Evolution Reports Q4 Revenue Dip Amid Europeans Live Casino Reforms

Key Takeaways:

• Evolution's Q4 2025 revenue fell 3.7%, attributed to headwinds in key European markets.
• The company plans aggressive expansion in the US, including launching Ezugi as a second live dealer brand and targeting new states.
• A robust 2026 roadmap promises over 100 new live and RNG games, reinforcing product innovation leadership.

Evolution Gaming AB released its Q4 2025 and full-year financial results, reporting a 3.7% decline in revenue for the quarter, driven primarily by challenging conditions across several European markets. Despite the dip, CEO Martin Carlesund expressed pride in the company's performance while acknowledging room for improvement, emphasizing resilience in a competitive landscape. The results highlight ongoing pressures in mature European jurisdictions, where regulatory and market saturation factors have tempered growth in the live casino industry.

Looking ahead, Evolution outlined an ambitious strategy for 2026 focused on strengthening its position in regulated live casino markets, particularly North America. The company is set to introduce Ezugi—its acquired live dealer brand—as a secondary offering in the US, starting with New Jersey and expanding to Michigan via a new Grand Rapids studio in the first half of the year. This dual-brand approach aims to provide operators with greater variety in live experiences, complementing Evolution's flagship titles with Ezugi's distinct portfolio. Additionally, Evolution plans to release 119 new live casino games across live casino and RNG formats throughout 2026, following positive reception to previews at ICE Barcelona. Innovations include high-profile collaborations and entertainment-led formats designed to elevate player engagement.

These developments matter significantly to the live casino sector. European headwinds underscore the need for diversification beyond traditional strongholds, pushing providers toward emerging regulated markets like parts of North America for sustained growth. The Ezugi rollout and expansive content pipeline signal continued investment in technological and experiential advancements, potentially raising the bar for professional live dealers, studio capabilities, and game variety. For operators, this means richer integration options and enhanced player retention through differentiated offerings, while the focus on innovation helps combat market maturity and competition from other live casino studios.

Sources:

• https://casinobeats.com/2026/02/05/evolution-q4-results-revenue-down-ceo-remains-optimistic
• https://igamingnext.com/