Evolution

Evolution Gaming was founded in 2006 by Jens von Bahr and Fredrik Osterberg, and listed on Nasdaq First North Premier in March 2015, moving to the Nasdaq Stockholm main market in 2017. It built its business on live dealer streaming from dedicated studios — Spain 2013, Malta 2014, Belgium 2015, Canada, Georgia and New Jersey 2018, Pennsylvania and Lithuania 2020 — and from 2017 moved beyond replicated table games into television-style formats such as Dream Catcher, Lightning Roulette and Crazy Time, which became its largest revenue driver.

It then bought its way into slots. Ezugi was announced in 2018 and closed in 2019; NetEnt, which had itself bought Red Tiger in 2019, was acquired in December 2020; DigiWheel in September 2021 for EUR 1m; Big Time Gaming in 2021; Nolimit City in 2022. The parent company was renamed from Evolution Gaming Group AB to Evolution AB at its annual general meeting on 16 April 2021, following a consumer-facing rebrand in October 2020. A planned acquisition of the US supplier Galaxy Gaming, agreed in July 2024, did not complete: two required gaming regulatory approvals were never obtained and Evolution gave notice of termination on 21 July 2026, paying a USD 5.23m termination fee. Each acquired studio still appears as a separate supplier name in casino lobbies, so an operator listing Evolution, NetEnt, Red Tiger, Big Time Gaming, Nolimit City and Ezugi is listing six brands with one owner.