Live casino is now the fastest-growing product category in online gambling. Live dealer games generate higher gross gaming revenue per active player than slots, have significantly better retention metrics, and are the primary driver of VIP player acquisition at tier-1 operators.
The studio behind the live dealer experience matters enormously. Table aesthetics, presenter quality, bet limits, and the technical stability of the stream all directly impact player satisfaction and retention. This guide covers the studios that operators are actually signing contracts with in 2026.
Evolution Gaming: still the dominant force
Evolution's market position is extraordinary — they power the live casino at virtually every major regulated operator globally. Their product range spans blackjack, roulette, baccarat, poker variants, and game show-style experiences that have no equivalent at any competitor.
The core criticism of Evolution is price. Their revenue share agreements with operators are among the most expensive in the industry, and smaller operators often find themselves priced out. This has created an opening for tier-2 studios to target operators who need quality at a lower cost point.
Pragmatic Play Live: the serious challenger
Pragmatic Play Live has made the most significant gains on Evolution in the last two years. Their studio quality is now genuinely competitive, their game variety has expanded significantly, and their pricing is substantially more operator-friendly. Their biggest win: securing deals with operators who were exclusively Evolution-only as recently as 2023.
Ezugi (Evolution subsidiary) and the Asia-focused studios
Ezugi, now an Evolution subsidiary, continues to dominate the Asia-focused live dealer market with localized table formats, Asian presenters, and baccarat variants that resonate with South and East Asian players.
The Asia market represents the highest live casino revenue per player globally. Operators building Asian-facing products who aren't working with an Asia-specialized studio are leaving significant revenue on the table.
What B2B providers look for in 2026
The standout trend in live casino B2B is the shift toward exclusive tables. Operators are increasingly paying a premium to have branded live dealer environments — their own table felt, their own presenter wardrobe, their own branding in the studio. Exclusive tables convert better because they create a differentiated experience that players associate with a specific brand.
