Evolution May Reopen Brazilian Live Casino Studio

Evolution CEO Martin Carlesund has indicated that the company could resume operations at its Brazilian live casino studio if the country’s market reopens. He described the closure as “extremely regrettable” and criticised the sudden shift in Brazil’s newly established gambling regulatory framework.

The studio shut on October 5 following the introduction of Provisional Measure 1.394/2026, which prohibits online sports betting and casino gambling. Carlesund said the closure would make the fourth quarter particularly busy for the company, although he declined to forecast how the situation might develop.

Luiz Inácio Lula da Silva won the presidential runoff against Flávio Bolsonaro on October 25, securing 51.76% of the vote. While Lula has pledged to maintain the ban, its future remains dependent on decisions by Congress and the courts.

Congress has until November 23 to vote on the provisional measure. Meanwhile, Supreme Court Justice Luiz Fux is set to consider legal challenges brought by the industry associations ANJL and IBJR.

Speaking to analysts, Carlesund said:

If Brazil reopens its market, we are ready to accelerate.

Q4 Revenue Impact Remains Uncertain

Carlesund offered no definitive indication of whether Evolution’s Brazilian revenue would fall to zero in the fourth quarter. He explained that the company does not report its business activity separately by country and rejected the suggestion that the studio’s closure could provide a short-term benefit.

He also said Brazil’s restrictions were difficult to compare with measures introduced in other markets, noting that operators in Brazil had purchased five-year licences.

With the outcome still uncertain, Evolution has retained its year-end margin target. Its EBITDA margin for the year to date stands at 65.7%, against a full-year target of 66%.

For the third quarter, Evolution recorded revenue of €526.1 million, up 3.7% year on year, and adjusted EBITA of €345.9 million. Revenue from remote games increased by 10.1%, while live casino revenue grew by 2.6%.