Evolution Lambasts Brazil’s Betting Ban, Calls It “Populist” Move

Martin Carlesund, chief executive officer of gaming supplier Evolution, didn’t mince words when talking about Brazil’s betting ban, calling it a highly unfortunate result of a populist agenda. Despite closing its local live casino studio, Evolution noted that it could easily return to the market if it reopens. Brazil Closed Its Online Gaming Market For context, Brazil opened its iGaming market in 2025, introducing regulation for online casinos and online sports betting. As one of the biggest markets in the world, the country immediately attracted a lot of attention from the international gaming industry, with many operators and suppliers quickly securing a license. However, less than two years after the launch of online gaming, Brazil changed its mind, with President Luiz Inácio Lula da Silva signing Provisional Measure 1,394. The measure prohibited online gaming, effectively shutting down the flourishing industry overnight. While the ban has yet to be signed into law, Lula’s recent reelection makes that very likely. Operators were shaken by the sudden closure of the market. In addition to disproportionately affecting smaller companies, the sudden ban undermined investor confidence in the Brazilian market and disgruntled the gaming industry. Evolution’s CEO has become one of the latest gaming executives to weigh in on the matter. Evolution Says the Ban Is a Populist Move During Evolution’s recent Q3 earnings call, Carlesund said that the closure of the Brazilian market was highly unfortunate. According to him, this was the result of a “populist agenda” that demolished a young regulatory framework only a year and a half after it was introduced. Carlesund’s comments came before Lula’s re-election, with him saying that the outcome might affect the future of online gaming in Brazil. Since Lula won, however, the ban is likely to remain in place. In the meantime, Evolution had to shut down its live casino studio in Brazil due to the ban. While this was an unfortunate result of Provisional Measure 1,394, Carlesund noted that his team would be open to returning to Brazil if the market reopens. If Brazil reopens its market, we are ready to accelerate. Martin Carlesund, CEO, Evolution Carlesund’s statement is similar to what Kambi officials said around the same time. Kambi was likewise disappointed by the decision, but said that it would be open to returning, should anything change. While Carlesund was asked whether Brazil’s absence of ring-fencing means that Evolution could actually benefit from the situation, the CEO firmly painted the ban as a “total negative.” He added that Evolution will now prioritize supporting its employees in the country. Despite the closure of Evolution’s office in Brazil, the company did not introduce changes to its FY 2026 guidance. Despite his disappointment, Carlesund said that this is not the first time a market has udergone volatility or uncertainty.