Evolution AB

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Evolution AB is a Swedish gaming technology company based in Stockholm. It develops and licenses live casino software for online casino operators worldwide.

Founded in 2006 by Jens von Bahr and Fredrik Österberg, Evolution grew into a global leader with live studios across Europe and North America. In 2013, it opened its 100th live table in Riga, becoming Europe’s largest single-site live casino operation at the time, and later added studios in Spain and Malta (2014). Evolution began trading on Nasdaq First North Premier in 2015 and moved to Nasdaq Nordic in 2017. Martin Carlesund became CEO that year, succeeding co-founder von Bahr.

The company expanded through several acquisitions and new facilities:
- 2018: Acquired Ezugi; added studios in Canada, Georgia, and New Jersey; signed deals with Unibet and Hard Rock Hotel & Casino Atlantic City.
- 2019: Released Monopoly Live, Deal or No Deal, and 2 Hand Casino Hold’em.
- 2020: Entered a deal with Intralot and bought NetEnt, NetEnt Casino, and Red Tiger; launched Speed Blackjack and Crazy Time; opened studios in Pennsylvania and Lithuania; introduced online live craps.
- 2021: Acquired Digiwheel and Big Time Gaming; opened its third US studio in Michigan.
- 2022: Launched XXXtreme Lightning Roulette; went live in West Virginia; opened a fourth US studio in Connecticut; acquired Nolimit City; launched in Ontario and opened a second New Jersey studio.
- 2023: Introduced Funky Time, a 70s disco-themed live game show.
- 2024: Kenneth Dart, a billionaire based in the Cayman Islands, acquired a 5% stake in Evolution.

Evolution is known for live casino games such as Balloon Race and Lightning Storm. One of its most successful titles is Lightning Roulette, launched in 2018, a live roulette game with random multipliers that boost certain bets.

Financial snapshot (as of 31 December 2023): revenue €1.798 billion; operating income €1.142 billion; net income €1.070 billion; total assets €4.973 billion; total equity €4.006 billion; employees 19,221.