Playtech claims the Spectrum report backs Black Cube's investigation into Evolution

Playtech has stated that the Spectrum report, commissioned by Evolution and recently released, validates several fundamental points highlighted by Black Cube’s investigation, in the context of the ongoing legal dispute with the Israeli private intelligence firm. Since October 2025, Evolution and Playtech have been embroiled in a legal dispute centered on defamation claims arising from allegations regarding Evolution’s operations in restricted markets.

The Spectrum Report and Its Impact on the Evolution Litigation

The dispute originated when Evolution accused Playtech of commissioning an investigation from Black Cube with "deliberately false" claims. The publication of the report by Calcagni & Kanefsky led Evolution to seek legal recourse. However, on September 8, Black Cube presented additional findings from the report prepared by Spectrum Gaming Group, a U.S. consultancy that worked under commission from Evolution itself. According to Playtech, this new report supports Black Cube’s initial concerns: the presence of Evolution's games in banned markets, regulatory implications of their practices, and a lack of proactive monitoring towards their clients.

Black Cube’s original investigation alleged the availability of Evolution’s games in restricted jurisdictions, specifically Sudan, Syria, and Iran, though Spectrum could not directly confirm or deny these cases. Nevertheless, Black Cube’s investigators were able to access Evolution titles in Singapore and Hong Kong, where online gambling is also illegal. Additionally, it was noted that Evolution had used unauthorized third parties to offer its products in Spain, Italy, and Sweden.

Playtech claims that Evolution attempted to keep the Spectrum report confidential, citing reasons of sensitive financial information, but insists that the real reason was the validation of concerns raised by Black Cube. In Playtech’s words:

"Although Evolution commissioned the Spectrum report, Spectrum specifically corroborated several key findings from Black Cube and was unable to confirm or refute others, as Evolution did not provide significant requested information."

Specific Findings of the Spectrum Report on Prohibited Markets

Spectrum confirmed that Evolution’s games were accessible in territories identified as 'black markets'. The report states:

"We were able to corroborate allegations of the use of Evolution games in regions such as Hong Kong, Singapore, the United Arab Emirates, and Saudi Arabia."

Although Evolution contractually prohibited operating in these regions, the investigation revealed that certain operators were offering their games in these markets in violation of signed contracts. Spectrum investigators accessed games on sites like bitcasino.com and stake.com using VPNs and IP addresses associated with these unlicensed countries. The document also emphasizes that Evolution does not actively monitor its clients' contractual compliance nor that of third-party sub-licensees, thereby facilitating access to its games in those markets.

Spectrum noted the lack of remedial measures following the disclosure of irregularities and insufficient follow-up in contractual supervision. Regarding Sudan, Syria, and Iran, the consultancy did not obtain the necessary data to analyze reported gaming sessions and, according to the report, Evolution did not deliver the requested personal data on seven specific sessions mentioned by Black Cube. This prevented verification of whether the sessions actually occurred in those countries.

Compliance Failures: AML, KYC, and Cryptocurrency Transactions

Spectrum concluded that Evolution does not perform proactive checks on the compliance of partner operators regarding AML, KYC, and local regulations.

• It does not oversee anti-money laundering (AML) procedures or identity verification (KYC) of its B2B clients.
• This lack of oversight is considered a significant compliance issue.
• Spectrum corroborated bets made in cryptocurrencies, which contradicts Evolution's contractual policy that requires operations only in fiat currencies.

The report detected that approximately 11.5% of sessions recorded corresponded to bets in four different cryptocurrencies. According to contractual terms, operating with cryptocurrencies would require reinforced AML and KYC measures, controls that are not verified by Evolution over its associated operators.

Playtech’s Position and Regulatory Outlook

Playtech welcomed the publication of the report and reiterated its confidence in the investigation commissioned from Black Cube. The company stated that Evolution's concern about the confidentiality of the Spectrum Report related more to the corroboration of compliance issues than to confidential financial information.

According to Playtech, "the significant compliance issues documented put Evolution in a precarious position with regulatory authorities." Playtech expects that courts and regulatory bodies will now review the complete report. The company remains convinced that the legal proceedings will validate the legitimacy and robustness of the commissioned investigations.

Regulatory Context and Future of the Evolution Case

The Superior Court of New Jersey rejected Evolution's request in June 2026 to include Playtech as a co-defendant in the Black Cube case. Evolution must proceed with the Uniform Public Expression Protection Act (UPEPA) hearing alongside Black Cube and the legal firm Calcagni & Kanefsky in November 2026. Evolution retains the option to initiate additional legal actions against Playtech following this hearing.

The New Jersey Division of Gaming Enforcement had ruled in February 2024 that Evolution did not operate in prohibited jurisdictions. In July, the United Kingdom's Gambling Commission confirmed a fine of £4.75 million against Evolution, after identifying its games on sites operated by unlicensed operators focused on the British market, a situation that nearly resulted in the suspension of its license. Meanwhile, Evolution's board has recommended that its shareholders reject the SEK 131.7 billion takeover bid launched by billionaire Kenneth Dart to privatize the company.

Currently, Playtech’s shares are trading down 1.3% in London (399p), while Evolution’s remain stable at SEK 858 (£66).