One Visaya Gaming Loses License for KYC Violations, Evolution Philippines Studio Unaffected

Evolution AB's partner in the Philippines, One Visaya Gaming Corp., had its gaming system administrator license revoked by the Philippine Amusement and Gaming Corporation (PAGCOR) due to violations of know-your-customer (KYC) rules, requiring the shutdown of its online casino platform Bigwin29 by October 8. Despite this, One Visaya retains its land-based license necessary for operating Evolution's live casino studio, which Evolution insists remains unaffected as the Business-to-Consumer (B2C) and Business-to-Business (B2B) licenses are independent. Evolution emphasized its trust in One Visaya as a partner and clarified that the license revocation does not impact their live studio operations launched earlier this year. Following the news, Evolution's shares dropped between 4.5% to nearly 6% in the Stockholm market, reflecting investor concerns amid ongoing regulatory pressures. One Visaya has reportedly filed a motion for reconsideration regarding the license revocation, with PAGCOR yet to issue a final decision. The Philippines remains a key growth market for Evolution as it expands in Asia despite regulatory challenges.