Evolution CEO Martin Carlesund Highlights Global Growth Strategy in 2025 Annual Report
Evolution AB has outlined its strategic direction for the coming years, with CEO Martin Carlesund emphasizing expansion, innovation, and long-term growth opportunities across the global online casino industry.
Evolution is one of the world’s largest B2B suppliers of online casino content, providing live dealer games, RNG titles, and gaming platforms to licensed operators worldwide. Its portfolio includes well-known brands such as NetEnt, Red Tiger, Big Time Gaming, Nolimit City and Ezugi.
The insights were shared in the company’s 2025 Annual Report, which outlines Evolution’s financial performance, product development roadmap and global expansion strategy as the company approaches its 20-year milestone in 2026.
Carlesund noted that the ongoing transition from land-based casinos to digital gaming continues to reshape the gambling sector, creating significant opportunities for technology providers and operators.
Evolution posts €2.07B revenue with 66% EBITDA margin
Evolution reported strong financial performance in 2025, reinforcing its position among the most profitable companies in the global iGaming supplier ecosystem.
For the financial year, the company generated €2.07 billion in net revenues, reflecting sustained demand from online casino operators for its live dealer and RNG gaming portfolio.The performance builds on Evolution’s FY2025 financial results, previously analysed in detail in our coverage of the company’s full-year earnings.
Total operating revenues reached €2.12 billion, highlighting the continued expansion of Evolution’s gaming infrastructure and global platform.
Profitability remained a defining feature of the company’s business model. Evolution recorded adjusted EBITDA of approximately €1.37 billion, representing an EBITDA margin of around 66%, one of the highest levels among major iGaming technology suppliers.
Even after continued investment in studios, technology and product development, the company reported operating profit of roughly €1.26 billion, demonstrating the scalability of its live casino production model.
Evolution launches 113 new games across live and RNG portfolio
Product innovation continued to drive Evolution’s expansion during the year.
Across its gaming portfolio, the company released 113 new casino titles in 2025, spanning both live dealer experiences and RNG-based content.
These releases included new live game show formats and interactive entertainment products designed to enhance player engagement across global markets.
Evolution’s multi-brand portfolio including NetEnt, Red Tiger, Big Time Gaming, Nolimit City and Ezugi enables the company to deliver a wide range of gaming experiences to operator partners worldwide.
The company also strengthened its intellectual property strategy through a multi-year licensing partnership with Hasbro, giving Evolution exclusive rights to develop online casino games based on globally recognised brands such as MONOPOLY.
Several new titles linked to this partnership are expected to launch beginning in 2026.
Evolution’s global studio footprint surpasses 2,000 live tables
Behind Evolution’s growing content library sits one of the largest live casino production networks in the industry.
By the end of 2025, the company was operating around 2,000 live dealer tables worldwide, supporting real-time gaming streams for operators across multiple regulated jurisdictions.
The company’s workforce has also expanded significantly, with more than 22,000 employees supporting operations across studios, technology centres and corporate offices on four continents.
During the year Evolution continued investing in its global studio infrastructure, expanding production capacity in key markets including Brazil, the Philippines, Romania and the United States.
These investments allow the company to localise content for regional audiences while maintaining the large-scale production capacity required by major online gaming platforms.
Evolution’s operator network grows to nearly 870 partners
Evolution operates exclusively as a B2B supplier, delivering gaming technology and casino content to licensed operators around the world.
By the end of 2025, the company’s platform supported approximately 870 operator partners, ranging from global gaming brands to regional casino operators entering the digital market.
The company’s revenue model is primarily based on commission agreements, meaning Evolution receives a share of gaming revenue generated through its live casino and RNG products.
This structure allows the company to scale alongside the continued growth of the online casino sector.
CEO Martin Carlesund outlines Evolution’s next growth phase
Looking ahead, CEO Martin Carlesund said Evolution will continue prioritising geographic expansion and product innovation as the digital casino market continues to grow.
Industry data cited in the report estimates that the global online casino market reached approximately €105 billion in 2025, highlighting the scale and continued development of the sector.
Carlesund said the shift toward digital gambling still has significant room for expansion.
Martin Carlesund, CEO of Evolution, said:
“When we step back and assess the overall gaming market, most activity is still taking place in land-based environments. The shift toward digital entertainment is far from complete, and the potential for growth in online casinos remains as high as ever.”
The CEO added that Evolution’s strategic priorities moving into 2026 include continued expansion in North America and Latin America, further innovation across live casino and RNG products, and disciplined execution across its global markets.
As the company approaches its 20-year anniversary, Evolution aims to strengthen its leadership position through technology innovation, global studio expansion and long-term partnerships with operators worldwide.
Source: Evolution
