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Evolution's Own Report Found It Made Money in Banned Markets

Financial Times Companies •
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A company-commissioned report by Spectrum Gaming Group found that Evolution made money in markets where its online casino games were banned due to "compliance deficiencies". The Swedish gambling group fought to keep the report secret, but it was disclosed as part of an ongoing legal dispute with Black Cube, the intelligence firm that produced a damaging dossier on Evolution's practices in 2021. Spectrum was able to corroborate Black Cube's accusations that Evolution's games were played in prohibited locations, including Hong Kong, Singapore, the United Arab Emirates, and Saudi Arabia, though it did not support claims about US-sanctioned markets like Syria and Iran.

The report found "significant" compliance issues, noting Evolution "does not take any proactive steps" to ensure operators using its products comply with contracts. It also found Evolution accepted wagers in virtual currency that should have triggered enhanced due diligence. Black Cube, hired by rival Playtech, has been central to a defamation case between Evolution and law firm Calcagni & Kanefsky, with the report's public disclosure marking a significant development in the New Jersey legal proceedings.