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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.
6SignalsPublished market signals that name this company.
B2B supplierLive Casino Leader

Evolution Gaming

Current signalBrazil Ban, Q3 on 23 Oct

The read

Evolution is the global leader in live casino games sold to operators, holding about 65% of the market by revenue. It turns game formats into branded franchises (Crazy Time, Lightning Roulette).

That keeps operators loyal, and it works as a brand advantage. In Q1 2026 it reported its first fall in net revenue.

Europe, about 67% of revenue, is now what management calls its 'main headache', under tighter UK, German and 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 6 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 it is losing you money, 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 combines the 7 drivers below into one number. Every company on the board is scored the same way. It answers one question: how much of this company’s worth its brand and its customers have built, and how much it has to buy again every quarter.

Evolution Gaming scores 92, brand equity 92. That is 1st of 63 suppliers. A buyer shortlists three to five names and compares only those, so the score reads as a position in the field.

Brand-capital position

Brand equity 92 still reflects strong recognition and operator preference. The investor story is now defensive, with regulatory headwinds to manage and growth no longer the lead.

The gap between the strength of its product brands and a forward-looking company story is widening.

What is being tracked
  • Brazil's ban, signed 25 Sep, takes every licensed operator offline on 6 Oct. JPMorgan puts Brazil at about 9% of Evolution's sales, and the shares fell about 7% in five days to 29 Sep. Q3 results are due 23 Oct. EVA read: revenue that sits on someone else's licence stops the day the licence stops.
  • Q2 2026 net revenue €517.8M, down 1.2% on last year as reported but up 2.4% at constant currency; EBITDA (profit before interest, tax and write-offs) €341.0M, a 65.9% margin
  • Live casino €434.9M; RNG (digital slot and table games) €78.2M
  • Europe (by player location) down 11.9% to €167.1M as fewer players reach licensed casinos; CEO Carlesund's stated 'main headache'
  • Americas at an all-time high: North America up 10.1% to €78.7M, Latin America up 29.3%; acquired a live-casino studio in Argentina; regulated revenue now about 48% of the group
  • Galaxy Gaming acquisition (announced Jul 2024, about $85M) now hinges on the final two US approvals, Nevada and Louisiana, with the outside date extended to Jul 17, 2026. Nevada's strict stance on unregulated markets is the main obstacle. Jul 17 also coincides with Evolution's Q2 2026 results, so the outcome and the results land on the same day
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 they bring in.

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 grows on itself.

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 score hides where the value sits. Two companies scoring 70 can be very different businesses. 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

Discounting can buy revenue. It cannot buy brand equity. When brand sits below the overall score, the business has to keep re-earning its position. That shows up in the price a buyer will pay long before it shows up in revenue.

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 matters more than level over time. A company gaining on a flat field is building its position. One sliding while the field rises is losing ground twice.

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

The next step on Evolution Gaming

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

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