GAN Limited vs Evolution Gaming
Side-by-side comparison of AI visibility scores, market position, and capabilities
B2B internet gaming and gambling software provider enabling US casinos and international operators to launch regulated online casino and sports betting products. NASDAQ: GAN.
About
GAN Limited is a publicly traded B2B internet gaming software company (NASDAQ: GAN) headquartered in Las Vegas, Nevada. The company provides its GameSTACK technology platform to regulated land-based casino operators entering the online gaming and sports betting market, as well as to international operators in markets such as Italy, Spain, and Latin America. GAN's software enables casino brands to launch internet gaming products without building proprietary technology infrastructure.\n\nGAN's platform encompasses simulated gaming products for social and promotional casino experiences, as well as real-money internet gaming software used in regulated US states and international markets. The company acquired Coolbet, a Nordic-facing sports betting operator, to supplement its B2B technology business with a B2C operation that also serves as a product development laboratory. This dual B2B/B2C model gives GAN direct operational experience that informs its software product roadmap.\n\nGAN has benefited from the expansion of regulated online gaming in the United States, where its existing relationships with land-based casino operators positioned it to participate in the digital transition. The company serves clients in New Jersey, Michigan, Pennsylvania, and several other states with live real-money internet gaming. GAN competes primarily with larger established gaming technology providers but differentiates itself through its focus on US regional casino operators and its flexible platform customization capabilities.
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.
About
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.
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