Evolution’s 2025 Results: Monopoly Games and Expansion Focus

Evolution AB, the leading provider of live casino and RNG games, has shared its 2025 year-end results, focusing on stability and growth despite regulatory hurdles and market fluctuations. The company’s executives presented a comprehensive update, emphasizing its successful partnerships, geographic expansion, and product development, particularly within its exclusive Monopoly game portfolio.

A key theme in the fourth-quarter and full-year results was the company’s exclusive partnership with Hasbro, which has allowed Evolution to create a variety of Monopoly-branded games. The company plans to launch over 110 new games in 2026, with an impressive lineup of live and RNG versions of Monopoly, including high-profile titles like “Monopoly Filthy Rich” and “Game Night.” Evolution’s CEO, Martin Carlesund, stated, “It’s impossible to pick just one title to highlight this year; the lineup is so strong.” At the ICE 2026 event, clients were reportedly “flabbergasted” by the new games, highlighting the uniqueness and appeal of the Monopoly-themed releases.

The Monopoly series is set to continue as one of Evolution’s major drivers, with the company looking to further widen the gap between itself and competitors in the live gaming sector.

For the first time, Evolution introduced a detailed geographical breakdown of its revenues based on players’ IP addresses. In Q4 2025, Asia accounted for 38% of total revenue, with Europe at 35%, and North America at 15%. Evolution clarified that all its customers are licensed operators, and the IP breakdown serves as an approximate view of where players engage with the platform.

However, the company continues to face challenges in Europe, where regulatory changes and decreasing market “channelization” are creating pressure. Evolution warned that players are increasingly shifting to unregulated operators in some markets, impacting its performance. In Asia, the company noted some progress in mitigating cybercrime but also acknowledged that regulatory dynamics remain difficult, although the situation is stabilizing in the Philippines.

The company’s growth in North America was further bolstered by the relaunch of the Ezugi brand, aimed at strengthening Evolution’s position in the U.S. market. The company sees significant potential for growth as more states move to legalize online gaming. Additionally, Evolution’s expansion in Latin America continues, with Brazil proving to be a key market for the company’s live casino and RNG games.

Latin America saw a 12.2% year-on-year revenue growth, and Evolution’s efforts to launch new titles like “Crazy Time” in Connecticut are expected to contribute to its U.S. growth trajectory.

Evolution’s acquisition of Galaxy Gaming is also progressing, though the company is still awaiting approvals from two states, including Nevada. While concerns have been raised regarding Nevada’s updated guidelines for online operators active in other jurisdictions, Evolution remains confident that the acquisition will close within the designated timeline of July 17, 2026.

Evolution’s ongoing litigation with Playtech remains a focal point for the company, though executives have stated that there are no material updates in this area. In the UK, Evolution is still awaiting feedback from the UK Gambling Commission, which has been reviewing the company’s activities since the summer of 2025. Despite these challenges, Evolution continues to emphasize its strong compliance standards, particularly in Europe.

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For the full year, Evolution reported net revenues of €2.07 billion, a slight increase of 0.2% from 2024. However, quarterly results showed a 3.7% decline in net revenues year-on-year. The company’s adjusted EBITDA decreased by 3.2%, reflecting some of the ongoing regulatory and market challenges.

Despite the financial dip, Evolution remains optimistic about its future. The company plans to continue its aggressive expansion strategy, particularly in the U.S. and Latin America. As Carlesund summarized, “We will deliver an absolutely fabulous product and look forward to 2026.”

Source:

Year-end Report January – December 2025, evolution.com, February 5, 2026.