Improbable vs Evolution Gaming
Side-by-side comparison of AI visibility scores, market position, and capabilities
Improbable is a $3B+ valued metaverse technology company that reached profitability in 2024 and $118M revenue in 2025; raised $930M+ total including $270M for its Somnia blockchain project.
About
Improbable is a UK-based technology company building the infrastructure and applications for large-scale virtual worlds, metaverse experiences, and multiplayer simulations. Founded in 2012 by Herman Narula and Rob Whitfield in Cambridge, England, Improbable initially gained prominence through its SpatialOS distributed computing platform, which enabled massively concurrent multiplayer game worlds with thousands of simultaneous users. The company raised $502M from SoftBank Vision Fund in 2017 — one of the largest venture bets on gaming infrastructure at the time — and has since raised a cumulative $930M+ in funding.
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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