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Evolution Drops $3 Billion in Value After Accusation of Illegalities
After a U.S. law firm accused Swedish gaming company Evolution Gaming of operating in countries such as Iran, in violation of U.S. sanctions, company shares tanked on Wednesday and the business instantly lost about $3 billion in market value.
The software developer known for its online slot machines and other (live) casino games has grown rapidly as more people turned to online gambling during the pandemic. In this time, the United States has become a focus, as more States have started to legalise sports betting and casino gaming..
According to a Bloomberg report, a letter of complaint was filed last week to the New Jersey Division of Gaming Enforcement on behalf of unnamed private investigators. The report said the investigators, retained by a US-based competitor of Evolution, recorded themselves playing games through internet addresses in Singapore and Hong Kong, where online betting is banned.
A spokesman for Evolution denied the accusation, saying it strictly complied with all applicable laws and regulations. He said:
“We use all tools at our disposal to block play from certain countries, including all countries on sanction lists mentioned in the article.
Evolution does not own or control any of the operators it works with and has no direct relationship with the underlying player and involvement in handling of players’ money.”
Shares of the company were down 9% in the early hours, following a jump of 62% this year to a valuation of $33 billion.
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Author: iGaming Team