Evolution Gaming has settled with the UK Gambling Commission following an investigation that began in December 2024 into its black market dealings. The company will pay £4.75 million as part of this settlement.
The investigation uncovered that Evolution's games were accessible through two operators across six websites that provided services to British consumers without proper UK licenses. In a statement issued on Wednesday, Evolution acknowledged that these unlicensed operators had “actively evaded restrictions in place at the time.”
Despite this, the company stated that the review, which lasted 18 months, did not reveal any wider pattern of unauthorized access to its content in the UK. Evolution emphasized its commitment to cooperation with the Commission, noting, “Evolution has fully cooperated with the Commission consistent with its longstanding approach to regulatory engagement. The company routinely takes technical, legal and commercial action to identify, address and prevent unauthorized access to its content.”
Upon discovering these unlicensed activities, Evolution immediately terminated its commercial relationships with the two operators involved. In light of the investigation’s launch, Evolution took further steps to ensure compliance by implementing ring-fencing actions across Europe to block its games from being provided by other unlicensed operators.
However, these measures impacted the company’s profitability in 2025. In its Q1/25 financial results, Evolution reported a 5.4% decrease in profit, totaling €254.7 million ($289.7 million), despite a year-on-year group net revenue increase of 3.9% to €521 million. Evolution’s CEO, Carlesund, commented that the profitability drop was partly due to exiting several black or gray markets, stating, "The effects have varied, with the largest negative revenue impact in markets where channelisation is low."
In February, during the release of the full 2025 financial results, Carlesund expressed confidence in the strength of Evolution's ring-fencing measures compared to its competitors but noted that losses were also attributed to a decline in regulated markets.
Facing challenges in Europe, Evolution has shifted its strategic focus toward the Americas, anticipating growth in this region due to "a more stable environment." Initially, the company expected the Commission's review to conclude by the end of 2025. During a Q3 earnings call last October, Carlesund stated, "When it comes to the UK Gambling Commission timeline, unfortunately, I don’t have any other information. It’s in the hands of the regulator and our estimation is that it will be by the end of this year."
