Evolution Gaming’s Asian partner gets license revoked

Evolution Gaming faces a significant setback after its Asian partner, One Visaya Gaming Corporation (OVG), had its business-to-consumer (B2C) license revoked by the Philippine Amusement and Gaming Corporation (PAGCOR).

The license was withdrawn due to violations of know-your-customer (KYC) regulations. OVG is now required to shut down its Bigwin29 online casino by October 8th and cease all games offered on the platform.

The company’s shares fell nearly six percent since the news broke.

This development directly impacts Evolution, which partnered with OVG earlier this year to launch its first live casino studio in Asia. The studio, located in Cebu City, streams games like blackjack and baccarat to operators worldwide under OVG’s separate business-to-business (B2B) license.

While the B2B license remains intact, allowing the studio to continue its core streaming operations, the loss of the B2C license prevents OVG from distributing games through its own casino site.

Evolution moved to reassure stakeholders, stating that the studio itself is unaffected. A company spokesperson emphasized that the B2B and B2C licenses are independent and confirmed that Evolution conducts thorough due diligence on all its partners.

The revocation comes at a time of increased regulatory scrutiny for Evolution.

Recent court documents revealed internal discussions about its games being accessed in prohibited markets, though the company maintains it uses advanced systems to block such access and does not operate in sanctioned countries.

OVG has not publicly commented on the revocation but retains the right to appeal PAGCOR’s decision.

Evolution Gaming is a a multinational B2B product and service provider in the gaming industry. Employing 20,000 people, it is licensed and regulated by the Malta Gaming Authority as well as in other jurisdictions such as the United Kingdom, Belgium, Canada, Romania, South Africa, and others.

This incident represents a notable challenge to Evolution’s strategic expansion in the Asia-Pacific region, with analysts suggesting it underscores the regulatory risks inherent in international gaming partnerships and that Evolution’s future success will depend heavily on robust compliance and risk management.