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Evolution Q4 2025: revenue down 3.7% as Europe weakens, Ezugi heads to the US

Evolution's fourth-quarter 2025 revenue fell 3.7% to EUR 514.2 million, with weaker results in several European markets. Full-year revenue was just over EUR 2 billion. For 2026 the company plans around 110 new games and a second US live brand, Ezugi.

Reported 5 February 2026 Q4 revenue: EUR 514.2m 2026 pipeline: about 110 games
By Nathan Williams Published Updated 1 min read
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Key points

  1. -3.7%

    Q4 2025 revenue fell to EUR 514.2 million from EUR 533.8 million a year earlier.

  2. EUR 2bn+

    Full-year 2025 revenue was just over EUR 2 billion, about 0.2% up on 2024.

  3. 110

    New live and RNG games planned for 2026, including Monopoly-themed titles.

  4. Ezugi

    Ezugi becomes Evolution's second US live brand, starting in New Jersey.

Evolution Gaming Takes a Dip in Live Casino Markets

Evolution reported its fourth-quarter and full-year 2025 results on 5 February 2026. Quarterly revenue was EUR 514.2 million, 3.7% below the EUR 533.8 million of Q4 2024. Full-year revenue rose about 0.2% to just over EUR 2 billion.

Why revenue fell in Europe

CEO Martin Carlesund put the dip down to Europe, where he said "regulated markets are losing ground". Evolution says its ring-fencing measures, which aim to keep its games off unlicensed sites, are the strongest among suppliers. Carlesund described himself as "proud, but not happy" with the year.

Ezugi as a second US brand

In the US, Evolution is adding Ezugi as a second live dealer brand next to its own tables. New Jersey comes first, in the first quarter of 2026, followed by Michigan from a new studio in Grand Rapids later in the year. The company also named Maine, a newly regulated market, as a target. See live dealers in North America for where live casino is legal in the US.

The 2026 game pipeline

Evolution plans about 110 new games in 2026 across live casino and RNG. Monopoly Deluxe had already launched at the time of the results, with more releases scheduled from April.

Source

What it means for live casino players

  • Good for you
    US players

    Ezugi tables in New Jersey and Michigan add a second set of live games at licensed US casinos, next to Evolution's own.

  • What it means
    New games

    About 110 releases means new variants in most lobbies through 2026. Themed variants can pay differently from the classic table, so check each game's RTP.

  • Watch out
    European players

    Evolution links the dip to players leaving licensed sites in some European countries. Unlicensed casinos don't offer the deposit limits, complaints routes and self-exclusion of a licensed one.

Key dates

  1. The news

    Q4 and full-year 2025 results

  2. Done

    Ezugi planned for New Jersey

    First state for Evolution's second US live brand.

  3. Done

    Grand Rapids studio planned

    Ezugi tables for Michigan, later in the year.