Reporting from Zak Thomas-Akoo and Sonja Lindenberg.
The B2B iGaming supplier came out swinging in a statement today (21 October) after Evolution revealed, as first reported by NEXT.io, that Playtech was the anonymous client which commissioned the infamous 2021 prohibited markets report.
The Mor Weizer-led business initially lost approximately 34% of its value in morning trading, bottoming out at £2.22 per share before recovering slightly to £2.56 at the time of publication.
Playtech stands by decision to commission report
A Playtech spokesperson said: “The suggestion that its subsidiary, Playtech Software Limited (PTS) engaged in a smear campaign is wholly untrue and is designed to distract from serious questions about Evolution’s business practices.
“PTS commissioned an independent business intelligence firm to investigate credible and repeated concerns raised by operators, suppliers and regulators about Evolution’s activities in prohibited and sanctioned markets, and its supply to unlicensed operators in regulated markets.
“The investigation was undertaken lawfully to better understand and verify concerns of significant regulatory and commercial importance.”
Playtech further argued that the report published as part of the investigation included evidence Evolution’s business practices undermine lawfully compliant gambling operations and that this conduct damages trust in industry credibility, as well as impacting government tax collection.
It should be noted Evolution was cleared of wrongdoing over the allegations in the report from two US state gambling regulators, including New Jersey’s DGE, and the courts have so far been unable to substantiate the report’s claims.
The spokesperson continued: “Playtech stands by the decision to commission the report. Evolution continues to seek to avoid legitimate scrutiny rather than address longstanding questions about its conduct, including its decision to supply operators in illegal markets and to support unlicensed operators in regulated markets.
“Playtech welcomes court examination of the report and its findings. Playtech is confident that these proceedings will confirm the credibility and legitimacy of the investigation and the importance of the issues it seeks to address.”
‘Worse than a crime, a mistake’
Analysts at Regulus Partners added that “worse than a crime,” commissioning the report was “a mistake”, and that the company now faces serious financial vulnerability from potential damages, as reflected in the share price hit.
“The online gambling industry does not need any more help to make itself look dishonest and rather smelly. This latest revelation is simply grist to the mill that the industry as a whole cannot really be trusted to do the right thing even though the majority of operators and suppliers are decent companies staffed by decent people trying to provide a decent product,” Regulus wrote.
“An industry that can only thrive with its social contract intact simply cannot behave like this – it is worse than tone-deaf from a corporate perspective, it is self-defeating for the whole industry, which Playtech’s clients are also no doubt reflecting on.
“Given that a high-profile court case will be in the offing, it is perhaps almost impossible for anyone senior at Playtech to do the honourable thing, but that simply makes the smell linger for longer, in our view.”
Meanwhile, in a statement shared separately with NEXT.io, Black Cube also said it stood by the allegations included in the report and looked forward to defending itself in court.
A spokesperson said: “Black Cube proudly submitted its findings in coordination with its client. The case now enters its decisive stage – where years of Black Cube’s intelligence work will finally be brought to light and thoroughly examined.
“The extensive body of evidence, including countless hours of video and audio recordings, leaves no room for doubt: Evolution knowingly and deliberately allowed its games to operate in sanctioned jurisdictions and black markets – both before and after the report’s submission.
“By doing so, Evolution misled the public, the court, and regulatory authorities. Now, the truth will prevail.”
Dingnews.com 22/10/2025