Evolution’s 2025 Results: Monopoly Games & Expansion
Evolution AB, the prominent live casino and RNG game provider, has outlined its 2025 year-end performance, with a strong focus on continued growth and product development despite ongoing regulatory and market challenges. The company’s results highlighted an emphasis on Monopoly-branded content, geographic growth, and enhanced transparency surrounding its regulated markets.
Monopoly-Themed Game Releases Propel Growth
A cornerstone of Evolution’s 2025 strategy revolves around its exclusive partnership with Hasbro, which has allowed the company to develop and release several Monopoly-based games. Evolution is planning to launch over 110 new titles in 2026, including a combination of live and RNG versions of Monopoly, such as “Monopoly Filthy Rich” and “Game Night.”
Evolution’s CEO, Martin Carlesund, emphasized the strength of the upcoming lineup, noting that it’s impossible to choose a single standout game this year due to the quality and variety. “At ICE 2026, our clients were stunned by the games,” Carlesund said. The company expects the continued rollout of these innovative Monopoly titles to help solidify its leadership in the live gaming market.
New Geographic Transparency in Revenue Reporting
For the first time, Evolution shared a detailed breakdown of its revenue by players’ IP addresses, revealing that 38% of its revenue in Q4 2025 came from Asia, 35% from Europe, and 15% from North America. This new transparency reflects the growing focus on regulatory compliance and the need to understand player behavior across different regions. Evolution reiterated that all its customers are licensed operators, and the IP-based figures serve as a directional estimate of where gaming activity occurs.
Europe remains a critical region for Evolution, though the company faces challenges due to declining channelization, with players moving to unregulated operators in certain markets. While Evolution continues to maintain strict compliance standards, it expressed concerns about the long-term impact of these shifts.
Focus on North America and Latin America Growth
In North America, Evolution continues to build on its presence with the relaunch of the Ezugi brand, aimed at increasing its market share as more states legalize online gaming. The company’s new and upgraded facilities in New Jersey and Michigan are part of this expansion. Carlesund pointed out that the U.S. market has great potential for live casino growth, noting that the market will mature as more states legalize iGaming.
Evolution also reported strong growth in Latin America, particularly in Brazil, where regulatory progress is creating new opportunities. Latin America saw a 12.2% year-on-year revenue growth, which was driven by increased demand for Evolution’s live casino offerings.
Galaxy Gaming Acquisition and Legal Matters
Evolution’s acquisition of Galaxy Gaming is advancing, with the company still waiting for approval from two states, including Nevada. Despite concerns about Nevada’s updated guidelines for online operators, Evolution remains confident that the deal will close within the set timeline.
In the legal arena, Evolution is continuing its litigation with Playtech, with no significant developments. Additionally, the company is awaiting feedback from the UK Gambling Commission regarding its investigation, which has been ongoing since the summer of 2025.
2025 Financial Overview and Outlook for 2026
While Evolution’s 2025 financial results showed a slight decline, the company remains optimistic about the future. For the year, Evolution posted net revenues of €2.07 billion, a 0.2% increase from 2024. However, quarterly results revealed a 3.7% decline in net revenues compared to Q4 2024. Adjusted EBITDA decreased by 3.2%, reflecting the challenges faced in Europe and Asia.
Despite these challenges, Evolution’s outlook for 2026 is positive. The company plans to continue its focus on product innovation, geographic expansion, and regulatory compliance to ensure long-term growth. Carlesund expressed confidence, stating, “We are set to deliver an exceptional product and are excited for the future of live gaming.”
Source:
Year-end Report January – December 2025, evolution.com, February 5, 2026.
