Highlights
- NODWIN Gaming sold its EVO stake to Saudi-backed RTS, ending a co-ownership that began in August 2025.
- The company will stay on as a marketing partner focused on emerging markets.
- RTS now has full control of EVO, with the 2026 circuit set for Tokyo, Las Vegas, and Nice, and Singapore joining in 2027.
NODWIN Gaming has sold its ownership stake in the Evolution Championship Series (EVO) to RTS, the esports and entertainment company now fully owned by Saudi Arabia's Qiddiya Investment Company. Financial terms were not disclosed.
The sale ends a co-ownership arrangement that began in August 2025, when NODWIN acquired Sony Interactive Entertainment's share in EVO. Under the new deal, NODWIN will stay involved as a marketing partner, tasked with expanding EVO's footprint in emerging markets.
RTS now has sole control of EVO, the annual fighting game tournament that attracted 10,244 competitors at its 2024 Las Vegas edition.
What the EVO exit means for NODWIN Gaming's bottom line
The exit aligns with a broader financial cleanup at NODWIN. The company returned to EBITDA profitability in the third quarter of 2025 and reported 58% year-over-year revenue growth across the first nine months of fiscal year 2026, reaching INR 530.3 crore ($58.5 million). Shedding the ownership position while keeping a commercial relationship frees up capital the company says it wants to put toward building homegrown intellectual properties and expanding operations across the Global South.
NODWIN will continue to support EVO's growth in emerging markets through its regional operations and community ties. Details on that partnership are expected in the coming months.
"EVO represents the passion and spirit of the fighting game community, and we see RTS as the right partner to guide its next chapter," said Akshat Rathee, co-founder and managing director of NODWIN Gaming. "For us, this sharpens our focus on markets where gaming is seeing extraordinary momentum."
For RTS and its backer Qiddiya, the full acquisition gives them uncontested control over one of competitive gaming's most recognized brands. EVO's roots go back to 1996, and the tournament circuit has grown into a global operation. The 2026 calendar is already set: Tokyo in May, Las Vegas in June, and Nice in October. Singapore will join the rotation in 2027.
