Evolution says Brazil studio can reopen despite provisional betting ban

Evolution said it can reopen its Brazilian live casino studio despite a provisional ban that forced the site to close on 5 October 2026. Chief executive Martin Carlesund described the shutdown as “extremely regrettable” and told analysts the company is prepared to accelerate operations if Brazil reopens its market. The prohibition stems from Provisional Measure 1.394/2026, which bars online sports betting and casino gambling.

Legal timetable and political context

President Luiz Inácio Lula da Silva won the 25 October 2026 presidential runoff with 51.76% of the vote against Flávio Bolsonaro, while signalling continued support for the ban. Final status will be decided by the National Congress and the courts: Congress has until 23 November 2026 to vote on the provisional measure, and Supreme Court Justice Luiz Fux will consider lawsuits filed by industry associations ANJL and IBJR.

Evolution's stance and guidance

Carlesund rejected the idea that the closure might be a short-term benefit and said the company would not speculate on immediate revenue effects because Evolution does not split results by country. He added:

“If Brazil reopens its market, we are ready to accelerate.” — Martin Carlesund, CEO

Evolution called the closure an abrupt change to Brazil’s newly introduced regulatory system and said the move would make the fourth quarter very busy for the business.

Financials and operational detail

For the third quarter, Evolution reported revenues of €526.1 million, up 3.7% year on year, and adjusted EBITA of €345.9 million. Year‑to‑date EBITDA margin stands at 65.7% against a target of 66%. Remote games revenue rose 10.1%, while live casino revenue increased 2.6%.

Market implications

Carlesund declined to state whether Brazilian revenue would fall to zero in Q4. He noted that earlier restrictions in other jurisdictions are not comparable, primarily because local operators had bought five‑year licences. Evolution said it will maintain its year‑end margin target while monitoring the legal process. For ongoing regulatory developments see regulation and for company results see news.