Martin Carlesund

From his early exposure to the family business to becoming one of Sweden's youngest CEOs of a publicly listed company, Martin Carlesund's path into the gaming industry has been shaped by aspiration and focus. Since joining Evolution in 2015, he has led the company through expansion and diversification.

Journey from early determination to a career at the top

Carlesund’s exposure to the business world began early. Born in 1970, he grew up in a medium-sized Swedish town and frequently attended sales meetings for his family’s sewing business when he was quite young. This sparked a strong determination to reach the top of the corporate world.

In a 2020 CEO special interview with Global Gaming Insider’s Editor Tim Poole, Carlesund noted: “I was sure I wanted to run a company in some shape or form – that was very early. That was the ambition and that was my goal; it was clear quite early.”

He holds a master's degree in finance, along with courses in computer science, law and mathematics, from the University of Borås, the Gothenburg School of Economics and Linköping University.

Carlesund was a developer and programmer who started working with Ericsson early in his career.

After moving to the Netherlands, he built experience in the telecoms sector. At age 29, he became Sweden's youngest CEO of a publicly listed company. He has also been CEO of Eniro Sweden and Eniro Finland, part of the Nordic digital search and marketing group.

Carlesund entered the gaming world through a friend in 2009, joining Highlight Media – “the largest affiliate at that time in the industry.” His current employer recognised his experience, potential and drive to succeed in 2015, bringing him in as CEO for Evolution Malta, the operative unit of the group. In 2016, he progressed to the Group CEO.

A decade at Evolution – transforming a live casino leader

Carlesund once described his journey with Evolution since taking over as a road “intense, hungry, full speed ahead.” During his tenure, Evolution significantly expanded its portfolio beyond live casino through a series of strategic acquisitions, including NetEnt, Big Time Gaming and Nolimit City, transforming the company into a diversified gaming powerhouse.

Under his leadership, the company expanded strongly outside Europe, entering North America in 2018 with the acquisition of Ezugi. That year, it opened new production hubs in New Jersey and Canada. The company also signed live casino agreements with Unibet in New Jersey and with Hard Rock Hotel and Casino in Atlantic City.

Multiple other product launches followed across both Europe and North America, while live casino studios continued to sprout worldwide. In 2023, Evolution opened its first studio in Argentina, while in 2025, it did the same in Brazil and in the Philippines.

How is Evolution performing recently?

In recent years, Evolution has nearly doubled its annual revenue, growing from €1.07bn ($1.2bn) in 2021 to €2.07bn in 2025. Growth was particularly strong between 2021 and 2024, before slowing in 2025. Adjusted EBITDA followed a similar trajectory, increasing from €734.7m in 2021 to €1.41bn in 2024, before dipping slightly to €1.37bn in 2025.

In February 2026, Martin Carlesund described 2025 as a challenging year for Evolution, with revenue remaining virtually flat, up just 0.2% from the previous year. He attributed the slowdown primarily to mounting regulatory pressure and declining channelisation in Europe, while pointing to North and South America as more stable markets offering significant growth potential.

In Q3 2026, Evolution reported a 3.7% year-on-year increase in net revenue to €526.1m, as growth in live casino and random-number-generator (RNG) games lifted its top line. Adjusted EBITDA increased 2.7% to €345.9m, although the adjusted margin narrowed to 65.8%. Profit for the period fell 3.6% to €243.3m.

Across the first nine months, net revenue edged up 0.3% to €1.56bn, adjusted EBITDA eased 0.2% to €1.02bn and profit fell 1.1% to €746.7m.

Carlesund commented on the results, noting that: ‘’For the first time since 2024, all regions reported quarter-on-quarter growth." He reported sequential increases of 0.4% in Europe and 0.8% in Asia, even as Europe remained weaker on an annual comparison.

After the reporting period, Evolution temporarily closed its Brazilian studio following an October change in the country's regulatory framework. The company said the outcome remains unclear and estimated that Brazil represents well below half of Latin American revenue when measured by player IP. That development did not affect the completed third-quarter figures.

What is the latest on Evolution's Playtech lawsuit?

However, Evolution's journey has not been without challenges; the company faced regulatory scrutiny and is embroiled in a high-profile legal dispute with competitor Playtech.

Evolution accused Playtech of commissioning private investigation firm Black Cube to produce a damaging report alleging that its games were available in prohibited markets. Playtech rejected accusations of a smear campaign, maintaining that the investigation raised legitimate compliance concerns.

When the report first became public in 2021, and its origin was unknown, Carlesund said the company was blindsided, while its immediate reaction was efficient crisis management. Following the unveiling of Playtech, he expressed disappointment in the competitor's unethical practices.

The dispute gained further attention following the publication of a Spectrum report, which Playtech said supported several findings of the original investigation.

In a recent Q3 earnings call, Carlesund denied the possibility of a settlement, noting that Evolution is in ‘’a full lawsuit with them, and that will continue as we go forward."

Why did Evolution receive a £4.75m fine from the Gambling Commission?

 The Gambling Commission found Evolution games available on six unlicensed websites targeting or accessible to consumers in Great Britain. The regulator identified shortcomings in the company's risk assessments and supply-chain oversight. Evolution subsequently strengthened its controls and geo-blocked the affected games, agreeing to a £4.75m ($5.7m) regulatory settlement announced in July 2026.

Commenting on the settlement, Carlesund said: “At Evolution, we always want to do what is right, and it is not acceptable that six unlicensed sites offered Evolution content in the regulated UK market. We do not want traffic from unlicensed operators and will always move quickly to address any such situation.''

Carlesund’s leadership style: Relentless ambition, grounded in humility

Carlesund has continuously placed considerable emphasis on acquisitions, expansion, ongoing investment in people, live casino technology, studio development and new gaming content, ensuring Evolution maintains its competitive edge.

Over the past decade, his leadership has been defined by a constant drive to find new opportunities for growth and market-share expansion, while maintaining a strong focus on profitability, EBITDA margins, cash flow and operational efficiency.

His past statements reveal the size of his ambition. In a 2020 interview with Global Gaming Insider commenting on what sets apart live casino suppliers from their competitors, Carlesund noted: “We are crazy, paranoid; we really want to be better every day. We want to be the best company in the world.”

However, remaining modest, Carlesund at no point claimed Evolution actually is the best, not even in gaming. In contrast to this quote showing his grandiose determination, the successful executive has historically expressed his intention to remain “humble.”

He acknowledged the importance of a good team. “The people working at Evolution are fantastic,” he said. “We’re built by thousands of talented employees. Without them, I would be nothing. My job is to ensure they can be the best every day. In everything I do, that is the most important thing. These people deserve that. Our total success and everything we do comes down to them.”

Ultimately, Carlesund's leadership approach reflects a balance of strong commercial ambition and humility in a relentless pursuit of improvement.

Industry recognition at Global Gaming Awards

In 2022, Evolution was named Online Casino Supplier of the Year at the Global Gaming Awards in Las Vegas. This marked the fourth consecutive year the company received the accreditation, having first won in 2019.

Furthermore, in 2021, Evolution secured a triple win at the virtual Global Gaming Awards 2021 ceremony, streamed live from London. In addition to winning the Online Casino Supplier Award, its NetEnt and Red Tiger brands both received top product awards.

Carlesund was individually nominated in the Chief Executive of the Year category at the 2021 awards, finishing joint third alongside Peter Jackson of Flutter Entertainment.

More recently, Evolution was nominated for both Digital Supplier of the Year and Digital Product of the Year 2026 Awards.