Evolution calls Brazil’s betting ban ‘populist’ & shuts studio
Asked if Brazil’s lack of ring-fencing could help, Evolution’s CEO called the ban a total negative.
The hit
Evolution has shut its Brazilian live casino studio & its CEO has branded the country’s betting ban a populist move. Martin Carlesund told the firm’s Q3 earnings call the ban demolished a young regulatory framework, according to GamblingNews.
Why it matters
GamblingNews reports the sudden ban disproportionately hit smaller companies & undermined investor confidence in the Brazilian market. Carlesund says Evolution would return fast if the market reopens. Evolution says it will prioritise supporting its employees in the country.
The record
| Market opened | Brazil launched regulated online casino & sports betting in 2025 |
|---|---|
| Ban signed | President Lula signed Provisional Measure 1,394 to prohibit online gaming, according to GamblingNews |
| Time to collapse | Ban hit the market a year & a half after regulation launched (Carlesund) |
| Financial guidance | Evolution kept its FY 2026 guidance unchanged despite the Brazil closure |
| Industry echo | Fellow supplier Kambi also voiced disappointment & says it would be open to returning, should anything change |
What happens next
Watch whether the ban is signed into law, a step GamblingNews says Lula’s re-election makes more likely.
Sources: Evolution Lambasts Brazil’s Betting Ban, Calls It ‘Populist’ Move
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