Evolution is optimistic that its product roadmap will rejuvenate growth in 2026 as it continues to navigate European headwinds.
The group has emphasised a strong focus on the success of its partnership with Hasbro – the manufacturer of the board game Monopoly, as the developer continues to develop its live casino offering.
Under the licensing agreement agreed in July, Evolution is working to produce live casino and slot games, focusing on Monopoly and other “Hasbro Games”.
So far, the company has revealed MONOPOLY Filthy Rich, which it has described as its “most ambitious live game show to date”, as well as MONOPOLY Roulette and Game Night, which combines a selection of Hasbro’s games.
Overall, Evolution reported flat full-year net revenue of €2.07bn, as profit and EBITDA fell 14.6% and 9.2% to €1.1bn and €1.4bn, respectively.
“Looking beyond short-term performance, we see that players shift more and more towards game shows, and with the best road map ever in 2026, aiming at exactly these types of entertaining games, rocket-fueled by Hasbro brands, I really look forward to the development in 2026,” Evolution’s CEO, Martin Carlesund, reassured investors.
According to Evolution, €438.6m of its total net revenue of €514.2m during Q4 was derived from live games, compared to just €75.7m from RNG games.
Evolution has acknowledged significant headwinds across Europe in 2025, which Carlesund detailed are pushing players to the black market.
“Simply put, the players are, by the regulation, pushed out of the regulated limit and are, to a larger extent, playing on unregulated operators that we don’t accept,” he said.
“This is bad for the industry and pushing out the most vulnerable players, but long-term, we believe that the regulatory scale will find its balance again.”
Party in the USA?
Evolution’s strategy for growth in 2026 will be less laser-focused on Europe, the company confirmed, with an increase in emphasis on both North and South America, as the US and Brazilian markets continue to develop.
Underscoring this commitment, in the final quarter of 2025, Evolution launched Ezugi as its second live dealer brand for the US market in New Jersey, with plans to expand to Michigan in the first half of 2026.
“We continue to grow decently in North America, even if we want it to go faster. It is still early days for the online gaming industry, and we believe the region will see an increasing share of [live casino],” said Carlesund, who also described the region as a more “stable environment” compared to Europe.
“To increase penetration and options, we re-launched our second brand, Ezugi, during the quarter, starting in New Jersey with a clear goal to become the number two live casino provider in the US.”
Evolution records regional net revenue based on customers’ players’ IP addresses, and reported year-on-year growth in North America of 9.2% from €70.6m to €77.1m. Meanwhile, net revenues in Latin America also grew YoY from €38.5m to €43.2m.