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92 Brand Capital Score

A weighted composite of this company’s brand-capital drivers, 0 to 100.

92Brand equityThe brand as a durable commercial asset, 0 to 100.
-0.5MomentumThe change in the score since it was last derived.
90Financial strengthBalance-sheet and earnings strength, 0 to 100.
5SignalsPublished market signals that name this company.
B2B supplierLive Casino Leader

Evolution Gaming

Current signalAmericas Offset / Galaxy Doubt

The read

Evolution is the undisputed global leader in live casino B2B, holding ~65% market share by revenue. Its strategy of turning game formats into branded franchises (Crazy Time, Lightning Roulette) creates operator stickiness that functions as a brand advantage.

But Q1 2026 marked its first net revenue decline, Europe, ~67% of revenue, is now management's stated 'main headache' under tighter UK/German/Swedish player-protection rules.

What is on this page

The public read on Evolution Gaming. What it scores, what that score is built from, and where it sits against its shortlist. Plus all 5 market signals naming it. Every one of the 46 companies here is read the same way.

What a review adds

The free read stops at the position. A review adds the forward view: where value is leaking, what closing it is worth, and the moves in order. It is scored from Evolution Gaming’s own evidence, and you get it within 48 hours of asking.

The position

Where Evolution Gaming’s value sits

What the name is carrying, and the figures this company is tracked on.

The Brand Capital Score is 0 to 100. It is a weighted composite of the 7 drivers below. Every company on the board is scored on the same basis. What it answers: how much of this company’s worth is built by its brand and its customers, rather than bought each quarter.

Evolution Gaming scores 92, brand equity 92. That is 1st of 62 suppliers, never the whole market, because a buyer shortlists three to five names. It is a position, not a grade.

Brand-capital position

Brand equity 92 still reflects strong recognition and operator preference, but the investor story is now defensive (regulatory headwind management) rather than expansionary. Gap between product-brand strength and a forward corporate brand narrative is widening.

What is being tracked
  • Q2 2026 net revenue €517.8M, -1.2% YoY reported but +2.4% at constant currency; EBITDA €341.0M, 65.9% margin
  • Live casino €434.9M; RNG €78.2M
  • Europe (by player location) -11.9% to €167.1M on falling channelisation, CEO Carlesund's stated 'main headache'
  • Americas at all-time high: NA +10.1% to €78.7M, LatAm +29.3%; acquired a live-casino studio in Argentina; regulated revenue now ~48% of group
  • Galaxy Gaming acquisition (announced Jul 2024, ~$85M) now hinges on the final two US approvals, Nevada and Louisiana, with the outside date extended to Jul 17, 2026; Nevada's strict unregulated-markets stance is the gating obstacle, and Jul 17 coincides with Evolution's Q2 2026 results (a binary event)
Peter Nikashin, Enterprise Value Architect
Peter Nikashin,
Enterprise Value Architect
▲ Reading Evolution Gaming

Evolution Gaming’s brand and business are level. Holding that is the work.

I grow your brand, your customers, and the money both return.

Your budget buys activity. I turn it into things that build over time: the price you can hold, the customers who stay, and what a buyer will pay for the business. Every move is specific, in order, and tied to a number.

Explore the system →

Every quarter you wait, the gap compounds.

The read in numbers

Evolution Gaming against the board

Four views of one company — what the score is built from, how much of it is brand, who it is weighed against and which way it is moving. Hover any figure for what it means.

The driver scorecard
Market penetration 94
Product depth 96
Financial strength 90
Brand equity 92
Commercial momentum 88
Regulatory standing 90
Tech 95
Brand equity in rust.

The 7 things the composite is built from, each scored 0 to 100 on the same basis as every other company on the board.

Why it matters

A single composite hides where the value actually sits. Two companies scoring 70 can be entirely different businesses, and the difference is what a buyer pays for.

Strongest on Product depth, weakest on Commercial momentum. Brand equity sits at 92, and that is the driver that keeps paying after a good quarter ends.

Brand equity against the composite
92 Composite 92 Brand equity
050100
0points level with the composite
Brand and composite move together.

Both figures on one 0 to 100 axis. The banded distance between the two marks is the whole point of the chart.

Why it matters

Revenue can be bought with discounting; brand equity cannot. When brand sits below the composite the business is running on terms it has to keep re-earning, and that shows up in the multiple long before it shows up in the revenue line.

Brand and business are level. Neither is carrying the other.

The nearest peers
Evolution Gaming 92
Playtech 88
IGT / Everi 85
Pragmatic Play 83
Light & Wonder 82
Kambi Group 82
This company in rust.

The five companies scored closest to this one, ranked by composite.

Why it matters

Nobody is evaluated against the whole market. A buyer builds a shortlist of three to five comparable names, and these are the ones that would sit on it.

Within this set the spread is 10 points, so the composite alone will not separate them. Whatever decides the shortlist happens on the drivers underneath.

Momentum against the cohort
Evolution Gaming -0.5
Cohort median +1.4
Centre line is no change.

This company's score change beside the median change across its side of the board. The centre line is no movement.

Why it matters

Direction beats level over a holding period. A company gaining on a flat field is compounding a position; one sliding while the field rises is losing ground twice.

Moving at -0.5 against a cohort median of +1.4. Losing ground relative to the field even before the absolute change is read.

The next step on Evolution Gaming

Request an in-depth company review

The review, the diagnostic and the market-data forecast: what the company is worth today, where the value is leaking, and what the next four quarters look like if nothing changes.

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