Playtech Exposed as the Mystery Client Behind the Damaging Evolution Report

The revelation immediately caused Playtech’s shares to crash as Evolution vowed to hold the company accountable for its involvement in the ongoing legal dramaImage Source: Shutterstock.com

After almost four years of speculation, a New Jerseycourt filing has revealed that Playtech was the company behind the damaging 2021 report that sought to discredit live casino giant Evolution. The disclosure marks the culmination of a protracted legal struggle during which Evolution tried to expose the mysterious client of private intelligence firmBlack Cube. This organization produced and distributed the contentious report.

Evolution Proved the Initial Report Was False

According to Evolution, senior Playtech executives, including CEO Mor Weizer, communicated directly with Black Cube during the preparation of the report. The document alleged that Evolution’s products were being used inblacklisted jurisdictions. These assertions briefly wiped billionsfrom Evolution’s market value and triggered regulatory scrutiny in multiple markets.

US state regulators and the New Jersey Superior Court later confirmed that the report lacked any factual basis. Meanwhile, Evolution claimed the accusations wereintentionally fabricated, stating that the firm behind the report had purposefully manipulated interview material to fit a false narrative.

According to court records, Black Cube agents used deceptive methods during their investigation, pretending to be prospective business partners or investors to contact current and former Evolution staff members. Some of these meetings werecovertly recorded, edited, and presented as proof in the report. Interviewed individuals later complained that their comments had been either misrepresented or completely distorted.

Playtech Could Suffer Significant Consequences

On Tuesday, Evolution released a statement that strongly condemnedPlaytech’s involvement, calling it a deliberate attempt to gain a competitive advantageby damaging the competition’s reputation and business standing. According to Evolution, Playtech paid Black Cube more than£1.8 million($2.41 million) for the operation.

Playtech’s exposure could carry significantlegal and financial consequences. Evolution has already declared its intention to seeksubstantial damages for defamation, trade libel, and interference with business relations. Immediately after the revelation, Playtech shares plummeted 39%, erasing £400 million($536 million) of market value. This development is strikingly similar to the effects suffered by Evolution after Black Cube’s report.

We are confident in our legal position and look forward to finally holding Playtech and its accomplices to account for the significant harm they have caused.

Evolution statement

Evolution announced it was ready to pursue every available avenueto hold Playtech, Black Cube, and their affiliates accountable. With all parties involved in the report revealed, the lawsuit canproceed in earnest, with Playtech as an additional defendant. The immediate questions revolve around whether shareholders wereinformed of the risksassociated with this type of campaign.