Evolution Grows Q3 Revenue 3.7% and Temporarily Closes Its Brazilian Studio
Evolution's Q3 2026 revenue rose 3.7% to €526.1m as Europe slipped, and it closed its Brazilian studio after the ban. What it means for players.
Key Facts
- Evolution's net revenues rose 3.7% to €526.1 million in the third quarter of 2026, from €507.1 million a year earlier.
- Profit for the period fell 3.6% to €243.3 million as operating expenses rose 12%.
- Evolution temporarily closed its studio in Brazil on 5 October, the day before licensed betting and casino sites there went offline. It stays closed until the regulatory situation is clarified.
- Brazil is well below half of Evolution's Latin American revenue, which puts it at less than 5% of group revenue.
- By player location, European revenue fell 4.7%, while Latin America grew 23.1% and North America 13.6%.
Evolution's Third Quarter in Numbers
Live casino supplier Evolution reported net revenues of €526.1 million for the third quarter of 2026, up 3.7% from €507.1 million a year earlier. The Stockholm-listed company published its interim report on 23 October.
The rise follows four straight quarters in which revenue fell year on year, according to European Gaming, the last by 1.2% in the second quarter. The first nine months of 2026 ended just 0.3% above the same period of 2025.
Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
Net revenues | €526.1m | €507.1m | +3.7% |
Live casino | €443.0m | €431.7m | +2.6% |
RNG games | €83.1m | €75.5m | +10.1% |
Adjusted EBITDA | €345.9m | €336.9m | +2.7% |
Operating profit | €290.3m | €296.6m | -2.1% |
Profit for the period | €243.3m | €252.3m | -3.6% |
Profit moved the other way. Operating expenses rose 12% to €235.9 million. Staff costs grew to €124.3 million from €117.5 million as Evolution opened new tables in its studios, and other costs included €12.1 million of one-off items from a regulatory settlement and an abandoned acquisition.
Chief executive Martin Carlesund called it "an uneventful quarter with focus on core business and stable to good development across our markets".
Why the Brazilian Studio Is Closed
Evolution has temporarily closed its studio in Brazil. The report lists the closure as an event after the quarter and says it lasts until the regulatory situation is clarified.
The cause is the rollback of Brazil's regulated market by presidential decision, which took licensed betting and casino sites offline from 6 October, as we reported in September. The report dates the closure to 5 October, the day before those sites went offline.
Carlesund said Brazil accounts for well below half of Evolution's Latin American revenue, based on the company's estimate of where players connect from. Latin America brought in €49.0 million on that basis, which puts Brazil at less than 5% of group revenue.
He was sharper on the investor call. "It's highly unfortunate that a populist agenda can overthrow a regulatory framework that has only been in place for one and a half years," he said, as SBC News reported.
"For now, we have closed the studio, but we are ready to reopen on short notice," Carlesund added. Evolution expects growth in the rest of Latin America to offset part of the loss.
The report does not say how many staff work at the studio or which tables it ran.
Europe Slips as Other Regions Grow
Evolution reports revenue two ways: by where its operator customers are based, and by the IP address of the players on their sites. The second view shows where the play happens.
Region, by player location | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Asia | €192.1m | €189.1m | +1.6% |
Europe | €173.7m | €182.2m | -4.7% |
North America | €84.3m | €74.2m | +13.6% |
Latin America | €49.0m | €39.8m | +23.1% |
Africa and other | €27.1m | €21.9m | +23.7% |
Asia remains the largest region by player location, ahead of Europe. European revenue fell 4.7% from a year earlier, though it rose 0.4% on the second quarter.
Carlesund pointed to that quarter-on-quarter view. For the first time since 2024, every region grew on the previous quarter.
By customer location the European figure is almost twice as large and fell faster: operators based in Europe paid Evolution €336.3 million, down 6.0%. The report explains that operators are usually licensed in a few jurisdictions while taking players from many countries.
Regulated markets made up 49% of revenue by player location, up from 46% a year earlier.
Live Tables Earn Most, Slots Grow Faster
Live casino, the dealer-run tables and game shows streamed from Evolution's studios, earned €443.0 million, about 84% of the total. It grew 2.6%.
RNG games grew faster, by 10.1% to €83.1 million. These are the computer-run games, including slots from Evolution's brands NetEnt, Red Tiger, Big Time Gaming and Nolimit City.
Phones and tablets carry a growing share of play. Mobile devices generated 77.0% of operators' gross gaming revenue through Evolution's platform, up from 74.0% a year earlier.
New releases in the quarter included Monopoly Roll'em and Disco Balls. Before the end of the year Evolution plans Game Night, a title under its Hasbro partnership that Carlesund says will be "exceptional in both size and features".
Evolution also spent €823.9 million buying back its own shares in the quarter, under a programme of up to €2 billion announced in May. With fewer shares in issue, earnings per share rose to €1.31 from €1.25 even as profit fell.
What It Means for Players
Evolution supplies more than 800 operators, so its tables and slots appear in the lobbies of many online casinos. You can see which casinos on this site carry them on our Evolution provider page.
For players in Brazil, the closed studio comes on top of the ban itself, which took licensed sites offline. The report announces no other studio closures.
The quarter also shows where Evolution is putting its effort: new Hasbro-branded titles, and RNG games such as slots, which grew faster than live casino.
Live casino games carry a house edge like every other casino game. Set a budget before you play and treat any session as paid entertainment.
Evolution's next update is the year-end report on 4 February 2027.
Frequently Asked Questions
Net revenues were €526.1 million, up 3.7% from €507.1 million in the third quarter of 2025. Profit for the period fell 3.6% to €243.3 million.
Brazil's regulated betting and online casino market was rolled back by presidential decision, and licensed sites went offline from 6 October. Evolution says the studio stays closed until the regulatory situation is clarified, and its chief executive said it is ready to reopen on short notice.
The company says Brazil accounts for well below half of its Latin American revenue, which was €49.0 million by player location in the quarter. That puts Brazil at less than 5% of group revenue.
Monopoly Roll'em and Disco Balls launched in the third quarter. Game Night, a new title under Evolution's Hasbro partnership, is planned before the end of 2026.
Its year-end report for 2026 is due on 4 February 2027.
Paolo Pellegrini is Casino Adventurer's news editor, based in Rome, where he was born and raised. He covers the stories shaping the online gambling industry, from new regulations and tax changes to market openings and major deals, and always explains what they mean for players. He's naturally curious and starts every morning with the news and a strong espresso. Outside work, he's a lifelong AS Roma fan and loves cooking for friends on Sundays.
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