NODWIN Gaming Sells EVO Stake to RTS, Saudi Arabia's Qiddiya Now Sole Owner of World's Biggest Fighting Game Tournament

The image shows EVO, Qiddiya, and Nodwin Gaming.

NODWIN Gaming has officially sold its entire stake in the Evolution Championship Series (EVO) to RTS.

To understand how we got here, it helps to rewind to September 2025. Saudi Arabia's ambitious mega-city project, Qiddiya, had acquired full ownership of RTS, the tournament organizer behind EVO. The announcement was made by Muhannad Aldawood, Qiddiya's Chief Strategy Officer, via LinkedIn on September 2, 2025.

In his statement, Aldawood described the acquisition as a "strategic step" to "strengthen Qiddiya's esports business and unlock new opportunities across the gaming ecosystem," adding that the goal was to elevate EVO to "new heights" in alignment with the aspirations of the fighting game community.

He also thanked RTS leadership and partners, including Akshat Rathee of NODWIN Gaming, for their role in finalizing the deal.

At that point, full EVO ownership was not entirely settled. Just a day earlier, on August 31, NODWIN Gaming had announced its acquisition of Sony Interactive Entertainment's stake in EVO. Sony, which had previously co-owned EVO alongside RTS, stepped back into a sponsorship role. That left RTS and NODWIN as co-owners of the brand.

Qiddiya had already served as a global partner for EVO in 2024 and had confirmed its investment in RTS at the time, though complete ownership of RTS had not been fully clarified until Aldawood's LinkedIn post surfaced.

Now, with NODWIN divesting its stake entirely, everything is official. RTS, fully owned by Qiddiya, is the sole owner of EVO. The transaction amount has not been publicly disclosed.

EVO has been the heartbeat of the Fighting Game Community for over two decades. Dating back to 1996, it has grown from a small grassroots gathering into one of the most iconic fighting game tournaments on the planet. The community has always been its backbone, and both RTS and NODWIN have been careful to acknowledge that as ownership transitions have unfolded.

RTS CEO Stuart Saw reinforced that point, stating: "We are proud of our legacy with EVO that started five years ago. We're going to continue investing in the things that matter to our community, elevating and empowering members of the FGC and working diligently with our game developer partners to ensure that EVO benefits all involved parties."

For NODWIN, this exit is less about stepping away and more about sharpening focus. The company will continue to support EVO's expansion across emerging markets as a long-term regional partner, bringing its operational strength, regional expertise, and deep community ties along for the ride. The strategic pivot directs NODWIN's energy toward high-growth gaming markets, particularly across the Global South, where esports momentum is accelerating fast.

Akshat Rathee, Co-Founder and Managing Director of NODWIN Gaming, put it plainly: "EVO represents the passion, resilience, and spirit of the fighting game community, and it is a privilege for us to be part of that journey. As the platform steps into a new era of global opportunity, we see RTS as the right partner to build on its strong foundation and guide its continued evolution. For NODWIN, this is a strategic step that sharpens our focus on markets where gaming is witnessing extraordinary momentum."

Financially, NODWIN is in a strong position to make these kinds of calculated moves. According to the company, it returned to EBITDA-positive territory in Q3 FY26. For the first nine months of FY26, NODWIN posted revenue of INR 530.3 Crore, approximately USD 58.5 million, reflecting 58% year-on-year growth.

This deal also cannot be viewed in isolation from the much larger esports ambition Saudi Arabia has been building. Backed by the Public Investment Fund (PIF), the Kingdom has committed over $38 billion to gaming ventures through entities like Savvy Games Group, which acquired mobile publisher Scopely for $4.9 billion last year. Additionally, in a significant $55 billion transaction, the PIF and other investors agreed last year to acquire Electronic Arts, with the acquisition expected to be completed by 2026.

Qiddiya itself is a flagship project under Saudi Arabia's Vision 2030, designed to diversify the economy and position the country as a global hub for entertainment and digital innovation.

The esports footprint from Saudi Arabia has expanded rapidly. The Esports World Cup 2026 in Riyadh now carries a $70 million prize pool, and plans are underway for a first Esports Nations Cup to rival the Esports Olympic Games.

Saudi Arabia's growing role in esports has also drawn scrutiny. Critics point towards "sportswashing," where investment in sports and entertainment is used to improve the international image of a country despite documented human rights concerns. Amnesty International has highlighted issues including the suppression of free press, the outlawing of homosexuality, and the use of the death penalty within the Kingdom. These concerns have followed Saudi-backed esports investments closely, and EVO's new ownership structure is unlikely to escape that conversation.

On the competitive calendar, EVO Japan is set for early May, and the flagship EVO event will take place in Las Vegas in late June. More announcements around EVO's emerging market expansion, co-powered by NODWIN, are expected in the months ahead.