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19/11/21 - Evolution Shares Tumble After Lawyer Alleges Illegal Wagers

By Christopher Palmeri


Online gambling giant Evolution AB is accused by an anonymous competitor of operating illegally in some markets and doing business in countries that are under U.S. sanctions.


Ralph Marra, a senior counsel at Calcagni & Kanefsky LLP, made the complaint in a letter Nov. 12 to the New Jersey Division of Gaming Enforcement, a copy of which was provided to Bloomberg News. Marra said he was writing on behalf of private investigators he didn’t name. The investigators were retained by a U.S.-based competitor of Evolution, according to people with knowledge of the matter who asked not to be identified.


Shares of Evolution fell as much as 8% to 1,365 kronor during early trading in the Swedish capital on Wednesday. The stock is up 64% this year.


Evolution, based in Stockholm, has been a hot stock, with a market value of $33 billion. The company specializes in live gambling, providing video feeds of games such as blackjack and roulette, with real dealers. Evolution offers the feeds to a number of independent online casino operators, including some of the biggest names in the business. Players win and lose real money, just like in casinos.


Carl Linton, the head of investor relations at Evolution, said in an email that the assertions weren’t accurate, although the company hadn’t seen the letter.


“Evolution strictly complies with all applicable laws and regulations,” Linton said.


Evolution is licensed in New Jersey, an early adopter of online betting. Regulators require licensees to demonstrate “good character, honesty, and integrity,” including not operating in so-called black markets, according to Marra’s letter. A spokesman for the gaming division declined to comment, citing ongoing policy not to do so in such matters.


Original Bloomberg article

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