Evolution, or Evolution Gaming as it used to be known, is a Swedish-based online gaming software developer that launched in 2006, initially with a range of live dealer games.
Since then, they have grown organically and through acquisition into one of the leading online gaming brands. They are recognised worldwide for their innovation and revolutionising live dealer games, allowing players to interact with real dealers through high-definition video streams.
Their best-known game titles are Lightning Roulette and Crazy Time, which have changed how live dealer games are now viewed.
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Evolution has partly grown through acquiring businesses that support an evolving business model.
Initially, they purchased fellow live casino provider Ezugi in November 2018, giving them access to more markets worldwide, including the US, a strategic target for Evolution.
On December 2, 2020, they purchased NetEnt, gaining both slots and a live dealer business, and Red Tiger, which Netent purchased in 2019. The Live dealer side was closed almost immediately, while the slots business was seen as a critical enabler.
In April 2021, Evolution purchased slot innovator Big Time Gaming, bringing Nik Robinson, CEO, into the fold.
Also, in 2021, DigiWheel was acquired, a manufacturer of a high-tech big wheel of fortune, which would open up both online and land-based markets.
In June 2022, slot developer No Limit City was purchased, bringing their unique games catalogue into Evolution’s portfolio.
In 2024, LiveSpins, a company providing community gameplay, was purchased, followed in July by Galaxy Gaming, who own the rights to many side bets that Evolution uses in their games.
Everyone in Evolution is vital, from the card shufflers in the studios to the programmer responsible for the User Interface. Unfortunately, these individuals are unknown to the outside world, but a few key names should be familiar.
Martin Carlesund is the CEO, and you’ll most often see his name on press releases and in the financials release every quarter. He’s the guy everyone answers to. He joined Evolution in 2015 as CEO of Evolution Malta before becoming Group CEO in November 2016.
Todd Haushalter is the Chief Product Officer and arguably the face of Evolution. He joined in 2015 and is, in his words, “Responsible for the overall product and marketing strategy and the chief inventor, motivator, and activist for the games.”
You’ll see Todd talking enthusiastically taking about live dealer games and innovating at most industry conferences. This is a great example of how Todd thinks.
Evolution is more than just a live dealer software provider. They have invested heavily in Slot game businesses and are genuinely a well-rounded creator of online gambling games. Here’s a summary of their games. For more detailed information, try reading Evolution Gaming Games.
If you mention Evolution to anyone, they will say Live Dealer Games. If you ask them which ones they know, they’ll mention two: Crazy Time and Lightning Roulette.
Both of these games have had a massive impact on live dealer games. Crazy Time is because of the bonus rounds, and Lightning Roulette is because of the multipliers on Straight-Up payouts. Both of these have created a fundamental shift in the way games are designed now, with huge payouts now being the norm in live dealer, when before, the best you’d get was about 50:1 for a Royal Flush!
Evolutions’ technology platform underpins everything it produces, so it has employed industry-leading solutions. The most obvious and impactful is High-Definition Video Streaming with very low latency to eliminate delays and make player-dealer interactions as real-time as possible.
HTML5 has been used to create a customisable user interface, allowing it to run smoothly across various devices, including desktops, tablets, and smartphones. The interface is fully responsive, adapting to different screen sizes and orientations.
Each live table has a Game Control Unit (GCU), which encodes video data and manages all game-related information. The GCU ensures game outcomes, such as card draws or roulette spins, are processed instantly and accurately.
OCR technology recognizes and transmits the details of physical cards dealt by the dealer into the game software, enabling players to see the results in real-time.
For specific games, such as live slots or hybrid games like “First Person Roulette” or “Lightning Storm”, Evolution uses RNG technology to simulate outcomes. This RNG is certified to ensure fairness and randomness in gameplay.
Augmented Reality enhances the presentation and gameplay. We’ve seen this put to good use in Monopoly Live, where Animation and Live coexist, delivering improved gaming experiences.
AI and machine learning are used in several ways. On the one hand, players’ behaviours are analysed to detect advantage play techniques to reduce fraud, and on the other, players who might have potential gambling problems are spotted.
Cloud Infrastructure provides Evolution with scalability and reliability, ensuring their services are available 24/7, 365 days a year.
Payment platform integration is essential for players to make bets and receive their winnings. This is a seamless process, again ensuring an excellent playing experience.
Evolution is present in markets worldwide and holds licenses for countries that regulate online gambling.
As of April 16, 2025 Evolution is licensed and regulated in Alderney, Belgium, Gibraltar, Greece, Georgia, Latvia, Malta, Romania, Spain, Sweden, United Kingdom, South Africa, Uganda, Curacao, Bahamas, Canada – Alberta, Canada – British Columbia, Canada – Atlantic Lotteries, Canada – Ontario, Canada – Quebec, United States – Connecticut, United States – Delaware, United States – Michigan, United States – New Jersey, United States – Pennsylvania, United States – West Virginia.
Ezugi has a license in Romania, the United States – New Jersey and Curacao.
NetEnt has a license in Alderney, United States – Michigan, United States – New Jersey, United States – Pennsylvania & United States – West Virginia.
