Evolution CEO ‘flabbergasted’ by Brazil betting ban
Evolution’s LatAm revenue grew 23.1% in Q3, before Brazil’s October suspension took effect.
The hit
Evolution CEO Martin Carlesund says the gambling supplier has temporarily closed its São Paulo studio after Brazil President Luiz Inácio Lula da Silva banned gambling in late September. Carlesund told analysts on Evolution’s post-Q3 earnings call that “everyone is flabbergasted about the situation in Brazil”, calling it “a total negative” for the industry.
Why it matters
The ban hit a regulated market that had only been live for a year & a half, & Evolution now has no timeline for reopening. Brazil’s Supreme Federal Court must still rule on whether Lula’s ban is unconstitutional, so the studio could reopen fast or stay shut for Q4 & beyond. Evolution has kept its full-year margin guidance regardless, even if Brazil revenue falls to zero.
The record
| Brazil ban announced | Late September, by President Lula da Silva |
|---|---|
| Studio launched in São Paulo | last year, per iGB |
| Ban took effect | Early October 2026 |
| Evolution LatAm growth | 23.1% year-on-year in Q3 (pre-ban) |
| Evolution Q3 net revenue | €526.1m ($585.2m), up 3.7% year-on-year |
| Pending ruling | Brazil’s Supreme Federal Court, on constitutionality of the ban |
What happens next
Watch Brazil’s Supreme Federal Court for a ruling on whether Lula’s ban is unconstitutional. Carlesund says the São Paulo studio is ready to reopen on short notice if the market reopens.
Sources: Evolution CEO ‘flabbergasted’ by Brazil betting ban
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