VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

ASX Limited vs Evolution AB

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

ASX Limited

ASX · ASX

Market cap (USD)
SectorFinancials
CountryAU
Data as of2025-12-28
Moat score
80/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into ASX Limited's moat claims, evidence, and risks.

View ASX analysis

Evolution AB

EVO · Nasdaq Stockholm

Market cap (USD)$13.5B
SectorConsumer
CountrySE
Data as of2025-12-26
Moat score
94/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Evolution AB's moat claims, evidence, and risks.

View EVO analysis

Comparison highlights

  • Moat score gap: Evolution AB leads (94 / 100 vs 80 / 100 for ASX Limited).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Evolution AB has 2 segments (86.1% in Live Casino).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Evolution AB has 4 across 3.

Primary market context

ASX Limited

Markets

Market

Trading venues for Australian cash equities and exchange-traded derivatives (futures, options)

Geography

Australia

Customer

Brokers/market participants, proprietary trading firms, institutional investors

Role

Market operator / trading venue

Revenue share

31.5%

Evolution AB

Live Casino

Market

B2B supply of online live casino games (live dealer & game shows)

Geography

Regulated jurisdictions (global; UK data point for concentration)

Customer

Online gambling operators (B2C)

Role

B2B content & platform supplier

Revenue share

86.1%

Side-by-side metrics

ASX Limited
Evolution AB
Ticker / Exchange
ASX - ASX
EVO - Nasdaq Stockholm
Market cap (USD)
n/a
$13.5B
Sector
Financials
Consumer
HQ country
AU
SE
Primary segment
Markets
Live Casino
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
50%-60% (reported)
HHI estimate
6,500
5,050
Pricing power
Moderate
Strong
Moat score
80 / 100
94 / 100
Moat domains
Legal, Network, Demand
Supply, Legal, Demand
Last update
2025-12-28
2025-12-26

Moat coverage

Shared moat types

No overlap yet.

ASX Limited strengths

Concession LicenseTwo Sided NetworkData Workflow LockinSwitching Costs General

Evolution AB strengths

Capex Knowhow ScaleCompliance AdvantageSuite BundlingIP Choke Point

Segment mix

ASX Limited segments

Full profile >

Listings

Quasi-Monopoly

18.8%

Markets

Duopoly

31.5%

Technology & Data

Competitive

24.9%

Securities & Payments

Monopoly

24.8%

Evolution AB segments

Full profile >

Live Casino

Oligopoly

86.1%

RNG / Slots & Digital Casino Games

Competitive

13.9%

Want the full wide moat stocks list?

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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.