Evolution: the live-dealer studio company
Evolution builds and runs live-dealer casino games, streamed from its own studios to the casinos that rent them, and it also owns several slot makers, NetEnt among them. Founded in 2006, it is a Swedish company listed in Stockholm.
A Swedish company with studios everywhere
Evolution's 2025 annual report says it was founded in 2006 and that the parent company, Evolution AB (publ), is domiciled in Stockholm. Its interim report for January to September 2026, published on 23 October, says it is listed on Nasdaq Stockholm under the ticker EVO and employs about 23,400 people in studios across Europe, Asia and the Americas.
The ownership is the part to watch. Evolution's page on the Candle Lake offer says Candle Lake Limited passed about 30 percent of the shares in July 2026, which under Swedish takeover law obliges it to make an offer for the rest. It made one on 13 August, at SEK 695 a share in cash, and Evolution's board recommended that shareholders not accept it. That page doesn't give an outcome, so I won't guess one. If it changes hands, this profile changes with it.
What it makes
Evolution's business is the live table: a real dealer, a real wheel or shoe, and cameras. The annual report counts 24 studios, with the three biggest in Riga, Tbilisi and Fort Mrieħel in Malta, more across Europe and Latin America, and in the United States studios in New Jersey, Pennsylvania, Michigan and Connecticut. It says the company runs about 2,000 tables, with presenters speaking 24 languages. Its about page says the technology, software and hardware are built in-house.
Next to the plain blackjack, roulette and baccarat tables sit the game shows. Its timeline dates Lightning Roulette to 2018 and Crazy Time to 2020, and its site also names MONOPOLY Live. These are the tables where I'd slow down. A game that hands out big multipliers now and then pays for them somewhere, usually by paying less on the ordinary wins, and the live dealers page walks through how that works. The return can differ from one bet to the next in the same game, and the help screen is where it's printed. I'd read it before the first spin, not after the tenth.
The brands it owns
The site lists eight brands: Evolution, NetEnt, Red Tiger, Ezugi, Big Time Gaming, Nolimit City, Sneaky Slots and DigiWheel. The timeline gives the order they came in. Ezugi was bought in 2018, NetEnt and Red Tiger in 2020, an agreement to buy Big Time Gaming was signed in 2021 and Nolimit City was bought in 2022. The annual report credits Big Time Gaming with the Megaways mechanic.
So a slot with NetEnt or Red Tiger on the loading screen is an Evolution game, as far as ownership goes. That matters less than you'd think for the price, which is set game by game, but it's worth knowing who you're dealing with. The NetEnt profile has that side of the business.
What it lists as licences
Evolution's licences page is long. It lists approvals across Europe, including Malta, Great Britain, Sweden, Denmark, Spain and Romania; Canadian provinces including Ontario, Alberta and British Columbia; and, in the United States, New Jersey, Pennsylvania, Michigan, Connecticut, Delaware, Rhode Island and West Virginia. It gives the Malta Gaming Authority licence for Evolution Gaming Malta Limited as MGA/CRP/187/2010/01.
The one I checked at the regulator was Britain. The Gambling Commission's register shows Evolution Malta Holding Limited, account 41655, with active remote licences for gambling software and for hosting casino games.
A supplier's licence tells you where it may provide games. It doesn't tell you the casino streaming them is licensed where you live, and that's the question I'd answer first.
Finding its tables
None of the casinos we have reviewed so far names Evolution among its game makers; the casino directory filters by provider as reviews are added. Whether any of them can take your bet depends on where you live. In the United States that's decided state by state, and the tables shown to you will follow it. If the sessions are getting longer than you meant, the responsible gambling page says where to get help.