Evolution Gaming Group AB is a Swedish company that develops, produces, markets and licenses live casino solutions for gaming operators.

It was founded in 2006 and has become a pillar in the online gambling industry. Serving over 300 operators and employing over 7,300 people.


Live casinos are the crossroads of digital and physical gambling. The dealer is a real person, filmed in a state-of-the art studio and live-streamed to players across the world. Players make their bets and interact with the dealer in real-time.

How does it work?

  1. A real game operator (dealer) handles real playing material (cards, roulette)
  2. A set of high-definition cameras sits in front of the game operator and streams the live action to gamers
  3. Gamers interact (make bets, chat, speak) through their computer or mobile phone

In more details:

  • The game operator (dealer) works from a purpose-built gaming studio where the streaming equipment is installed
  • The decor can be a mix of computer generated images and real decor
  • The studio has to adhere to the rules of the jurisdiction it operates from


Evolution Gaming is the leading operator of live casino studios. It counts 9 studios worldwide. it has equipped these studios with high-quality streaming material (cameras, lights) and recruits the staff (game operators, hosts). It then licenses these studios to gambling companies.

  • Evolution Gaming owns live gaming studios. It also recruits and trains the gaming operators
  • It provides parts of the live-gaming software, offers decor and game customisation features
  • From its control rooms, it monitors games to prevent fraud
  • It then licenses these facilities to gambling companies such as Betfair, Draft Kings, William Hill and many more
  • It also enables mobile live casino (play from mobile device) and land-based live casino (where it operates from a real casino but streams game to players online)

    “As the world’s leading B2B Live Casino supplier, Evolution offers gaming operators the very best and most flexible live gaming studio facilities. From multiple state-of-the-art Live Casino production studios across Europe, Canada and the USA we deliver the most comprehensive turnkey Live Casino solutions available to operators.” - From Evolution Gaming’s Website


Evolution Gaming is the leader in the live casino studio market as it operates 9 studios worldwide and serves over 300 operators.

“Due to the high quality of their live dealer casino games, you will find the products of this [Evolution Gaming] casino vendor in many gambling websites throughout the industry.” - From Every Matrix

Skandinaviska Enskilda Banken goes even further in its review of Evolution Gaming:

The company is the leading supplier of live casino games […] Online live casino is the fastest growing segment of the online gambling market in Europe”

“Evolution Gaming’s market share amounts to 40% in Europe with half of the 20 biggest operators as their clients”

Evolution Gaming is not standing still and protecting its position by acquiring NetEnt, another leading online gambling player:


According to Research And Markets, the global online gambling market is expected to reach $ 127B by 2027

  • Generating a CAGR of 11.5% over the 2020 - 2027 period
  • Driven by the increasing adoption of smartphones and technical advances (5G, live streaming) that enable a better online experience

    “Moreover, increasing digitalization coupled with secure digital payment options are also some factors contributing to online gambling market growth.” - From Research And Markets

What about the Live Casinos’ market?

  • Skandinaviska Enskilda Banken reports that the segment grew by 45% a year over the 2008 - 2016 period:

    “Online live casino is the fastest growing segment of the online gambling market in Europe. The segment has grown with an average yearly growth of 45% since 2008. Online live casinos shares of the total online casino market has grown from a couple of percent to 25% during the same period [2008- 2016]
  • Google Search Interest for live casinos has been on a steady growth trajectory over the last 15 years


So… This is a lot of information. Let’s summarise:

  1. Evolution Gaming is the leading provider of live casinos studios
  2. It provides high-end and customizable studios equipped with the latest technology (cameras, lightning, streaming services) and it also staffs its studios with game operators, hosts
  3. The live casino market has seen tremendous growth over the last years as technology improved and possibilities increased


  • Sales reached € 140m in Q3 2020 up from € 95m a year earlier - representing 48% year over year growth
  • EBIT increased by 99% to € 84m up from € 42m a year earlier
  • EBITDA reached € 91m from € 49m a year earlier - representing 87% year over year growth
  • EBITDA margins of 64.8% up from 51.2% a year earlier
  • Company has € 486m in current assets and € 183m in current liabilities
  • Only 6.5% of its sales come from North America, representing € 9.2m in Q3 2020 up from € 6.1m a year earlier (Evolution Gaming recently opened a studio in Pennsylvania)


The Good

  • Online gaming market is growing at a steady pace and driven my mobile adoption, faster internet speed and new gaming possibilities (mini-games, live casinos)
  • The live casinos space grew by 45% over the 2008 - 2016 period in Europe and Evolution Gaming is the absolute market leader in this space
  • Evolution Gaming is consolidating its position and diversifying its product portfolio by acquiring competitors
  • Evolution Gaming’s financial track record is outstanding, growing at 48% while expanding its margins and being profitable

The Bad

  • Regulation needs to be watched (anti-trust and legal matters on gambling)
  • Market may undergo rapid change as new gaming formats emerge, weakening Evolution Gaming’s position


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