No Limit City has licenses in Romania, the Isle of Man, Malta, the United Kingdom, Canada – Ontario and Sweden.
Big Time Gaming – British Columbia & Sweden.
Evolution games also appear in countries with no licensing regime or restrictions. However, if gambling is illegal in a country, you’ll unlikely see Evolution games online.
In straightforward terms, Evolution makes money by providing its games to online casinos, which pay Evolution a commission on the gaming revenue they make—called a revshare—and fixed fees for facilities like dedicated tables.
Additional fees are taken for bespoke work for a client, like building a studio or game.
There are also onboarding fees for new customers.
Evolution’s outgoings include staff salaries, infrastructure like Studios and offices and IT development costs.
Evolution’s direct competition has traditionally come from Playtech, which has a similar catalogue of games. Playtech has less market share because a strategic decision restricted its live games to casinos with Playtech slots a few years ago. This enabled Evolution to grab market share, which they further consolidated with the purchase of NetEnt and a deal with Microgaming to take over their European customers when they left that market.
However, the many smaller studios launched during the past five years have eroded Evo’s market share.
Pragmatic Play has a strong catalogue of live games, while StakeLogic has a more limited set of games but does well in Europe.
On Air Entertainment, backed by Games Global (Microgaming), is also making inroads in some markets.
Most online casinos generally have Evolution games and one or two other providers. It’s rare now for a casino to only have games from one live casino developer.
In the short term, Evolution has the market, but over time, the smaller studios will continue to pick up business through better fee structures and improved game catalogues. While Evolution has such a dominating games catalogue, they will be difficult to usurp from the No.1 position.
What has always set Evolution apart from its competitors is its innovation, capacity to put bums on seats, and HD-quality video streaming. While their competitors can now match two of them, Innovation is still the USP that Evolution has. With their respected catalogue of slot games and the ability to offer community betting with streamers with Live Spins, Evolution still has an edge that the others can only follow.
The US is probably one of the biggest untapped markets in the world. Evolution, through its sheer size, is now dominating the regulated states, with Playtech and On Air playing catchup.
Evolution’s latest financial position can be found here, where the quarterly and yearly financial statements are kept.
Evolutions’ Operating revenues increased by 16% to €1,009.9 million in the first half of 2024, compared to €870 million the previous year.
EBITDA increased by 13.0% to €691.6 million (611.9), corresponding to a margin of 68.5% (70.3).
The profit for the period amounted to €538.3 million (515.2).
Earnings per share were €2.55 (2.41).
Evolution is no stranger to being in the news for legal challenges. Here are a few of the most recent cases.
More information on Evolution Press Releases can be found here.
Evolution has a 6 point strategy for it’s live casino operations.
Evolution creates studios because it needs capacity; it’s good practice to have multiplied locations for resilience purposes. We saw this during COVID-19, when some studios had to shut down because of local restrictions, leaving the other studios to pick up the extra traffic and enabling Evolution to carry on business.
The other main reason is regulatory, which has much to do with licensing. Quite often, a regulator will only issue a license to operate in their country if the company has a physical presence, like an office or, in the case of a Live Casino, a studio. This ensures the local economy benefits from the new jobs and taxes.
This list is not exhaustive but gives you an idea of the locations where Evolution currently has studios.
Riga – Latvia, Malta, Belgium, Romania, Tbilisi – Georgia, New Jersey – USA, Pennsylvania – USA, Michigan – USA, Lithuania, Connecticut – USA, Yerevan – Armenia, Medellín – Colombia, Sofia – Bulgaria, New Westminster – Canada, Fairfield – USA, Burnaby – Canada, Madrid – Spain, Montreal – Canada, Prague – Czechia, Buenos Aires – Argentina.
The Number of staff employed by Evolution as of 30 June 2024 is 21,141.
While Evolution didn’t start the Live Casino Industry, they have been at the forefront of driving it forward with innovation and quality.
They are the number one live casino operator for good reasons and have taken steps that other companies have been unable to. They dominate the regulatory territories in the US because they have the resources to meet the very stringent regulations and criteria for operating in each state. Quite often, a studio needs to be built, and local staff need to be employed.
In Europe, the story is a little different, as this market is more accessible to smaller operators. The trend for online casinos to have more than one live casino operator gives competitors a chance to get in front of players, and if they can do something Evolution doesn’t, they can get a foothold.
The South American and Asian markets have immense potential, and Evolution is at the forefront of these territories, so I expect rapid expansion in these areas.
Evolution provides a very high-quality product from a player’s perspective, but I think this has come at a cost, as they lost the personal touch. They are probably a victim of their success in this matter. This is where the competitors can gain an edge, and if their products are of good enough quality, they’ll be able to survive alongside the behemoth that Evolution has become.
Neil Walker
I’m Neil Walker, and I created this site to provide information on everything related to Live Dealer Games. I do extensive research, play and test all the games, and author all the content. I’ve appeared in the media and presented at conferences—you can read more about me on my About Page. I’ve been doing this full-time since 2014, and I am trusted for my straightforward reviews and honest opinions.
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