KEPLER
On August 6, 2025, EVO will release a new live game, which, as I understand it, is a “flagship game” for this year. It’s a similar spinning wheel game as Crazy Time and Lightning Storm, so we can reasonably expect players for this. We will monitor how player numbers evolve.
By the way, this Ice Fishing Live was already playable at Veikkaus, even though the official release is only about a week away. I tried it out, and here are my thoughts on the game:
- It is indeed a similar “wheel of fortune” as, for example, in Crazy Time, but the host does not spin the wheel themselves; instead, the spinning happens digitally, and the host just sits there until a bonus game appears.
- This means really fast rounds. The betting round is less than 10 seconds, and the spin happens very quickly. This allows for many rounds to be played in a short amount of time. (naturally a good thing for EVO)
- There are three bonus games, and they are all practically similar. The host goes ice fishing and catches a fish. The bigger the fish, the larger the winning multiplier. Minimum and maximum winnings depend on the bonus game (blue, yellow, red). Red is naturally the best for the player, but there is only 1 of them on the reel.
- It was fun that the host can actually feel “on the line” whether it’s a big or small fish and can comment to players that the line is tight now. At the same time, visuals have also been played with, and the fish are unnaturally large. Humor is also added by the fact that if it’s a really big fish, the host “gives up,” and a crane comes to help lift the fish, and if that’s not enough, then a helicopter, and if that’s still not enough, then an even bigger helicopter. Humor was played with a lot, and that was a good thing.
- In summary, I could say that initially, I was a bit skeptical because in live games, a human spinning the wheel brings a certain “authenticity” to the game, and players can be sure that the machine isn’t cheating them. However, I didn’t notice any complaints in the chat about this, although there were still relatively few players, as it seems to be released only on a few casinos. I understand EVO’s desire to create such a version, because when the host doesn’t have to spin the reel, the rounds are fast, and that surely generates money for EVO faster, even with smaller player numbers.
We’re excited to share that Evolution has extended its partnership with PokerStars, part of Flutter Entertainment, to power Live Casino experiences across North America - in the United States and Canada. ![]()
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As part of this exclusive agreement, Evolution becomes the sole Live Casino provider for PokerStars in the United States, bringing world-class content to players in New Jersey, Michigan, Pennsylvania, as well as Ontario, Canada.
PokerStars players can now enjoy fan-favourites like Crazy Time, Lightning Roulette, Craps, and a wide range of Blackjack, Roulette, and Baccarat titles, with even more exciting content coming soon. ![]()
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This milestone builds on a strong, long-standing relationship between Evolution and PokerStars, reinforcing our shared commitment to innovation and player-first entertainment.

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So the same old story is brought up again, the investigation of which was closed a year ago.
And as a result, the stock takes a 7 percent hit from the opening.

