Gaming company Evolution is struggling with cyberattacks, IP blocks and license audits
According to CEO Martin Carlesund, gambling giant has evolution constantly struggling with cyberattacks and IP blocks [Link to English]. In a conference call on the 2024 financial results, Carlesund explained that Evolution was exposed to targeted cyberattacks in Asia that would affect the transmission of live casino games via video streams to online casinos.
Carlesund also stated that it was unclear who was behind the hacking attacks on Evolution and why they were focusing on the Asian market. He emphasized that Evolution will tighten its security measures and introduce technical barriers to better protect the company from cyberattacks.
In parallel to the cyber attacks, Evolution is facing regulatory challenges in Europe, as regulators are increasingly enforcing IP blocks. As a result, players from the affected countries would no longer be able to access Evolution's offerings from gambling providers. Carlesund made a statement about this:
We want high channelization. We fully agree with all regulatory authorities, wherever they are. We want it to be 100%, whether it's local licenses, etc. And in the past there has been no internet shutdown by a regulator. No matter what the regulations are, the Internet is open. And now regulators are pushing a little to block the Internet. – Martin Carlesund, CEO of Evolution, iGB
Evolution: Market leader in live casino games
Gambling developer Evolution is the market leader for live casino games. The company offers a wide range of game variants for Live Roulette, Live Blackjack and Live Baccarat. In addition to casino classics, Evolution also provides live game shows such as Dream Catcher, Monopoly Live and Deal or No Deal Live in online casinos.
However, Evolution offers live casino games not only in Europe and Asia, but also in the USA. Gamblers in the US state of New Jersey can, among other things, rely on the popular live game show Crazy Time.
In 2020 Evolution took over the competitor NetEnt [Link to English] and has since then also been offering the developer's slots. This also includes the online slot machines from the provider Red Tiger, which was bought by NetEnt in 2019 and also became the property of Evolution with the takeover. However, Evolution does not develop its own slots.
British Gambling Commission examines Evolution's license
According to Carlesund, the British gambling authority UK Gambling Commission (UKGC) is currently examining Evolution's license in Great Britain. The UKGC found that the company's games were also offered on gambling sites that do not have a British license.
Evolution has already informed its investors about the audit and stated that it could lead to various results. In the worst case scenario, the company could have its gaming license in Great Britain revoked.
Carlesund also emphasized that Evolution is committed to the regulated gambling market in Great Britain and wants to prevent its games from being offered on unlicensed platforms. The CEO explained:
We are now taking strong action and using all technical means at our disposal to ensure that our games in the UK are only available through operators licensed by the Commission. – Martin Carlesund, CEO of Evolution, iGB
The UK gambling market would currently account for 3% of Evolution's total revenue, according to Carlesund. Despite the current challenges, the company's sales increased by 23.1% to 2.21 billion euros in 2024. Net profit increased by 16.2% to 1.24 billion euros.
Evolution also announced that CFO Jacob Kaplan will be replaced by Joakim Andersson on February 18 after nine years in the position. However, reasons for the change were not given.
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