Evolution: live casino, game shows and the studios it owns
Evolution is the largest live casino supplier in the world — around 2,000 tables across 24 studios — and the group behind NetEnt, Red Tiger, Big Time Gaming, Nolimit City and Ezugi.
The studio
Who Evolution are
Evolution was founded in 2006 by Jens von Bahr and Fredrik Österberg, is headquartered in Stockholm and listed on Nasdaq Stockholm. As at the end of 2025 it ran around 2,000 live casino tables across 24 studios, employed over 22,000 people — roughly 88% of them table hosts and dealers — and served more than 770 operator customers.
Two things define it. The first is live game shows, a category Evolution effectively invented with Dream Catcher in 2017 and still dominates through Crazy Time, MONOPOLY Live, Funky Time and Lightning Storm. The second is the Lightning mechanic, which layers RNG-drawn multipliers onto a physically dealt table.
The third thing, which matters commercially, is that Evolution is not one studio. It owns NetEnt, Red Tiger, Big Time Gaming (the Megaways inventors), Nolimit City, Ezugi and others — separate creative identities on shared technology and distribution.
Revenue in 2025 split Europe 42.9%, Asia 27.4%, North America 11.2%, Latin America 11.0%, other 7.5%. It launched 113 new games in 2025: 22 live casino and 91 RNG.
- Founded: 2006, Stockholm; listed on Nasdaq Stockholm
- CEO: Martin Carlesund (since 2017)
- Scale: ~2,000 live tables, 24 studios, 770+ operators
- Produces: live dealer, game shows, First Person RNG, slots via owned brands
- Owns: NetEnt, Red Tiger, Big Time Gaming, Nolimit City, Ezugi
- Licensed: 33+ jurisdictions
- 2025 releases: 113 new games
The games
Evolution games: live tables and game shows
The titles below are the ones that built the live casino category as it exists today.
| Title | Released | What it is |
|---|---|---|
| Dream Catcher | 2017 | The first live money-wheel game show; established the entire format |
| Lightning Roulette | 2018 | Live roulette with 1–5 RNG Lucky Numbers per round carrying 50x–500x multipliers |
| MONOPOLY Live | April 2019 | Money wheel plus an augmented-reality 3D bonus board walked by Mr Monopoly |
| Crazy Time | July 2020 | 54-segment wheel, Top Slot multiplier and four bonus rounds — Coin Flip, Cash Hunt, Pachinko, Crazy Time |
| Mega Ball | — | Bingo and lottery hybrid with multiplied balls |
| Cash or Crash | — | Ladder climb with repeated cash-out decisions |
| Funky Time | 2023 | Disco-themed wheel with Bar, VIP Disco and Stayin’ Alive bonuses |
| Lightning Storm | 2024 | Billed as its most ambitious game show; up to 20,000x |
| MONOPOLY Roll ’em | July 2026 | Live dice game with multipliers to 300x, under the Hasbro agreement |
| Disco Balls | September 2026 | Live ball-draw with evolving multipliers to 10,000x |
| Owned-brand slots | — | Starburst and Gonzo’s Quest (NetEnt), Bonanza Megaways (BTG), San Quentin xWays (Nolimit City) |
Game show RTP varies by bet type rather than being a single figure — Crazy Time, for example, ranges roughly 94.3% to 96.1% depending on which bet you place.
What makes it different
What Evolution is known for
One mechanic, one category it invented, and a multi-brand structure that is itself the product.
The Lightning mechanic
Layering RNG-drawn multipliers onto a physically dealt live table. Lightning Roulette draws one to five Lucky Numbers each round carrying 50x to 500x on straight-up bets. It is the template for XXXtreme Lightning Roulette, Lightning Baccarat, Lightning Blackjack, Lightning Dice and Lightning Storm.
Live game shows
A category Evolution created and still dominates. A presenter-hosted wheel or prop, a Top Slot-style multiplier layer and discrete bonus mini-games. Crazy Time is the most-played live casino product in the world, and no competitor has matched the format at scale.
