Evolution has reached a £4.75m settlement with the UK Gambling Commission, bringing to a close a licence review that began in December 2024.
The review was triggered by Evolution game content appearing on unlicensed websites that were targeting British consumers without the proper regulatory authorisation.
Specifically, the settlement relates to content being made available through two operators across six websites that offered games to UK players in breach of Evolution’s own terms of supply.
According to the company, those operators had actively evaded restrictions that were in place at the time, making detection significantly more difficult for the supplier.
Evolution stressed that “no broader pattern of unlicensed access to Evolution content in the UK was identified” during the course of the 18-month regulatory review.
The company said it fully cooperated with the Commission throughout the process and immediately terminated its commercial relationships with the two operators upon discovering the issue.
Martin Carlesund, Chief Executive Officer of Evolution, commented: “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.”
Carlesund added: “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.”
Investors have reacted positively to the resolution, with Evolution shares rising by around SEK10 to SEK692.20 in the two hours following the announcement.
Carlesund had previously expressed optimism that the investigation would conclude before the end of 2025, but later revealed that Evolution had received no communication from the UKGC since the summer of that year and was “patiently waiting” for a response.
The period of uncertainty weighed on the company’s European financial performance throughout 2025, with the business recording negative growth in the region during that period.
Evolution’s fourth-quarter net revenue declined to €514.2m from €533.8m in Q4 2024, while Q4 EBITDA fell to €393.2m compared with €455m during the corresponding period.
For the full year, Evolution reported flat net revenue of €2.07bn, while profit declined 14.6% to €1.1bn and EBITDA decreased 9.2% to €1.4bn.
With the regulatory matter now resolved, Evolution is looking ahead to its proposed £63.4m acquisition of US-headquartered supplier Galaxy Gaming, which would expand its presence in the table games and technology space.
That deal, announced in November 2025, remains subject to regulatory approvals, with the deadline for completion extended to July 2026 to allow the process to run its course.
