The live casino provider Evolution said in its January–September 2026 report that its studio in Brazil is temporarily closed: in early October the country rolled back betting regulation by presidential decision. The company does not know how the story will end. CEO Martin Carlesund called the situation a “total negative” for the industry.
Evolution's third-quarter revenue rose 3.7% to about $590 million (€526.1 million at the ECB rate on October 22). Adjusted EBITDA grew 2.7% to about $388 million (€345.9 million), and the margin came in at 65.8% versus 66.4% a year earlier. Latin America grew 23.1% against the third quarter of 2025, Africa 23.7%, North America 13.6%. These figures do not yet reflect the ban in Brazil.
According to the company's estimate, based on the distribution of player revenue by IP address, Brazil accounts for significantly less than half of Latin American revenue. Growth in the rest of the region partly offsets the losses. Evolution kept its full-year margin target. Asked by an analyst about zero Brazilian revenue in the fourth quarter, Carlesund said the forecast had not changed.
On the analyst call, Carlesund said the studio could resume operations quickly and the company is ready to “accelerate” in Brazil if the ban is lifted. The market is waiting for the Supreme Federal Court to rule on whether the ban is constitutional. “Nobody knows what will happen. The market could open again,” he said.
Europe looks weakest: up 0.4% quarter on quarter and down 4.7% year on year. Carlesund called the result “not impressive” and said the company “must do better,” adding that taxes and regulatory changes in the region's markets weigh on the team's focus. Asia rose 0.8% over the quarter and 1.6% over the year. The CEO called the cyberattacks on product distribution in the region an unresolved problem and did not promise a quick fix.
On the lawsuit with Playtech, which has Evolution suing the company and the detective agency Black Cube, Carlesund only said the case is ongoing.
The next point for the market: the Brazilian Supreme Federal Court's ruling on the ban, and whether Evolution restarts the studio in São Paulo.
