Industry

Evolution returns to growth, new games despite Brazil woes

By Oskar Nyström · Published 27 October 2026

Evolution, the company behind much of the live casino content at Swedish-licensed casinos, presented its third-quarter report for 2026 on 23 October. After several quarters of falling revenue, the company returned to growth, launched several new games, and had to pause operations in Brazil.

What’s new

Evolution reported a return to year-on-year revenue growth in the third quarter of 2026, with net revenue rising 3.7% to EUR 526.1 million, while earnings per share came in at EUR 1.29, up 2.4% from a year earlier. The company said all regions contributed to quarter-on-quarter growth for the first time since 2024. The live casino business returned to growth while RNG revenue continued to expand at a double-digit pace, with live revenue up 2.6% and RNG up 10.1%.

Several new games launched during the quarter. Monopoly Roll ’em is a new live dice game inspired by the classic board game, with multipliers up to 300x, released as part of Evolution’s exclusive partnership with Hasbro. Disco Balls is a new ball-drawing game with multipliers that build through the round and can carry into bonus games, reaching up to 10,000x in total. The company also introduced Spinning Whale, a US-focused RNG slots brand, with its first game expected in November 2026.

Meanwhile, the situation in Brazil creates uncertainty. Brazil’s gambling framework was rolled back at the start of October following a decision by the country’s president, and Evolution temporarily closed its Brazilian studio as a result. The company says Brazil accounts for well below half of its Latin American revenue, and that momentum in the rest of the region could offset part of the impact.

What it means for you as a player

Evolution supplies live casino and slots to a large share of casinos with a Swedish licence. New titles like Monopoly Roll’em and Disco Balls will therefore gradually appear in the live casino lobbies of several operators that use Evolution’s platform. The Brazil situation concerns a different market and doesn’t directly affect games at Swedish-licensed sites, but it shows how exposed suppliers are to sudden regulatory shifts.

Whatever new games launch, it’s always you who decides how much you play for. If you need support, help is available, and you can exclude yourself from all licensed gambling via Spelpaus.se.

The bigger picture

Beyond the quarter’s launches, the hit game Ice Fishing is set to roll out in North America during the fourth quarter, while another major Hasbro title, Game Night, is being prepared for release before year-end. CEO Martin Carlesund described Game Night as the biggest game the company has ever made, and Evolution calls its 2027 game pipeline “spectacular,” with major launches planned across both live and RNG products.

Evolution is a Swedish company headquartered in Stockholm and listed on Nasdaq Stockholm. The quarter is described internally as calm, with a focus on core business rather than major upheaval. That fits the company’s long-term strategy: a steady stream of smaller releases alongside a few major launches each year, combined with continued expansion into new markets – while episodes like the one in Brazil are a reminder of the risks in a global, regulated industry.