales
Revenue model
- Commission Fees: Commission calculated as a percentage of operators' winnings generated via Evolution's Live Casino offering. This provides exposure to general growth of the Live Casino market. Paid monthly by operators.
- Dedicated Table Fees: Monthly service charges for operators who opt for dedicated tables. Tables are reserved exclusively for the operator and can be customised by studio environment, graphics, brand attributes and language. Fee varies by game type, number of tables and active hours.
- Set-up Fees: One-time fees invoiced to new customers at launch of their Live Casino offering, covering some costs for new studios and environments.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Generic table access with standard streaming |
| Subscription | Monthly | Dedicated tables with custom environment and branding |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels8 records
Evolution product offering
Product offeringCore offering
Evolution develops, produces and licenses fully-integrated B2B online casino solutions to gaming operators worldwide, encompassing live dealer casino tables (Blackjack, Roulette, Baccarat, Poker), live Game Shows (Crazy Time, MONOPOLY Live, Lightning Roulette), online slots via NetEnt and Red Tiger, and First Person RNG-based games. The company operates 24 live casino studios with 2,000+ tables across six continents and serves 800+ operators under commission and dedicated-table commercial models, supplemented by exclusive branded IP such as the MONOPOLY franchise under multi-year Hasbro licensing.
Product overview
Evolution is a B2B online casino platform provider offering a unified platform with multiple integrated modules. The core offering centers on Live Casino (real-time dealer tables for Blackjack, Roulette, Baccarat, Poker) supplemented by Game Shows (Crazy Time, MONOPOLY Live, Lightning Roulette, Ice Fishing) and Slots (via NetEnt and Red Tiger brands). The company operates 24 studios worldwide and generates revenue through commission fees (percentage of operator winnings) and dedicated table service fees. Evolution's portfolio includes acquired brands NetEnt, Red Tiger, Ezugi, Big Time Gaming, Nolimit City, and DigiWheel, each contributing distinct slot and live casino capabilities. Recent launches include localized Brazilian game shows (Crazy Time Brasil, Ice Fishing Brasil) and MONOPOLY-themed variants (MONOPOLY Roulette, MONOPOLY Roll 'em), demonstrating a strategy of combining proven branded IP with live casino mechanics to drive player engagement across regulated markets.
Differentiator
Problem solved
Functional benefit
Brands
- NetEnt: Online Slots brand acquired in 2020
- Red Tiger
- Ezugi
- BTG (Big Time Gaming)
- DigiWheel
- Nolimit City
- Livespins
Products and services
- Evolution Live Casino Evolution's primary B2B live dealer casino platform providing real-time streaming of casino tables with human dealers across 24 global studios, supporting Blackjack, Roulette, Baccarat, Poker and Super Sic Bo for online gaming operators.
- Game Shows
Quantifiable outcome
- 2,000+ live casino tables globally, doubled over past 5 years
- +3 more outcomes
Companies that use Evolution
Customer profileNamed customers14 records
Segments4 records
Ideal customer profiles3 records
Evolution technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Evolution partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core.
- PlayStarcorePartnership to introduce new live-dealer online casino games in New Jersey. Evolution provides live casino technology and content while PlayStar distributes to its player base in the regulated New Jersey market.
- Gaming ArtscorePartnership to adapt several NetEnt online slot games for land-based casinos in North America. Four titles planned for launch by late 2025. Adaptation includes multiplayer and persistent bonus features to match physical casino experiences.
- BetMGMcoreBrian Christopher partnership for casino ambassador content. Events include Brian Christopher Bonus Drop Days, live roulette events, and BCSlots Diamond Jubilee Gala. BetMGM accesses Brian Christopher's 8 million monthly unique viewers and 1.8 million subscribers for omnichannel casino experiences.
Scale indicators15 records
Recent moves11 records
Expansion highlights7 records
Evolution competitors and assessment
Company assessmentDirect peers
- Microgaming (Apricot Investments): Microgaming (now operating under Apricot Investments) is a long-standing B2B casino platform and games provider, supplying slots and progressive jackpot networks to operators worldwide — directly comparable to Evolution's slots portfolio (NetEnt, Red Tiger, BTG, Nolimit City).
