Evolution temporarily closes Brazil studio after betting rules rolled back

Evolution has temporarily closed its Brazilian studio after the president rolled back Brazil’s regulatory framework for betting at the start of October. The live casino supplier gave the news in its interim report for January to September 2026, published on 23 October 2026.

The quarter itself was steady. Profit for the period fell to €243.3m from €252.3m a year earlier.

By the numbers

• Q3 net revenues: €526.1m, up 3.7% from €507.1m.
• Q3 adjusted EBITDA margin: 65.8%, against 66.4%.
• Q3 earnings per share: €1.31, against €1.25.
• Nine-month net revenues: €1,557.0m, up 0.3% from €1,552.3m.
• Nine-month adjusted EBITDA: €1,022.2m, down 0.2% from €1,024.1m.
• Nine-month profit: €746.7m, against €755.3m.

What drove it

Chief executive Martin Carlesund said all regions grew on the previous quarter for the first time since 2024. Europe grew 0.4% and Asia 0.8% quarter on quarter. Year on year, North America rose 13.6%, Latin America 23.1% and Africa 23.7%.

Live casino revenue rose 2.6% year on year and RNG (random number generator) games, such as slots, rose 10.1%.

Brazil

Carlesund said the final outcome of the decision is unclear and that player behaviour in Brazil is hard to predict. On the company’s estimate of revenue by player IP, Brazil is well below half of Latin American revenue. He said momentum in the rest of the region will offset part of the impact.

The report does not say how many staff work at the studio, which operator contracts are affected or what would trigger a reopening.

The big picture

Evolution Malta Holding Limited was fined £4.75m for anti-money-laundering failings in July 2026, one of four sanctions against the group recorded in The Payout.

What’s next

Evolution says it will roll out the game Ice Fishing in North America in the fourth quarter and launch Game Night, under its Hasbro partnership, before the end of the year.