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Evolution AB, a leading provider of live casino solutions, saw its share price plunge nearly 6% on October 2, 2025, following news that its Philippine business partner has been stripped of a critical gambling license by local regulators.
Philippine Regulator Revokes License
The Philippine Amusement and Gaming Corp. (PAGCOR) has revoked one of the gambling licenses held by One Visaya Gaming Corp., Evolution’s partner in the region. The decision comes less than three months after the two companies launched Evolution’s first live casino studio in Asia, marking a significant milestone in the company’s regional expansion strategy.
The revoked license applies to One Visaya’s business-to-consumer (B2C) casino site, Bigwin29, which must cease operations by October 8, 2025. PAGCOR cited violations of “know your customer” (KYC) rules as the reason for the revocation. These regulations are designed to prevent fraud and money laundering within the gaming industry.
Live Studio Operations Continue
Despite the regulatory setback, One Visaya retains its separate business-to-business (B2B) license, which allows the company to continue operating Evolution’s live casino studio. An Evolution spokesperson confirmed to Bloomberg that the B2C and B2B licenses are “completely independent of each other,” meaning the partnership’s live studio operations remain unaffected.
The distinction between the two licenses provides some relief for Evolution’s Asian expansion plans, as the live casino studio represents the core of the company’s strategic push into the region.
Market Reaction and Next Steps
Evolution’s stock dropped from 765.40 SEK on October 1 to 744.40 SEK on October 2, reflecting investor concern over the regulatory action. The company has the right to appeal PAGCOR’s decision.
The case highlights the regulatory challenges facing gaming operators in Asia, where authorities maintain strict oversight of the industry. Compliance with KYC requirements remains a priority for operators seeking to maintain their market presence in the region.
One Visaya Gaming Corp. has until October 8, 2025, to shut down its Bigwin29 platform. The company has not yet publicly commented on whether it plans to appeal the regulator’s decision.
Source: PAGCOR (Philippine Amusement and Gaming Corporation)
