Evolution turns 20: from one Riga studio to live casino's market leader

When Evolution started in 2006, live casino meant streaming a real casino table to a player's computer, internet speeds were low and video quality was limited, according to Evolution. The company says it was founded with a vision to revolutionise live casino gaming.

From Riga to a global studio network

The first studio opened in Riga, Latvia. North American studios followed in New Jersey (2018), Pennsylvania (2020) and Michigan (2021), with Connecticut after. 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. Evolution says it pioneered the game-show genre, launched in 2017 with Dream Catcher.

Evolution agreed to buy 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

• Evolution: first live casino studio in Brazil
• CasinoBeats: Evolution Q4 results