Evolution has closed its live casino studio in Brazil, with CEO Martin Carlesund criticizing the country’s recent ban on online gambling as a “populist” decision. The supplier has indicated readiness to resume operations swiftly should the ban be reversed.
What Happened
Evolution, a prominent live casino provider, has ceased operations at its studio in Brazil. This closure follows a new ban on online gambling in the country, which Evolution’s CEO, Martin Carlesund, has publicly described as a “populist” measure, according to NEXT.io.
The decision to halt operations in Brazil was made by Evolution in response to the regulatory changes. Despite the closure, the company stated that it is prepared to reopen the studio “on short notice” if the ban is overturned, as reported by iGaming Republic.
Key Details
- Evolution has closed its live casino studio located in Brazil (NEXT.io).
- CEO Martin Carlesund criticized Brazil’s online gambling ban, labeling it as a “populist” move (Evolution CEO Slams Brazil Betting Ban As Q3 Revenue Returns To Growth).
- The company is prepared to resume operations “on short notice” if the ban is reversed (NEXT.io).
- Evolution’s margin guidance remains unchanged despite the Brazil studio closure (NEXT.io).
- Carlesund referred to Brazil’s betting ban as a “total negative” (iGaming Herald).
Why It Matters
The closure of Evolution’s Brazil studio and the commentary from its CEO highlight the challenges faced by international operators in markets undergoing significant regulatory shifts. Carlesund’s characterization of the ban as “populist” suggests a perception within the industry of regulatory decisions potentially driven by political motivations rather than comprehensive market assessments. This event may serve as a case study for other operators navigating emerging or evolving regulatory landscapes in Latin America.
The supplier’s stated readiness to reopen indicates a strategic interest in the Brazilian market, suggesting that the long-term potential of the region is still recognized, despite current operational hurdles. This situation underscores the fluidity of regulatory environments and the necessity for adaptability among B2B providers in regulated gaming markets, as noted by iGaming Republic.
What’s Next
Evolution has communicated its readiness to reopen its Brazil studio “on short notice” should the ban on online gambling be reversed, according to NEXT.io. The company’s margin guidance remains unchanged, indicating that the current disruption in Brazil is not anticipated to have a broader impact on its overall financial outlook.
Originally reported by NEXT.ioPublished
Sources & References
Primary source
- NEXT.ionext.io