Evolution has agreed a £4.75m settlement with the Gambling Commission (GC), after an investigation found the supplier’s games were available on six unlicensed sites.
The regulator initiated a licence review in December 2024, with subsequent findings showing that Evolution content was available via two operators on six sites.
The Stockholm-listed supplier said this was a “breach of Evolution’s terms of supply” and that the offending operators “actively evaded restrictions in place at the time”.
“Importantly, during the 18-month review, no broader pattern of unlicensed access to Evolution content in the UK has been identified,” the company added.
The settlement with the regulator works out at 0.3% of the €1.37bn in EBITDA the company generated for full-year 2025.
Evolution said it had terminated the commercial relationships with the two operators immediately upon discovery of the issues.
The business added that it had “fully cooperated” with the GC throughout the process.
Upon the investigation being confirmed in December 2024, Evolution said around 3% of group revenue was derived from the UK.
The company does not provide a granular geographic breakdown in its earnings reports, instead bucketing the P&L based on continents.
In light of the investigation, Evolution implemented a series of ring-fencing measures across its markets to prevent its content appearing on black market sites.
“While no system can entirely eliminate attempts by third parties to circumvent controls, Evolution remains committed to continued investment in industry-leading compliance standards and to working constructively with regulators to address these challenges,” a company statement read.
The review related to the Evolution Malta Holding Limited licence, with the GC undertaking a review under section 115 of the Gambling Act 2005.
Evolution has held a gambling software licence in the market since 2015. The firm added a game host (casino) permit in 2021.
The GC has yet to publish a regulatory settlement regarding the case, while Evolution is due to report its Q2 2026 earnings on Friday, 17 July.
Evolution stock is up 1.5% at the time of writing to SEK700 (£54).
Martin Carlesund, Evolution CEO, said: “At Evolution, we always want to do what is right, and it is not acceptable that six unlicensed sites offered Evolution content in the regulated UK market.
“We do not want traffic from unlicensed operators and will always move quickly to address any such situation.
“We welcome the conclusion of the review and remain focused on continuing to supply our world-leading games to licensed operators in the UK.”
The Evolution settlement comes days after Rank Group confirmed it was in the process of agreeing a £5m payment in lieu of a financial penalty with the GC over historical failings.
Evolution remains locked in legal dispute with Playtech over claims the latter engaged in a “smear campaign” around alleged black market activity.
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CEO says it was “not acceptable” the live casino giant’s content was found on six unlicensed sites, as payment to Britain’s regulator equates to 0.3% of group adjusted EBITDA for full-year 2025
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