Evolution’s Asian Expansion Hampered Due to Lost Licence

In June 2025, Evolution Gaming AB launched its first live casino studio in Asia, opening a facility in Cebu to support licensed online gaming operators in the Philippines. The country has the first officially licensed framework for online gambling in Asia.

The iGaming supplier is facing regulatory concerns in Asia after its Philippine partner lost a key licence, although it insists that its newly launched live-casino studio is not affected. This development highlights the growing compliance risks as Evolution expands internationally.

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 Evolution’s Philippine Partner Loses Licence

Evolution’s studio, developed in partnership with One Visaya Gaming Corporation (OVG), features live Baccarat tables with plans to expand later this year to include game show formats like Lightning Roulette, Marble Race and Super Color Game.

However, a recent announcement by the Philippine Amusement and Gaming Corporation (PAGCOR) saw the gaming system administrator licence of the Cebu-based One Visaya Gaming Corp being revoked. The decision was linked to violations of KYC requirements designed to circumvent fraud and money laundering. 

The suspension applies to OVG’s online casino platform Bigwin29, which was forced to shut down on October 8th. Content suppliers, including Evolution, are strictly prohibited from offering games to the site. 

OVG’s separate licence to operate the live-casino studio in partnership with Evolution remains in effect, and both companies have stated that the two licenses are wholly independent. It has been reported that One Visaya has filed a motion for PAGCOR to reconsider its action, but the regulator has not yet responded. 

 Financial Market Response

The revocation announcement saw an immediate market response, with Evolution’s shares falling 5.9%, before closing about 4.5% lower in Stockholm trading. 

The decline followed a strong Q2 2025 earnings report, which saw the stock rise 7% after results exceeded expectations. The company remains bullish on Asia, and specifically the Philippines studio as a key growth area, despite frequent cyber attacks.

Gionata La Torre, Evolution’s CEO for Europe, stated that the new studio was a major milestone in their long-term commitment to the region and that partnering with OVG allowed the company to deliver live content tailored to local preferences through licensed operators that comply with regulatory standards.

 Unregulated Market Exposure

The licence cancellation comes as Evolution faces increased scrutiny over its exposure to unregulated markets. Leaked recordings in August suggested that the company’s executives were aware that the supplier’s games were accessible in restricted markets, including China. 

The revelations saw the company’s market value plummet more than 10%. Evolution insists that it uses standard monitoring tools and rigorous due diligence to prevent unauthorised access, but in its Q2 results report, the company disclosed that 56% of its revenue is derived from unregulated markets. 

Regulatory issues are not limited to Asia; the company has also been named in a civil enforcement lawsuit filed by the LA City Attorney against sweepstakes casino Stake.us and other parties, alleging illegal gambling in California. 

Soon after the filing, Evolution withdrew its games from Stake’s California operations, but continues to supply other sweepstakes platforms across the US. Evolution’s exposure to the sector is under threat, as sweepstakes casinos face mounting enforcement issues across states.

Challenging Times Ahead 

Although Evolution maintains that the live casino studio remains unaffected, a successful appeal by One Visaya would reduce pressure, while failure by PAGCOR to reconsider its decision could undermine confidence in the partnership.  While Evolution has identified Asia as a long-term growth project, mounting issues means that challenging times lie ahead. 

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