Evolution Pressed to Reveal Mystery Behind Damaging Report

its live-dealer casino games in countries under U.S. sanctions, including Sudan, Syria, and Iran. However, the identity of the party that commissioned this investigation remains concealed.

Black Cube’s Role in the Investigation

Black Cube, a private intelligence firm founded in 2010 by former Israeli intelligence officers, was responsible for conducting the investigation that accused Evolution of breaching international regulations. The firm’s involvement was made public following a legal dispute that saw the New Jersey Supreme Court rule against Calcagni & Kanefsky LLP (C-K), the law firm representing the investigation’s public face, compelling them to disclose details about Black Cube’s involvement. Despite the revelation, C-K continues to deny knowledge of who specifically hired Black Cube to conduct the global probe.

In a legal letter addressed to Evolution’s attorneys, C-K revealed they were unaware of the identity of the individual or entity that had engaged Black Cube for the investigation. This disclosure came after the New Jersey Division of Gaming Enforcement (NJDGE) concluded its investigation into Evolution and found no evidence that the company had allowed its games to be accessed in restricted jurisdictions. Despite the regulatory closure, the accusations in the 2021 report severely impacted Evolution’s market value, leading to a significant drop in its stock price.

Legal and Financial Fallout

The allegations made in the 2021 report were not only a public relations disaster for Evolution but also triggered a severe market reaction. Evolution’s shares plunged by 11% following the publication of the report, wiping out over €2 billion from the company’s market capitalization. The New Jersey DGE’s subsequent findings, which found no evidence ing the claims in the report, have done little to restore the company’s lost market value, which remains significantly below pre-accusation levels.

Despite these findings, the battle over the report’s origins continues. Evolution’s legal team has filed motions to compel C-K to fully comply with court orders, which included revealing the name of the commissioning entity. Evolution’s attorneys argue that the lack of transparency is a deliberate attempt to obstruct the company’s ability to clear its name and pursue claims against the anonymous acc.

Black Cube’s Defiant Stance

While C-K maintains that it has no knowledge of the commissioning entity’s identity, Black Cube has staunchly defended its report, claiming the evidence gathered during the investigation clearly exposes Evolution’s involvement in black-market activities. In a statement, Black Cube reaffirmed that it stands behind its findings and is prepared to present new material evidence to relevant regulators and courts.

According to Black Cube, the evidence not only validates the initial allegations but also contradicts Evolution’s assertions of compliance with regulatory frameworks. The intelligence firm has suggested that its ongoing investigation may uncover further evidence to its claims, and it remains committed to exposing what it describes as widespread misconduct by Evolution.

The Growing Mystery and Legal Implications

As the legal battle progresses, the mystery surrounding the entity behind the allegations deepens. Industry observers speculate that the unidentified party may be a competitor of Evolution, attempting to undermine the company’s reputation in a highly competitive market. If true, this revelation could have wide-ranging implications for the gambling industry, particularly in of how regulatory bodies handle anonymous accusations and the use of private intelligence firms in corporate disputes.

With the legal proceedings ongoing, Evolution remains focused on clearing its name and restoring its standing in the market. However, the damage done by the allegations and the uncertainty surrounding the identity of the acc continue to loom over the company’s operations.

Source:

Mystery entity behind Evolution illegal markets report unmasked, next.io, April 22, 2025.