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Evolution limits US sweepstakes supply amid regulatory uncertainty

Deals & M&A

Evolution chief executive Martin Carlesund said on the company’s Q3 2025 earnings call that it would supply sweepstakes casinos only in US states without regulatory or legal uncertainty. He said Evolution withdrew its games from California after a Los Angeles city attorney interpreted state law, and would leave any market if an authority directed it to stop.

Suppliers and operators should account for Evolution’s policy of exiting markets if authorities direct it to stop.

End-of-day close Evolution (EVO), SEK, to 8 December 2025
Story date9 September 20258 December 2025

Latest reported results

Evolution Nasdaq Stockholm: EVO

Quarter ended 30 September 2026

Revenue
EUR 526.1m

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