Evolution Gaming has agreed to a regulatory settlement with the UK Gambling Commission, following an investigation into its black market activities that began in December 2024. The company will pay £4.75 million as part of the agreement. The investigation revealed that Evolution's game content was accessed through two operators on six websites targeting British consumers without a UK license.
In a statement issued on Wednesday, Evolution noted that these unlicensed operators had "actively evaded restrictions in place at the time." The company emphasized that its review over the past 18 months did not identify any broader pattern of unauthorized access to its content within the UK.
"Evolution has fully cooperated with the Commission consistent with its longstanding approach to regulatory engagement," the statement read. The company also mentioned that it immediately terminated commercial relationships with the operators involved once the unauthorized access was discovered.
After the investigation was launched, Evolution took substantial action by implementing ring-fencing measures across Europe to prevent its games from being offered through any further unlicensed channels. However, these actions affected the company's profitability in the first quarter of 2025.
The latest financial results showed a 5.4% drop in profit to €254.7 million ($289.7 million), despite a 3.9% year-on-year increase in group net revenue, which reached €521 million. Carlesund, in the Q1 earnings report, pointed out that in addition to compliance efforts in the UK, proactive actions were initiated in February to further secure regulated markets across Europe. He acknowledged the differing impact of these measures, noting the most significant revenue reductions occurred in markets with low channelisation.
In a more extensive review of its 2025 performance, Carlesund expressed confidence that Evolution had implemented the strongest ring-fencing measures in the sector but indicated that losses were partly due to challenges in regulated markets. In response to difficulties across its European operations, the company is shifting its focus toward the Americas, anticipating growth in what it describes as "a more stable environment."
Initially, Evolution expected the Gambling Commission's review to conclude by the end of 2025. In October during the Q3 earnings call, Carlesund stated, "I don’t have any other information on the timeline of the UK Gambling Commission. It’s in the regulator's hands, and we estimate it will be by the end of this year."