Caravan and dogs? Let’s see where the investigation leads this time. ![]()
Evolution AB (publ) (“Evolution”) has, during the period 04 August - 08 August, acquired a total of 169,600 own shares within the framework of the repurchase programme introduced by the board of directors to improve the capital structure of Evolution by reducing the capital, and thereby creating added shareholder value.
Following the above acquisitions, Evolution’s holding of own shares amounted to 2,079,848 as of 08 August 2025. The total number of shares in Evolution is 204,462,162.
Since 21 July 2025 up to and including 08 August 2025, a total of 514,367 shares have been acquired within the scope of the programme. A maximum of 20,446,216 shares in total may be acquired.
At least they can buy their own shares cheaper when the news brings the price down.
Oh dear.
These were already debunked once, and now a recording has been dug up where:
“it is discussed how the company’s games have been playable in prohibited countries”
Which, depending on the context, can mean anything (such as a discussion about how the activity could be prevented, etc.).
If on the recording Calle himself isn’t bragging with the other brothers about how cool it is to finally get Funky Time running in Iran, then is this really anything more than Black Cube muddying the narrative to divert attention away from their client’s identity?
My inner activist investor is waking up and I see red when the firm Black Cube comes up. Harvey Weinstein, after all, hired the same guys to smear his accusers, and the firm has also engaged in at least interesting espionage in Eastern Europe for various questionable parties.
In my opinion, @Voimakyykky sums up everything essential here:
This playing field seems quite brutal, as these accusations come at certain intervals and shareholders panic every time. As a result, those reports are quite profitable for short-sellers, which also encourages them to continue this operating model.
For me, this “news” was the same old buzz as before. I assumed the owners would disregard the matter, but I was wrong. Ultimately, it’s all the same to me; the stock price eventually follows the numbers, and I’ve held this for a long time. A low stock price is even slightly positive for me due to substantial buybacks.
The whole claim is somehow absurd again; Evo still doesn’t choose its customers or take money from them. Evo only develops games for operators. If Evo’s games have been playable in the mentioned countries, so have those of other game developers, right?
Payday is coming again, this suits me just fine ![]()
Somewhat similar thoughts. A weapon manufacturer is accused of a bank robbery.
Threat scenarios pop up at regular intervals. So far, these have been buying opportunities.
I myself work as an expert in the Finnish branch of a Swedish listed company. Operating methods come across the bay to us efficiently, and the Swedish operating culture, which strongly emphasizes their (in themselves fine) values, has become familiar. The company has its own training materials for employees on these, which must be internalized, and all of this is emphasized in every slightly larger webcast, etc. etc. My field is not even “ESG-sensitive” in any way, but rather normal consulting services that are performed all over the world.
Evolution is also a Swedish listed company, but from the other end of the “ESG sensitivity” spectrum. What do you think about how much these matters are emphasized and gone through in their organization, especially when Black Cubes and other short-selling hyenas are constantly circling, and because they already have previous experience with similar unpleasant incidents?
Management’s actions at Evo must be completely flawless from this perspective, and with previous cases, one can be sure that considerable effort has also been put into the matter, especially since the management has enough of their own skin in the game. I cannot make intentional shady dealings profitable for Evo with any mathematics, considering the staggering size of the opportunity costs.
I myself would not be worried, although, of course, these rehashes of old news are annoying.
Is there any other benefit to revealing the report’s commissioner than possible compensation? According to rumors, it might be a competitor of Evolution, but how does Evolution itself benefit from the disclosure of the information?
If I’m speculating, it has/could have a positive impact on their public image. They get to say, “Look, all accusations are bogus, and competitor X is just trying to undermine our business.” And it doesn’t hurt at all if hundreds of millions in net compensation come in. ![]()
And as an added bonus, the competitor’s business will likely suffer significantly as a result. That is, if it’s a competitor. It could also be some short-selling firm.
This was quite interesting news. Red Tiger’s Megaways functionality has been licensed to countless others, and now it seems to be NoLimit City’s first licensing deal for their slot functionalities.
The Ice fishing game has been playable for a while now, and based on YouTube comments, it doesn’t seem to have hit the mark. I haven’t tried it myself, but it seems like a very dull game based on the videos. Fast rollers might be intrigued at first, but 3 similar-style bonuses probably won’t keep them interested for long.
The largest owner, Kenneth Dart, reported today that his ownership stake has increased from 17.15% → 20.31%.
If my math isn’t failing me, that’s a light €500m addition. I wonder if he bought directly from Capital Group’s funds.

I tried this myself; I’ve played other slots and live casino games sometimes, and I don’t remember getting bored with any game as quickly. All bonuses are similar, you can’t make any choices yourself, and nothing “live” happens in the bonus round except the host just holding the fishing rod. It’s quite an unreasonable task for the host to hype it up and make it interesting. Perhaps they were aiming for a fast-paced, slot-style live game here, but it feels like it doesn’t really serve either purpose.
In my opinion, the appeal of gameshow games is based on what traditional slots cannot achieve, namely “genuine randomness” when the host spins a wheel or something is done live. In these “wheel of fortune” games, the most important thing are the bonus games, which, in my opinion, can be made interesting in two ways: the host does something in the studio and the win is determined by chance (e.g., Crazy Time’s Pachinko) or the player gets to choose something themselves (e.g., Crazy Time’s Cash Time).
Even this Ice Fishing game could have gotten a bit more kick if the player could, for example, choose the lure with which to trick the fish, or if the host actually fished out a “fish” from somewhere.
For a shareholder, the good thing about the game is that money disappears from the game account very quickly thanks to the fast game rounds.

