Key points
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2006
Jens von Bahr and Fredrik Österberg found Evolution.
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Riga
The first live studio opens in Latvia's capital.
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2018
Evolution buys Ezugi and launches Lightning Roulette.
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2020
Crazy Time launches and the NetEnt acquisition completes.
When Evolution started in 2006, most online casino play was slots and RNG table games. Live dealer streams existed but were rare, and picture quality and lag held them back. The founders set out to bring the feel of a real casino table to players at home.
From Riga to a global studio network
The first studio opened in Riga, Latvia, and remained the company's base as it grew. North American studios followed in New Jersey (2018), Pennsylvania (2020), Michigan (2021) and Connecticut (2022). In July 2025 Evolution opened its first studio in Brazil, in São Paulo, with Portuguese-speaking dealers for the newly licensed Brazilian market.
Game shows and acquisitions
Lightning Roulette (2018) added random multipliers to a standard roulette table, and Crazy Time (2020) turned a money wheel into a studio show with four bonus games. The game-show format is now the part of the lobby most associated with Evolution.
Evolution bought Ezugi in 2018 and completed the purchase of NetEnt, which brought Red Tiger with it, in 2020. Big Time Gaming followed in 2021. Those deals added slots to a business that began as live dealer only.
Where Evolution stands in 2026
Revenue for 2025 was just over EUR 2 billion, roughly flat on 2024, and fourth-quarter revenue fell 3.7% as several European markets weakened. The plan for 2026 is more content and more regulated markets: around 110 new games and Ezugi as a second live brand in the US. Our Q4 2025 results report has the detail.
Sources
What 20 years of Evolution means for players
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What it means
Same game, many casinos
Most live casinos carry Evolution tables, so the same game often shows up at many sites. Compare table limits, bonus terms and payout speed between casinos.
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What it means
Game shows
Game shows such as Crazy Time carry higher house edges than blackjack or the Banker bet in baccarat. Check the RTP per bet before you play.
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Good for you
Local studios
New studios in regulated markets such as Brazil bring native-language dealers to licensed casinos there.
Evolution in dates
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Done
Evolution foundedFirst studio in Riga, Latvia.
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Done
Ezugi bought, Lightning Roulette launchedFirst US studio in New Jersey the same year.
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Done
Crazy Time and NetEntCrazy Time launches; the NetEnt deal completes.
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Done
São Paulo studioFirst studio in Brazil.
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The news
20th anniversary
