Evolution Gaming

Evolution Gaming is a games supplier best known for live casino: real dealers running table games and game shows from purpose-built studios, streamed to online casinos in real time. It was founded in Sweden in 2006 by Jens von Bahr and Fredrik Österberg, and it started out purely in live casino. Today the group also owns several slot studios, so the Evolution name covers both live tables and random-number-generator (RNG) games. Company figures below are as of its H1 2026 report; everything else is as of September 2026.

A short history

• 2006 — Founded in Sweden. The first studio opens in Riga, Latvia.
• 2013 — The Riga site reaches 100 live tables, reportedly the largest single-site live operation in Europe at the time. A studio in Spain follows the same year.
• 2014–2015 — Studios open in Malta (2014) and Belgium (2015). On 20 March 2015 the company lists on Nasdaq First North Premier in Stockholm.
• 2017 — The listing moves to the Nasdaq Stockholm main market under the ticker EVO. Martin Carlesund becomes CEO, succeeding co-founder Jens von Bahr.
• 2018 onwards — Expansion into North America, starting with New Jersey and followed by Pennsylvania (2020), Michigan (2021) and Connecticut (2022), plus a presence in Ontario when that market opened in 2022. Other sites, Lithuania among them, have been added along the way.
• 2018–2022 — A run of acquisitions turns a live-casino specialist into a multi-brand group (see below).

What makes its live games distinct

Evolution's games are not animations. A dealer or presenter runs every round in a studio, and players join through a video stream, placing bets on an on-screen interface while the physical game plays out. A few ideas run through the catalogue:

• Real equipment, streamed. Wheels, cards and dice are physical, and results come from what happens on the table.
• Random multipliers on classic games. Lightning Roulette, released in 2018, kept standard European roulette but added randomly selected numbers carrying multipliers on each spin. The studio returned to the idea in later titles such as XXXtreme Lightning Roulette.
• Game shows. Alongside the classic tables, Evolution built a line of TV-style game shows with multipliers and a presenter, from Dream Catcher (2017) to Crazy Time and Funky Time — closer to light entertainment than to a traditional casino table.
• Tables for operators. Casinos can book dedicated or branded tables, so the same studio technology can appear under a casino's own look.

Notable games

• Dream Catcher (2017) — one of the earliest titles in its game-show line-up.
• Lightning Roulette (2018) — European roulette with random multipliers on selected numbers.
• Monopoly Live and Deal or No Deal (2019) — branded game shows.
• Crazy Time and Speed Blackjack (2020) — a game show and a blackjack variant.
• Live craps (2020) — the first online live version of the dice game.
• XXXtreme Lightning Roulette and Monopoly Big Baller (2022) — a follow-up to Lightning Roulette and another Monopoly-branded show.
• Funky Time (2023) — a more recent game show.

The group's partnership with Hasbro is exclusive, and several Monopoly-branded releases, both live and RNG, are scheduled for 2026. The group reportedly plans more than 110 new games in total for the year.

The brand family

Evolution grew beyond live casino largely through acquisitions:

• Ezugi (2018) — another live casino supplier.
• NetEnt and Red Tiger (2020) — established slot studios. NetEnt's catalogue includes long-running titles such as Starburst, Gonzo's Quest and Twin Spin.
• Big Time Gaming (2021) — the studio behind the Megaways mechanic, as it is widely credited.
• DigiWheel (2021).
• Nolimit City (2022) — a slot studio.
• Livespins — also part of the group.

Each brand keeps its own name on its games. On this site, slots are listed under the studio that makes them, so a NetEnt or Red Tiger game is filed under that studio rather than under Evolution. We add studios and reviews over time; browse the slot reviews and the provider directory for what is covered so far.

Studios and technology

Evolution runs its live games from studios in several countries and streams them to operators. It supplies business to business only: licensed casino operators integrate the games, and players reach them through those casinos. Live games are the core of the business, accounting for about 86% of group revenue in the 2025 financial year, with the RNG studios making up the rest.

Regulation and fairness

Evolution holds licences in many regulated markets, and its games are supplied to licensed operators, who are responsible for their own players.

In July 2026 the UK Gambling Commission concluded a review of Evolution's licence with a regulatory settlement of £4.75m. The Commission found that Evolution's games had been available through two unlicensed operators on six UK-facing websites between December 2023 and November 2024. Evolution acknowledged the failings, ended those relationships and agreed to an independent audit of its anti-money-laundering and safer-gambling controls.

Company snapshot

Founded	2006, Sweden
Headquarters	Stockholm
Listing	Nasdaq Stockholm (main market since 2017), ticker EVO
CEO	Martin Carlesund (since 2017)
Net revenue, 2025	About €2.07bn, roughly flat on 2024
EBITDA margin, 2025	About 66%
Net revenue, H1 2026	About €1.03bn
EBITDA margin, H1 2026	About 65.6%
Live share of revenue, 2025	About 86%

In its H1 2026 report the group pointed to growth in North America and Latin America, while Europe was weaker because of low channelisation to licensed markets — that is, a large share of play there taking place outside the licensed sector.

A note on RTP in live games

Live games do not have one fixed RTP. The return varies by game, by the bet type you choose within it, and by how the casino has configured the table, so two bets on the same game can carry different figures. Check the game's help or info panel for the RTP that applies before you play. Availability of specific games varies by jurisdiction and by casino. 18+ only. Play responsibly; terms apply at the casino you choose.

Evolution Gaming FAQ

When was Evolution Gaming founded?

In 2006, in Sweden, by Jens von Bahr and Fredrik Österberg. Its first studio was in Riga, Latvia.

Does Evolution only make live casino games?

No. Live games are the core of the business, but the group also owns slot studios, including NetEnt, Red Tiger, Big Time Gaming and Nolimit City.

What are Evolution's best-known games?

Lightning Roulette, Crazy Time, Monopoly Live, Dream Catcher and Funky Time are among its best-known live titles.

Is Evolution a listed company?

Yes. It is listed on Nasdaq Stockholm under the ticker EVO, and has traded on the main market since 2017.

What is the RTP of Evolution's live games?

It depends on the game, the bet type and the casino's table configuration. Check the game's help or info panel for the figure that applies.

Can I play Evolution games directly with Evolution?

No. Evolution supplies licensed casino operators; players access the games through those casinos, and which games are offered varies by jurisdiction.