The company was founded by Richard Hadida, Jens von Bahr and Fredrik Osterberg in 2006 and is headquartered in Stockholm, Sweden.

The idea of Evolution was born in Sweden in 2006. It was inspired by the world-renowned casino in Monte Carlo. Using the rapidly emerging technology, Evolution founders Jens von Bahr, Fredrik sterberg and Richard Hadida wanted to bring the excitement from the live player experience in to the home.

SpinX Games is a Hong Kong-based social casino game company that offers casino game mobile apps such as "Cash Frenzy." On August 2, 2024, SpinX Games was acquired by NetMarble.