Shares of gambling software firm Playtech have plunged by around 31% today after rival Evolution AB publicly accused the company of secretly commissioning a defamatory smear campaign to damage its business.
According to documents referenced in new litigation filed in the Superior Court of New Jersey, Evolution claims that Playtech hired the private intelligence firm Black Cube in December 2020 to produce a false report alleging regulatory misconduct at Evolution.
The report alleged that Evolution’s live casino products were being accessed from countries where online gambling is restricted or banned, including Iran, Syria and Sudan, through unlicensed operators – suggesting potential breaches of gaming laws and anti-money laundering rules.
That report was submitted to New Jersey and Pennsylvania regulators via US law firm Calcagni & Kanefsky LLP and partially leaked to the press, leading to investigations by regulators that eventually closed with no enforcement action.
In September 2025, the New Jersey Superior Court described the report as ‘objectively baseless’, stating: “Accordingly, at this time, and viewed through the lens of the DGE’s independent investigation and findings, the Black Cube report is viewed as objectively baseless and no reasonable litigant could expect success on the merits.”
It ordered Black Cube to reveal its client, whom subsequent filings show to be Playtech. This was not a final ruling on whether Black Cube’s report was false or defamatory.
Both the New Jersey Division of Gaming Enforcement and the Pennsylvania Gaming Control Board had investigated Playtech’s allegations. The former stated that it was unable to substantiate the claims in the report and closed its inquiry in February 2024 without taking any action against the Swedish company.
Evolution says it will now amend its complaint to include Isle of Man-based Playtech as a named defendant.
In a statement, it accused its rival of paying £1.8 million to commission a fabricated report intended to damage its reputation, claiming it has suffered ‘multi-billion-dollar’ harm as a result.
It also alleged that Black Cube used deceptive tactics, including false identities and secret recordings of employees, to build its case.
In a statement issued to BusinessCloud, Black Cube responded: “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.”
A spokesperson for Playtech said that it welcomed court examination of the report and its findings. It added that “the discovery process will provide access to Evolution’s internal documents and require Evolution’s personnel to give sworn testimony under oath [which] will vindicate Playtech’s position”.
The news has caused a catastrophic shift in Playtech’s share price, which has dipped from 349.5p at 8am to 237.5p as of 1pm today.