- Pragmatic Play: Pragmatic Play is a leading B2B provider of online casino games, slots, and live casino content, directly competing with Evolution across live dealer, slots, and game show-style content. Named Best Online Casino Game Provider at SAGSE 2025, it is the closest direct peer in the live casino vertical.
- Playtech: Playtech is one of the largest B2B gambling technology and platform providers, offering live casino, sportsbook, poker, and slots — directly overlapping with Evolution's product portfolio. The two are also engaged in active cross-litigation in New Jersey, underscoring their direct competitive overlap.
Emerging players
- Asia Live Tech: Asia Live Tech is a B2B live casino provider focused primarily on Asian markets, offering live dealer games and white-label casino solutions. It is an emerging regional player with overlapping live casino offerings, but operates at materially smaller scale than Evolution.
- Vivo Gaming: Vivo Gaming is a live dealer casino provider offering live blackjack, roulette, baccarat, and dedicated tables to operators in regulated and emerging markets. It is an emerging live casino player directly comparable to Evolution's live dealer business but at smaller scale.
- Authentic Gaming: Authentic Gaming specializes in live roulette streamed from real land-based casino floors, a niche adjacent to Evolution's Dual Play offering. As an emerging live casino specialist, it is comparable on product but much smaller in scale and geographic reach.
Broad incumbents
- Aristocrat Leisure: Aristocrat is a global gaming content and technology company with a large digital (online casino/slots) division (Pixel United and Aristocrat Interactive) that overlaps with Evolution's B2B offerings. It is a broad incumbent with both land-based and online exposure.
- Light & Wonder: Light & Wonder (formerly Scientific Games) is a global gaming conglomerate providing slots, table products, iGaming content, and platform technology. It is a broad incumbent competing with Evolution across multiple verticals (slots, RNG, B2B platform).
- Novomatic: Novomatic is one of the largest land-based and online gaming technology groups, with a broad portfolio of casino games, slots, and platform solutions across both retail and digital channels. It is a broad incumbent overlapping with Evolution's slots and live casino verticals.
- International Game Technology (IGT): IGT is a global gaming and lottery operator and technology provider, offering casino content, platforms, and systems. While broader than Evolution, IGT's iGaming and digital casino operations directly overlap with Evolution's B2B offering.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Evolution social profiles
Digital presenceEvolution compliance and trust
Trust signalCompliance3 records
Evolution financial estimates
Financial estimateRevenue estimate
Valuation estimate
Evolution leadership team
Management profileNumber of profiles
Profiles9 records
Evolution subsidiaries and ownership
Company hierarchySubsidiaries6 records
Evolution funding detail
Funding detailFunding overview
Funding rounds2 records
Investors4 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Evolution M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Evolution
What does Evolution do?
Evolution develops, produces and licenses fully-integrated B2B online casino solutions to gaming operators worldwide, encompassing live dealer casino tables (Blackjack, Roulette, Baccarat, Poker), live Game Shows (Crazy Time, MONOPOLY Live, Lightning Roulette), online slots via NetEnt and Red Tiger, and First Person RNG-based games. The company operates 24 live casino studios with 2,000+ tables across six continents and serves 800+ operators under commission and dedicated-table commercial models, supplemented by exclusive branded IP such as the MONOPOLY franchise under multi-year Hasbro licensing.
Is Evolution a public or private company?
Evolution is a public company. It is classified as public and is currently operating.
When was Evolution founded?
Evolution was founded in 2006. It employs 501 to 1,000 people.
Where is Evolution based?
Evolution is headquartered in Pasadena, United States, in the North America region.
How does Evolution make money?
Three revenue lines are on record. Commission Fees are the primary driver. The others are dedicated Table Fees and set-up Fees.
Who are Evolution's main competitors?
Direct peers on record are Microgaming (Apricot Investments), Pragmatic Play and Playtech. Emerging players are Asia Live Tech, Vivo Gaming and Authentic Gaming. Broad incumbents are Aristocrat Leisure, Light & Wonder, Novomatic and International Game Technology (IGT).
Does Evolution have an API?
No public API is recorded for Evolution.
What industry is Evolution in?
Evolution's product category is Online Casino Software. Its primary akta.pro industry code is MPAEABAB, Live Dealer Online Casinos, with a secondary code of MPAEABAJ, Online Casino Studios & Game Publishers (Slots, RNG, Live Dealer). Its NAICS code is 71321 and its SIC code is 7900.