What Dopamine does

Dopamine is a privately held gaming studio and casino software developer headquartered in Sofia, Bulgaria, founded in 2014 and operating with a headcount of 101–250 employees. Per the firmographic description, the company positions itself as an innovator in gaming content and casino software, and the operational material associated with it describes a vertically integrated live-dealer casino offering: state-of-the-art broadcasting studios staffed by multilingual Game Presenters, Game Hosts, and Shufflers running games 24/7/365, alongside in-house software engineering, art, Q&A, and business support functions. The technology stack centers on live video broadcasting infrastructure and IT platforms delivered to B2B online casino operator clients, with a portfolio positioned as original and award-winning.

Dopamine's business model is B2B enterprise licensing and live services to online casino operators globally, with revenue generated through licensing/royalties-style arrangements and the operation of live-dealer studio infrastructure on behalf of those operators. Distribution is via direct enterprise sales relationships, and the operational footprint referenced spans more than 30 countries, though no pricing, contract terms, or customer logos are disclosed in the available data. The leadership profile lists Jens von Bahr as CEO and co-founder; much of the adjacent company material references Evolution AB (publ) executives (notably Group CEO Martin Carlesund) and Evolution's corporate branding, suggesting a close corporate or operational linkage to Evolution that is not explicitly defined in the inputs and therefore cannot be confirmed.

Data limitations are material: the input contains no financial disclosures (no revenue, ARR, funding rounds, or valuation), no named customer references, no patent or awards inventory specific to Dopamine, and no AI/ML capability claims. Marketing channels surfaced (Facebook, Instagram, TikTok) are oriented toward employer branding rather than demand generation. The analysis above should be read against this thin evidence base.

Name

Dopamine

Legal name

Evolution AB (publ)

Website

https://dopamine.bg

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Dopamine is a privately held gaming studio and casino software developer founded in 2014 and based in Sofia, Bulgaria, employing 101–250 people to deliver live-dealer casino content and IT platforms to B2B online casino operator clients.

Ownership category

akta.pro rank

Product category

Online Casino Gaming Software

NAICS

Gambling Industries (7132), Other Gambling Industries (713290)

akta.pro primary industry

Online Casino Studios & Game Publishers (Slots, RNG, Live Dealer) (MPAEABAJ)

Keywords

• Live casino gaming
• Online casino software
• Game development studio
• Broadcasting studio operations
• Casino IT solutions

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. B2B Online Casino Solutions: Evolution provides innovative product development and advanced IT solutions for online casino operators worldwide. Revenue is generated through licensing and providing live dealer gaming services, studio operations, and technology solutions to casino operators.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Dopamine is a gaming studio and casino software developer that designs, builds, and operates live dealer online casino games and supporting IT platforms. The company runs state-of-the-art broadcasting studios staffed by Game Presenters, Game Hosts, and Shufflers hosting live games 24/7/365 for licensed online gaming operators. Its product portfolio includes original, innovative, and award-winning player-favorite casino games delivered to operators globally.

Product overview

Evolution is a world-leading innovator in product development and advanced IT solutions for online casinos. The company operates a live casino entertainment platform featuring broadcast studios staffed by Game Presenters, Game Hosts, and Shufflers hosting games 24/7/365. The company's Bulgarian operations in Sofia encompass Studio Operations, Engineering, Product & Sales, and Business Support divisions. The product portfolio includes innovative and award-winning player favorites in the online casino gaming space.

Differentiator

Problem solved

Functional benefit

Products and services

• Live Dealer Online Casino Games
• Online Casino Software and IT Platform Advanced IT solutions and software platforms designed to power online casino operations for gaming operators globally, supporting the delivery of live dealer content and interactive gaming entertainment.
• 24/7/365 Broadcasting Studio Services Live game broadcasting infrastructure including studios and on-camera talent (Game Presenters, Game Hosts, Shufflers) that operate continuously to stream live casino games to operator partners.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators1 record

Recent moves4 records

Expansion highlights4 records

Direct peers

• OnAir Entertainment: OnAir Entertainment is a specialist live-dealer provider (with studios in Europe and LATAM) selling premium live tables to operators — directly competing with Dopamine/Evolution for the same licensees in regulated markets.
• Authentic Gaming: Authentic Gaming (a Pragmatic Play-owned brand) streams live roulette from land-based casinos and dedicated studios for online operators, competing in the same live-dealer B2B niche as Dopamine.
• Ezugi (now part of Evolution): Ezugi provides turnkey live-dealer studio solutions and content to online operators, particularly in emerging markets; absorbed into Evolution, it remains the closest historical operational twin to Dopamine's product strategy.
• Vivo Gaming: Vivo Gaming operates live-dealer studios in Eastern Europe and LATAM producing roulette, blackjack, baccarat and b2b content for online casino operators — a direct B2B live-dealer peer to Dopamine.
• Pragmatic Play (Pragmatic Play Live): Pragmatic Play Live operates parallel live-dealer studios producing roulette, blackjack, and game-show content for online casino operators using a similar B2B licensing model; it competes head-on with Dopamine/Evolution's Bulgaria-built content for the same operator customers.
• SA Gaming: SA Gaming operates multi-currency live-dealer studios in Asia and Europe targeting both Asian and Western iGaming operators, an analogous B2B live-casino peer with similar product breadth.
• Asia Live Tech: Asia Live Tech operates live-dealer studios (baccarat, roulette, dragon tiger) targeting Asian-facing online casino brands, comparable as a regional live-dealer B2B peer to Dopamine, especially for localized tables.
• Lucky Streak: Lucky Streak provides live-dealer casino content (roulette, blackjack, baccarat) from studios based primarily in Eastern Europe to iGaming operators, closely comparable in product mix and regional footprint to Dopamine.

Broad incumbents

• Playtech (Playtech Live): Playtech is a broad online gambling software incumbent that runs its own Playtech Live studio brand out of multiple jurisdictions, addressing the same B2B live-dealer category as Dopamine and bundled into larger platform deals.
• Evolution AB (Evolution Gaming): Evolution is the global market leader in live-dealer online casino content and operates the largest network of live studios in the world; it is also Dopamine's parent group, making it the most directly comparable incumbent operating the same B2B live-dealer model at much greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php?id=61552636498316
• Instagraminstagram.com/evolution_bulgaria?utm_source=ig_web_button_share_sheet&igsh=ZDNlZDc0MzIxNw==
• TikToktiktok.com/@evolution.bulgaria?is_from_webapp=1&sender_device=pc
• Xx.com/dopamine_gaming
• LinkedInlinkedin.com/company/dopamine-gaming

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dopamine