Evolution Criticizes Brazil's Betting Ban

Martin Carlesund, CEO of live casino game provider Evolution, spoke harshly about Brazil's betting ban. Carlesund described the ban as a very unfortunate result of a populist agenda. The company was forced to close its live casino studio in the country.

Brazil opened its iGaming market in 2025 by introducing regulation for online casino and sports betting. The country, one of the largest markets in the world, quickly attracted many operators and providers. However, less than two years later, President Luiz Inácio Lula da Silva signed Provisional Measure 1,394. This regulation banned online gaming and brought the growing sector to a halt overnight.

The law has not yet been enacted, but Lula's re-election indicates it will most likely happen. Smaller companies are paying a heavier price for this sudden decision. Investor confidence in the Brazilian market has also been damaged.

In Evolution's third-quarter earnings call, Carlesund argued that the ban has torn down a young regulatory framework established only a year and six months ago. Evolution did not change its 2026 fiscal year forecasts despite the ban. Carlesund noted that volatility and uncertainty in markets have occurred before. Still, he considered the ban a wholly negative development for the company. Evolution will now prioritize supporting its employees in the country.