Evolution Returns to Revenue Growth in Q3 2026, Closes Brazilian Studio

25/10/2026

Live casino supplier Evolution has returned to year-on-year revenue growth. Its interim report, published on 23 October, shows third-quarter 2026 net revenues rose 3.7% to €526.1 million, up from €507.1 million a year earlier. Revenue had fallen year on year in each of the four quarters before this one.

Live casino and RNG results

Live casino revenue rose 2.6% to €443.0 million. RNG revenue, which includes slot-style games, grew faster, up 10.1% to €83.1 million. Mobile devices produced 77.0% of operators' gross gaming revenue through Evolution's platform, compared with 74.0% a year earlier.

Profit for the period fell 3.6% to €243.3 million. Earnings per share still rose to €1.31 from €1.25, because share buybacks reduced the average number of shares. Chief executive Martin Carlesund called it an uneventful quarter focused on the core business.

One-off costs

Operating expenses rose 12.0% to €235.9 million. The company said this was mainly due to higher staff costs from new studio tables and expansion. Two one-off items added a combined €12.1 million:

  • A €5.6 million (£4.75 million) settlement with the UK Gambling Commission, announced in July.
  • €6.5 million in termination and legal fees after Evolution ended its merger agreement with Galaxy Gaming in July.

Asia and Latin America grow

By customer location, Europe remained the largest region but fell 6.0% to €336.3 million. Other regions grew:

  • Asia: up 42.5% to €19.1 million
  • LatAm: up 39.3% to €76.6 million
  • North America: up 11.0% to €81.0 million
  • Africa and other: up 61.7% to €13.1 million

Regulated markets made up 49% of revenue by player IP, up from 46% a year earlier.

Brazil studio closed

Brazil signed a ban on fixed-odds betting and online casino games on 25 September, and licensed sites went offline from 6 October. Evolution closed its Brazilian studio on 5 October, citing uncertain regulatory conditions. Carlesund said Brazil represents well below half of the company's LatAm revenue and that growth elsewhere in the region should partly offset the impact.

New games and buybacks

During the quarter, Evolution launched Monopoly Roll'em and Disco Balls, and introduced Spinning Whale, a slots brand aimed at the US market. It plans to release Ice Fishing in North America in the fourth quarter and a new Hasbro title, Game Night, before the end of the year.

The company spent €823.9 million on share buybacks in the quarter. For the first nine months of 2026, net revenues rose 0.3% to €1,557.0 million. Evolution will publish its year-end report on 4 February 2027.

Source: European Gaming