A casino lobby is a shelf. The games on it come from studios, and the studio decides the things that actually govern a session: the return to player, the volatility, the mechanics and the maximum win. The casino decides none of those. It decides which shelf to stock and, in many cases, which configuration of a game to stock.
There are also far fewer studios than there are logos. Of the eight names on this page, five belong to two parent companies and one is not a studio at all. Last checked 25 September 2026.
Who actually owns what
| Name | Owner | How it got there |
|---|---|---|
| NetEnt | Evolution | Acquired in 2020, a SEK 19.6 billion offer for 90 percent of the shares |
| Red Tiger | Evolution | Acquired by NetEnt in 2019, then came with NetEnt |
| Big Time Gaming | Evolution | Acquired in April 2021 for 450 million euros |
| Quickspin | Playtech | Acquired in 2016 for up to 50 million euros |
| Playtech | Independent, listed in London | Founded 1999 in Tartu, Estonia |
| Pragmatic Play | Independent | Malta based, multi vertical |
| Hacksaw Gaming | Independent | Founded 2018, based in Msida, Malta |
| Croco | Not a studio | Play Croco is an online casino, not a games developer |
Three of the eight are Evolution. That matters for anyone trying to judge a lobby by its supplier list: a site advertising NetEnt, Red Tiger and Big Time Gaming is advertising one company three times. The same pattern runs through this market, and we found it among casino brands and among payment providers too, on safe online casinos and payment methods.
What the studio decides, and what it does not
| Set by the studio | Set by the casino |
|---|---|
| Return to player, as a set of available configurations | Which configuration to run |
| Volatility and hit frequency | Which games appear in the lobby at all |
| Maximum win, expressed as a multiple of the stake | Minimum and maximum bet, within the studio’s range |
| Mechanics, features and whether a bonus buy exists | Whether a bonus buy is enabled |
| Nothing about your money | Deposits, withdrawals, bonus terms, support, licensing |
The bottom row is the one to remember. A lobby full of respected studios says nothing about whether the operator pays, how fast, or on what terms. Those are questions about the casino, and they are answered on fast withdrawal casinos and safe online casinos.
The same game, two different returns
This is the least known fact in the industry and the most useful. Studios commonly ship a title in several return to player configurations, and the operator chooses which to run. Two casinos can both offer the same named game at meaningfully different returns, with identical artwork and identical mechanics.
The number that applies to you is the one in that casino’s own game information screen, usually reached from a menu inside the game rather than from the lobby tile. Check it there rather than on a studio’s marketing page or a comparison table, including this one.
Volatility, stated plainly
Return to player is a long run average across a very large number of spins. Volatility describes how the same average is distributed: low volatility pays small amounts often, high volatility pays rarely and larger.
Two games at the same return to player can feel completely different, and a high volatility game with a 10,000x maximum win is not more generous than a low volatility one. It is the same expected return arranged differently, with a much longer expected losing streak on the way. No game is ever due and no staking pattern changes the odds.
What each studio is actually known for
| Studio | Known for |
|---|---|
| Playtech | Platform as well as games. Age of the Gods progressive network |
| Pragmatic Play | Volume and tumbling multiplier mechanics. Gates of Olympus, Sweet Bonanza, Big Bass |
| Hacksaw Gaming | Extreme volatility, instant win and scratch formats |
| NetEnt | Long running classics. Starburst, Gonzo’s Quest |
| Quickspin | Narrative pokies and engagement features |
| Big Time Gaming | Inventing Megaways, and licensing it to other studios |
| Red Tiger | Daily Jackpots that must drop by a deadline |
Checking a lobby properly
- Count companies, not logos. Three Evolution studios is one supplier relationship.
- Open a game and find the information screen. The return to player shown there is the one that applies to you.
- Check the volatility rating in the same screen, and the maximum win multiple.
- Check the bet range, which the casino sets within the studio’s limits.
- Check whether a bonus buy is enabled, since operators can turn it off.
- Ignore the supplier list when judging the operator. Judge that on the footer, the licence and whether it pays.
Where this sits legally
Studios are suppliers, and the licensing regime applies to operators rather than to the games on the shelf. No operator holds a New Zealand licence. Playing at a transitional market provider is legal for players until 1 December 2026, and DIA warns that the activity remains unregulated until the licensed market exists.
Once licences are granted, the Regulations bring product rules that do reach the games: autoplay is prohibited for licensed operators. The timeline is on our main casino page.
If gambling is not staying fun
Studios compete on how engaging a game feels, which is a different thing from how it pays. Features, near misses and escalating sounds are design choices, not signals. No game is ever due, and chasing a loss is not a way to recover it.
Use the deposit and loss limits in your account, take a time out, or use self exclusion at every operator you hold an account with, remembering New Zealand has no shared exclusion register yet. Free, confidential help is available 24 hours a day from Gambling Helpline Aotearoa on 0800 654 655 or by free text to 8006. Dedicated lines: Māori 0800 654 656, Pasifika 0800 654 657, debt 0800 654 658, youth 0800 654 659. Service information is at safergambling.org.nz. You must be 18 or over to gamble.
Questions we get asked
Does the software provider affect my chances?
It sets the return to player range, the volatility and the maximum win. The casino picks which configuration to run, so check the figure inside the game rather than on a marketing page.
Can the same game have different RTP at different casinos?
Yes. Studios commonly ship several configurations and the operator chooses. Same artwork, same mechanics, different return.
Are NetEnt, Red Tiger and Big Time Gaming separate companies?
Not any more. All three belong to Evolution, which acquired NetEnt in 2020, gained Red Tiger with it, and bought Big Time Gaming in April 2021.
Is Quickspin independent?
No. Playtech acquired it in 2016 for up to 50 million euros.
Is Croco a software provider?
No. Play Croco is an online casino rather than a games developer, which is why it sits oddly in a list of studios. See Croco.
Does a good provider list mean a good casino?
No. Studios supply games. Whether the operator pays, how quickly and on what bonus terms are separate questions about the operator.
What does high volatility mean?
The same long run return delivered less often and in larger amounts, with longer losing runs in between. It is not a better or worse game, it is a different distribution.
Sources
- Studio and casino sites read 25 September 2026, including playcroco.com
- Reported acquisition record: Evolution and NetEnt in 2020, NetEnt and Red Tiger in 2019, Evolution and Big Time Gaming in April 2021, Playtech and Quickspin in 2016
- Department of Internal Affairs, Online Casino Gambling, including its published Q&As, version 3.0, 17 July 2026
- Gambling Helpline Aotearoa and Safer Gambling Aotearoa
About the author: Matt Donaldson
Editor and casino reviewer, Christchurch
I check the player journey, including the terms, games, support and account controls. A payment result appears as first-hand evidence only when it is in the recorded test.
Each category score is based on what was observed. If a feature was not checked, it is marked Not tested.
Read Matt's profileClear reviews for New Zealand readers, built from recorded observations and updated when the source or market status changes.
- Evidence before adjectives — each claim is tied to an action, source, date, device, amount or operator reply recorded during the review.
- Four categories kept separate — Player Safety & Trust, Games & Usability, Bonuses & Terms, and Banking & Withdrawals are assessed on their own evidence.
- Honest scores — whole points from 1 to 5 only. When a category was not checked directly, it is marked Not tested.
- New Zealand status checked — access, transitional permission, an application and an issued DIA licence are described as different things.
- Updates stay visible — time-sensitive terms and regulatory claims are checked again, and confirmed errors are corrected.
