Evil as some sort of supernatural thing means nothing to me. I don't see people as being evil, but committing deeds that one could describe as evil, sadistic, intentionally cruel and causing death or lifelong physical and/or psychological damage. Nearly every highly dangerous offender I've come across, who is very high risk of doing the same again, has not recognised the need to change their behaviour, but blamed everyone else for their grievances. The ones who perceive status in their dangerousness aren't safe to be released.
It may be controversial, but Venables doesn't appear to fit that profile. He was a child when he offended, and had continual opportunities to make progress, but his identity and secretive lifestyle weighed heavy and he doesn't appear to have addressed that constructively until this latest return to prison. He will have to demonstrate to the parole board that this has been addressed now, along with numerous other requirements. I wonder whether he is beyond being able to reintegrate with society in any constructive way now, as a marked man who will struggle to make a relationship in which he can be trusted, or trust others.
Jamie Bulger's parents have had their lives ruined by Venables' failure to rehabilitate, but seem to accept Thompson's quiet return to life on the outside. He owes it to them to make the effort this time. If he gets recalled again, he'll really have a fight on his hands to get released before he's an old man.