Evolution shuts live casino studio following gambling ban
Live casino supplier Evolution has temporarily closed its Brazilian studio following the country’s abrupt reversal of its online gambling regulatory framework, creating fresh uncertainty for one of the industry’s largest suppliers.
The closure was confirmed in Evolution’s third-quarter financial report released on October 23, with Chief Executive Martin Carlesund strongly criticising the decision affecting Brazil’s recently regulated gambling market.
“I think that everyone is flabbergasted about the situation in Brazil,” Carlesund told analysts during the company’s earnings call.
Evolution opened its São Paulo live casino studio in 2025 as part of its expansion into Brazil, which introduced a federal licensing framework for online betting and gaming at the beginning of that year.
However, the Brazilian government’s latest intervention has disrupted the regulated market, with the legal position now subject to a challenge before the Supreme Federal Court.
Carlesund said Evolution was prepared to reopen the studio quickly if the regulatory position changed.
Despite the uncertainty, the iGaming supplier reported third-quarter revenue of €526.1 million, an increase of 3.7% compared with the corresponding period in 2025.
Adjusted EBITDA increased 2.7% to €345.9 million, while quarterly profit declined to €243.3 million from €252.3 million.
Latin American revenue grew 23.1% year-on-year, although those figures largely preceded the impact of Brazil’s regulatory reversal in early October.
Evolution said Brazil represented considerably less than half of its Latin American revenue, with growth in other regional markets expected to offset some of the disruption.
The company also reported growth of 13.6% in North America and 23.7% in Africa.
Carlesund said the company would continue monitoring developments in Brazil while maintaining its full-year profitability guidance.
The studio closure demonstrates the immediate commercial consequences of Brazil’s regulatory uncertainty for international gambling suppliers that have invested in local infrastructure.

