Evolution AB

Evolution AB, formerly known as Evolution Gaming, was founded in 2006 and is a multinational B2B provider of products and services for the online casino industry, developing software, integrating products with operators’ platforms, building studios, and providing the technical solutions and staff required to deliver casino content 24/7.

Evolution is particularly known for its live casino content, including roulette, blackjack, baccarat and poker, featuring professional dealers and studio-based video streaming, while its games are optimised for computers and mobile devices and are also available through MeridianBet Casino.

In 2025, the company described product development as a major highlight, launching 113 new Live and RNG games, expanding its global studio network, opening its third live casino studio in New Jersey, entering additional US markets, and establishing a global partnership with Hasbro to develop online live casino and slot games.

In the first quarter of 2026, Evolution said that Europe was underperforming because of declining channelisation in regulated markets, while North America and Latin America continued to grow, leading the company to state that it would invest the most in the US and Latin America during 2026.

In the second quarter of 2026, Evolution’s net revenue was €517.8 million, down 1.2% year on year, while EBITDA fell to €341 million, with European revenue increasing 3.5% from the previous quarter and Latin American revenue rising 26.3% year on year.

In July 2026, Evolution terminated its agreement to acquire Galaxy Gaming after the remaining regulatory approvals were not obtained by the deadline; the transaction, originally announced in 2024 and valued at around $85 million, was terminated with Evolution required to pay Galaxy Gaming a $5.2 million termination fee, while the companies will continue their existing business relationship.

In the same month, Evolution reached a £4.75 million settlement with the UK Gambling Commission following an 18-month review that found its content had been available through two operators on six websites without a UK licence, while the company said it had immediately terminated its commercial relationships with those operators after discovering the issue.

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