# Evolution Gaming **Source:** https://geo.sig.ai/brands/evolution-gaming **Vertical:** Entertainment & Gaming **Subcategory:** iGaming B2B **Tier:** Leader **Website:** evolution.com **Last Updated:** 2026-04-14 ## Summary World's #1 live casino B2B supplier; €1.045B H1 2025 revenue, 65.8% EBITDA margin. Powers live casino for FanDuel, BetMGM, and 700+ operators globally. ## Company Overview Evolution is a Swedish B2B iGaming company founded in 2006 and listed on Nasdaq Stockholm, providing live dealer casino games and RNG content to online casino operators worldwide. The company develops and operates live casino studios in 20+ countries—including major facilities in Riga (Latvia), Malta, Georgia, Romania, Canada, and the United States—streaming thousands of simultaneous live table games to casino operators globally. Key products include Live Blackjack, Live Roulette, Live Baccarat, and exclusive game shows like Crazy Time, which has become one of the most-played live casino games in history.\n\nEvolution's B2B model licenses its live casino platform to 700+ operators—including FanDuel, BetMGM, Caesars Digital, DraftKings, and virtually every major online casino brand globally—under revenue-share agreements. This asset-light licensing model generates exceptional margins. Evolution has expanded beyond live casino into RNG slots through acquisitions of NetEnt (2020) and Red Tiger Gaming, adding a portfolio of 1,000+ digital slot titles.\n\nEvolution reported H1 2025 revenue of €1.045B (+3.5% YoY), with adjusted EBITDA margin of 65.8%—among the highest in the global gaming industry. Q2 2025 revenue was €524.3M, with live casino contributing €453.7M. Evolution holds approximately 45% of the global live casino B2B market, ahead of Playtech (30%) and Pragmatic Play (25%). The company launched its first Philippines studio and a new São Paulo facility in 2025. ## Frequently Asked Questions ### What is Evolution's business model? Evolution is a B2B company that licenses its live casino streaming platform and RNG game content to online casino operators under revenue-share agreements. It does not operate consumer-facing casinos—it powers the live casino products for operators like FanDuel, BetMGM, and 700+ others globally. ### What is Crazy Time? Crazy Time is Evolution's flagship live game show product—a wheel-of-fortune-style live casino game featuring bonus rounds and multipliers. Launched in 2020, it became one of the most-played live casino games globally and is a key revenue driver for Evolution. ### How profitable is Evolution? Evolution is exceptionally profitable. Its H1 2025 EBITDA margin was 65.8%, among the highest of any listed gaming company globally. Revenue for H1 2025 was €1.045B, with full-year revenue expected to approach €2.1B. ### Where are Evolution's studios located? Evolution operates live casino studios across Europe including Latvia, Malta, Georgia, Canada, and the United States (New Jersey, Pennsylvania, Michigan), as well as studios in Asia serving regulated Asian markets. ### Is Evolution publicly traded? Yes, Evolution AB is listed on Nasdaq Stockholm (EVO) and is one of the highest-market-cap gaming companies in Europe, with a market capitalization exceeding €20 billion. ### What is Evolution's biggest regulatory risk? Evolution has faced scrutiny over its Asian licensing arrangements and potential exposure to grey markets. The company has taken steps to limit exposure through operator terminations and enhanced compliance programs. ### What is Evolution's First Person product range? First Person is Evolution's RNG (random number generator) game range featuring the same visual style as its live games — first-person 3D casino environments for players who prefer non-live versions of blackjack, roulette, and game show titles. ### How does Evolution grow its content catalog? Evolution acquires studios to expand its content range — including NetEnt, Red Tiger, and Nolimit City — adding slot and RNG content alongside live casino to offer operators a more complete B2B gaming content solution. ### How does Evolution's B2B model work for online casinos? Evolution licenses its live casino platform and game content to 700+ online casino operators worldwide, including FanDuel, BetMGM, Caesars Digital, and DraftKings. Operators integrate Evolution's live dealer games into their platforms under a revenue-sharing or fixed-fee licensing arrangement, giving their players access to Evolution's live studios without needing to build their own. ### What is Crazy Time and why has it been so successful? Crazy Time is a live casino game show product where a presenter spins a large money wheel and players bet on segments. It has become one of Evolution's most-played products globally, combining game show entertainment formats with casino betting mechanics. Its high entertainment value, multiple bonus rounds, and high potential multipliers make it compelling for casual iGaming players. ### How many live casino studios does Evolution operate globally? Evolution operates live casino studios in 20+ countries, with major facilities in Riga (Latvia), Malta, Georgia, Romania, Canada, and the United States. The US studios are required for serving regulated US online casino markets due to compliance requirements around live dealer game sourcing from within-state or US-based facilities. ### What is Evolution's financial profile? Evolution is listed on Nasdaq Stockholm and is one of the most profitable companies in the global gaming industry, with operating margins consistently above 65%. Revenue is driven by the global growth of online casino gaming and the company's dominant market position as the preferred live casino technology provider for virtually every major online casino brand worldwide. ### What acquisitions has Evolution made to expand its product portfolio? Evolution has made significant acquisitions to expand beyond live dealer games including NetEnt (online slot games, 2020), Red Tiger Gaming (slots, 2020), and Nolimit City (high-variance slots, 2022). These acquisitions transformed Evolution from a pure live casino provider into a full-service iGaming content supplier offering both live dealer and RNG slot content. ## Tags b2b, gaming, platform, global, europe, saas, media, public, analytics --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*