Editor
Swedish casino software giant Evolution released its annual report this week, and while revenue was slightly down on the year, the appetite for live dealer games appears to be growing.
Markets like North America, Asia, Latin America, and Africa performed particularly well over the last quarter, but Europe, which represents a significant part of the business, hit a slow period.
Evolution CEO Martin Carlesund cited unfavorable regulatory developments in Europe as the key reason for the disappointing growth in the region. Live casino play has also been available in Europe for quite some time, so the novelty may have worn off for Europeans.
There are still plenty of potential bright spots for Evolution. In mid-2025, the company entered into an exclusive licensing agreement with Hasbro to develop slot and live casino games based on the company’s IP.
Hasbro has strong brand recognition in the US, and hotly anticipated games like MONOPOLY Filthy Rich and Game Night are a key part of Evolution’s global expansion strategy.’
Live Dealer Casino Games Continue to Grow in North America
For those unfamiliar with modern online gambling, live dealer casino games might come as a surprise.
Live dealer games combine the convenience of online play with a livestreamed studio that provides a reasonable facsimile of a casino floor you might find in Vegas.
Gaming companies have been experimenting with livestreamed casino games since the late ‘90s. However, technology finally caught up in the 2010s – good internet is essential for these types of games – and there was an explosion of interest in them during the pandemic, when people had no access to brick-and-mortar casinos.
Evolution is the biggest live casino provider in the world and recently has started experimenting with game-show type formats that have proven to be especially popular with players. The company’s wheel-based Crazy Time is currently the most popular casino game show. It’s available on most regulated US markets. There are also other Evolution game-show-style games available at sweepstakes casinos.
Live dealer games are not without their downsides. They are significantly slower than their digital counterparts. In addition, live dealer games are much more expensive for operators to run, particularly in the US, where certain states require the live studio to be located in the region.
Still, players continue to flock to game shows, and Evolution CEO Martin Carlesund spoke about their potential in North America:
We continue to grow decently in North America, even if we want it to go faster. It is still early days for the online gaming industry, and we believe the region will see an increasing share of Live.
In contrast, Evolution’s home market, Europe, isn’t nearly as positive. Carlesund said that regulated markets have been losing ground in Europe and he hopes for more regulatory balance in the coming years.
Fierce, Possibly Illegal Competition with Playtech
Evolution and Playtech have been strong competitors in the live casino space for years, but in 2025, the battle boiled over to the courtroom.
In one of the more bizarre gambling stories, it was revealed that a Playtech subsidiary hired private intelligence firm Black Cube in 2021 to dig up dirt on Evolution, specifically that the company operated in black markets such as Iran and the Sudan.
Black Cube allegedly fabricated evidence that Evolution was operating in illegal markets and gave it to US law firm Calcagni & Kanefsky, which filed a complaint against Evolution.
The ploy backfired, however, as US regulators found no evidence of illegal activity and cleared the report as false.
Evolution sued Calcagni & Kanefsky for defamation, and eventually Playtech, when it was revealed that Playtech was behind the initial complaint.
Momentum switched back to Playtech’s side in December, however, when a judge ordered Evolution to turn over records of communications with regulators and other documents. The information found in those documents may be decisive in the case.
It’s a highly complicated and salacious story that has impacted both companies over the last year. Litigation is expected to continue through 2026.
One point of contention between the companies is that Playtech has historically operated only in 100% regulated markets, while Evolution has provided software to companies operating in gray markets.
