VOL. XCIV, NO. 247
★ MOAT STOCKS & COMPETITIVE ADVANTAGES ★
PRICE: 5 CENTS
Friday, December 26, 2025
Evolution AB (publ)
EVO · Nasdaq Stockholm
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Evolution AB (publ) is a Sweden-based B2B iGaming supplier best known for online live casino games and game shows, alongside a portfolio of RNG/slot studios acquired over time. In Live Casino, the moat is anchored by high-capex studio scale (21 studios and 1,700+ live tables at year-end 2024), operational know-how in broadcast/game operations, and the ability to operate across many regulated jurisdictions. A single-integration distribution layer (One Stop Shop) bundles multiple Evolution-owned brands, improving cross-sell and adding integration switching friction for operators. RNG/slots is a more competitive market, but ownership of IP such as BTG's Megaways mechanic and a broad content portfolio can support differentiation and licensing revenue.
Primary segment
Live Casino
Market structure
Oligopoly
Market share
50%-60% (reported)
HHI: 5,050
Coverage
2 segments · 5 tags
Updated 2025-12-26
Segments
Live Casino
B2B supply of online live casino games (live dealer & game shows)
Revenue
86.1%
Structure
Oligopoly
Pricing
strong
Share
50%-60% (reported)
Peers
RNG / Slots & Digital Casino Games
B2B supply of online casino RNG games (slots and digital table games)
Revenue
13.9%
Structure
Competitive
Pricing
moderate
Share
—
Peers
Moat Claims
Live Casino
B2B supply of online live casino games (live dealer & game shows)
Revenue_share derived from FY2024 net revenues by game type in Evolution's year-end report 2024 (Live 1,775.7 MEUR; total 2,063.1 MEUR). Source: https://mb.cision.com/Main/12069/4097972/3235592.pdf (published 2025-02-10).
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Operating a global, high-uptime live-dealer studio network at scale (dealers, broadcast, game ops) requires heavy capex, specialized know-how, and continuous process execution.
Erosion risks
- Sustained studio cost inflation (wages, energy, rent)
- Operational incidents/outages that damage trust
- Technology commoditization in streaming/encoding
Leading indicators
- Number of active studios and live tables
- Live segment net revenue growth vs peers
- Uptime / major incident frequency
Counterarguments
- Large operators can multi-source live suppliers and negotiate fees
- Regional studio buildouts can be replicated over time by well-funded rivals
Compliance Advantage
Legal
Compliance Advantage
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Operating in regulated iGaming markets requires licensing, certifications, and ongoing compliance; incumbents with broad licensing footprints can enter/expand faster and serve more operators.
Erosion risks
- Regulatory tightening or license loss in key jurisdictions
- Higher compliance costs reducing marginal advantage
- Jurisdictional fragmentation requiring localized ops
Leading indicators
- Number of active licenses / jurisdictions
- Share of revenue from regulated markets
- Regulatory actions, fines, or license restrictions
Counterarguments
- Competitors can also obtain licenses over time, especially in newer regulated markets
- Local regulations can force multiple suppliers to build similar local capacity
Suite Bundling
Demand
Suite Bundling
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
A single integration layer and unified back office across multiple in-house game brands makes it easier for operators to adopt additional Evolution content and increases coordination/switching friction.
Erosion risks
- Operators prefer best-of-breed point solutions and avoid platform dependence
- Regulators require ring-fenced integrations by jurisdiction
Leading indicators
- Attach rate of RNG/slots customers to Live (and vice versa)
- Net revenue retention among top operators
- Number of operators using OSS
Counterarguments
- Most major operators already integrate multiple suppliers; OSS reduces friction but may not prevent churn
- Aggregator platforms can also simplify multi-supplier integration
RNG / Slots & Digital Casino Games
B2B supply of online casino RNG games (slots and digital table games)
Revenue_share derived from FY2024 net revenues by game type in Evolution's year-end report 2024 (RNG 287.4 MEUR; total 2,063.1 MEUR). Source: https://mb.cision.com/Main/12069/4097972/3235592.pdf (published 2025-02-10).
IP Choke Point
Legal
IP Choke Point
Strength: 3/5 · Durability: durable · Confidence: 3/5 · 2 evidence
Ownership of distinctive game mechanics/IP (e.g., BTG's Megaways) can create differentiated content and a licensing revenue stream, but the slot supply market remains crowded.
Erosion risks
- Hit-driven content cycles; franchises can fade quickly
- Mechanics/IP can be imitated with alternative designs
- Regulatory restrictions on slot features and promotions
Leading indicators
- RNG segment net revenue growth vs peers
- Share of new game launches that gain meaningful distribution
- Megaways (or other IP) licensing activity and royalties
Counterarguments
- Many operators multi-source hundreds of games; no single supplier is indispensable
- Megaways is broadly licensed, so differentiation may be limited
Suite Bundling
Demand
Suite Bundling
Strength: 3/5 · Durability: medium · Confidence: 4/5 · 1 evidence
Distribution leverage from a single integration layer (OSS) can increase shelf space for Evolution-owned RNG studios by lowering operator integration friction and enabling cross-sell from Live Casino relationships.
Erosion risks
- Operators standardize on neutral aggregators rather than supplier platforms
- RNG suppliers compete aggressively on commercial terms
Leading indicators
- Share of operators taking multiple Evolution RNG studios
- Cross-sell rates from Live customers into RNG
- New operator integrations per quarter
Counterarguments
- Aggregation platforms reduce integration as a bottleneck
- Slots supply remains highly substitutable vs live dealer formats
Evidence
At the end of 2024, Evolution had 21 studios in 12 countries, and more than 1,700 live tables.
Scale of studio footprint and table count supports a capex/operational scale moat vs would-be entrants.
Evolution is licensed and regulated in numerous jurisdictions, including: Great Britain, Malta, Belgium, Denmark, Estonia, Latvia and Sweden.
Breadth of regulatory approvals increases addressable market and raises barriers for new entrants.
One Stop Shop (OSS) is Evolution Group's single platform enabling operators to achieve simple, fast and unified integration of Evolution, Ezugi, NetEnt, Red Tiger, Big Time Gaming and Nolimit City games.
Supports bundling + integration-based switching costs: once connected, adding more Evolution content is low-friction.
Table 1 ... Evolution [50-60]% (GGR) ... Playtech [40-50]% ... Pragmatic [0-5]% ... Authentic [0-5]%.
Provides a regulator-sourced market share range showing very high supplier concentration in UK live casino.
Table 1 ... Evolution [50-60]% ... Playtech [40-50]% ...
Used to approximate market concentration (HHI) for the UK live casino supplier market.
Showing 5 of 8 sources.
Risks & Indicators
Erosion risks
- Sustained studio cost inflation (wages, energy, rent)
- Operational incidents/outages that damage trust
- Technology commoditization in streaming/encoding
- Regulatory tightening or license loss in key jurisdictions
- Higher compliance costs reducing marginal advantage
- Jurisdictional fragmentation requiring localized ops
Leading indicators
- Number of active studios and live tables
- Live segment net revenue growth vs peers
- Uptime / major incident frequency
- EBITDA margin trend
- Number of active licenses / jurisdictions
- Share of revenue from regulated markets
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.