Playtech Defends Evolution Report Amid Share Price Decline
Background of the Evolution Report
In 2021, a controversial report emerged that implicated Evolution in operating within restricted markets. Recently, Playtech has reaffirmed its belief in the findings of this report, despite negative repercussions, including a drop in its share price.
Evolution Reveals Playtech as Commissioner of the Report
Evolution, a leader in live casino gaming, unveiled new developments in its legal dispute concerning the report’s authorship. After identifying Black Cube as the firm responsible for the report, Evolution disclosed that Playtech was the party who commissioned it. This revelation has intensified the conflict, with Evolution pledging to hold Playtech, Black Cube, and their affiliates accountable for what it describes as a deliberate effort to damage its reputation.
Following the announcement, Playtech’s share price declined significantly from GBX 339 to GBX 264.
Playtech’s Position on the Report
Despite the financial impact, Playtech maintains that the report was commissioned to address serious and justified concerns. The company refutes allegations that its subsidiary, Playtech Software Limited, intended to harm Evolution intentionally. Instead, Playtech claims that multiple stakeholders, including operators, suppliers, and regulators, had repeatedly raised credible issues regarding Evolution’s operations in prohibited territories.
A spokesperson for Playtech emphasized that the investigation was conducted legally and the resulting report presented evidence suggesting that Evolution’s practices could potentially undermine the integrity of the industry.
Although judicial reviews have yet to fully support the report’s conclusions, Playtech continues to stand firmly behind its decision to initiate the investigation and supports the validity of several claims made in the document.
Legal Stance of Black Cube
Black Cube, the independent investigative firm responsible for compiling the report, has also remained steadfast in defending the accuracy of its findings amid ongoing legal challenges.