First Person
RNG single-player versions of the live titles, which let a player switch to a live table mid-session. It bridges the slot audience and the live audience — players who would never sit at a live table will try the RNG version, and some convert across.
Megaways
From Big Time Gaming: variable reel heights producing up to 117,649 ways to win. Licensed out across the industry, which is why you see Megaways titles from studios that have nothing else to do with Evolution.
xWays and xNudge
Nolimit City’s symbol-expansion and nudging-wild systems, built on deliberately extreme volatility maths. A distinct audience from the Evolution live product and the reason the brand was acquired.
Daily Drop Jackpots
Red Tiger’s time- and amount-triggered jackpot network, plus Smart Spins engagement tooling — a scheduled-event layer across a portfolio of slots.
Where it runs
Where Evolution content is available
Evolution holds B2B licences in 33+ jurisdictions and runs studios across Latvia, Georgia, Malta, Lithuania, Romania, Czechia, Armenia, Spain, Bulgaria, the Philippines, the United States, Canada, Argentina, Colombia and Brazil.
The 2025 revenue split gives the clearest picture of commercial weight: Europe 42.9%, Asia 27.4%, North America 11.2%, Latin America 11.0%, other 7.5%. North America is the fastest-growing region, with licences in New Jersey, Pennsylvania, Michigan, Connecticut, West Virginia, Rhode Island, Ontario and Alberta.
For an operator, the practical point is that Evolution’s local studios mean localised tables in Romania, Georgia, Colombia, Brazil and the Philippines rather than one global English-language feed.
- Great Britain: Gambling Commission, account 41655
- Malta: MGA/CRP/187/2010/01
- United States: New Jersey, Pennsylvania, Michigan, Connecticut, West Virginia, Rhode Island
- Canada: Ontario, Alberta
- LatAm: Argentina, Colombia, Brazil · plus Romania, Czechia, Spain, Philippines
- Licensed in 33+ jurisdictions in total (2025 Annual Report)
Recent activity
Evolution in the last 18 months
Major licensing deals, US expansion, a UK regulatory settlement and an ongoing takeover situation.
FAQ
Evolution — common questions
The largest live casino supplier in the world. Founded in 2006 and listed in Stockholm, it runs around 2,000 live dealer tables across 24 studios, employs over 22,000 people and supplies more than 770 operators. It also owns several major slot studios.
NetEnt, Red Tiger, Big Time Gaming, Nolimit City, Ezugi and DigiWheel, among others. Each keeps its own creative identity and brand while running on shared technology and distribution — which is why Starburst, Bonanza Megaways and San Quentin xWays all ultimately sit under the same group.
A category Evolution invented with Dream Catcher in 2017: a presenter-hosted wheel or prop, a multiplier layer and discrete bonus mini-games. Crazy Time, MONOPOLY Live, Funky Time and Lightning Storm are the best known, and Crazy Time is the most-played live casino product anywhere.
Live European roulette with an RNG layer on top: each round draws one to five Lucky Numbers carrying multipliers from 50x to 500x on straight-up bets. Launched in 2018, it became the template for Lightning Baccarat, Blackjack, Dice and the wider Lightning family.
RNG single-player versions of Evolution’s live titles. They let a player try the game solo and then switch to a live table mid-session, which brings slot players into the live section who would otherwise never sit down at one.
Yes, in over 33 jurisdictions, including the UK Gambling Commission (account 41655), Malta (MGA/CRP/187/2010/01), six US states, Ontario and Alberta, and Argentina, Colombia and Brazil. In July 2026 it agreed a £4.75m settlement with the UK Gambling Commission relating to anti-money-laundering and supply-chain oversight weaknesses identified for the period December 2023 to November 2024; the Commission noted the company responded swiftly and that later testing found no further concerns.
Through an aggregator. Evolution live tables and game shows are in the IGP catalogue alongside 150+ other providers on one API and one wallet, so the live section runs on the same integration as your slots.
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