Playtech Identified as Client Behind Black Cube Smear Report, Shares Plunge Amid Legal Storm with Evolution AB

The long-running controversy between Evolution AB and Playtech has reached a dramatic new chapter after U.S. court filings confirmed that Playtech Software Ltd, a subsidiary of Playtech plc, was the client behind a 2021 defamatory report produced by private intelligence firm Black Cube. The revelation triggered a sharp market reaction and set the stage for one of the most significant legal battles in iGaming history.

According to documents released in October 2025, Playtech allegedly paid £1.8 million to Black Cube to create and distribute a fabricated report accusing Evolution AB of allowing its live casino products to reach prohibited jurisdictions such as Iran, Sudan and China. The dossier, leaked anonymously in 2021, claimed Evolution was breaching international sanctions and providing games to unlicensed operators.

Subsequent investigations by U.S. regulators — including the New Jersey Division of Gaming Enforcement (DGE) and the Pennsylvania Gaming Control Board — found the allegations to be “objectively baseless.” The New Jersey Superior Court later described the report as “untruthful and misleading,” dismissing its credibility entirely.

Evolution stated that Black Cube had used deceptive investigative tactics, including false identities, hidden cameras and secret recordings of current and former employees. The company described the campaign as a deliberate attempt to damage its reputation and manipulate market perception.
“Learning that one of our competitors went to such extraordinary lengths to damage our business is deeply disturbing,” Evolution said in its statement. “We will hold Playtech and Black Cube accountable.”

Following the revelations, Playtech’s share price collapsed by more than 38% on October 21, 2025 — one of the steepest single-day drops on the FTSE 250 index. Within hours, the company’s market value fell from over £1 billion to roughly £820 million, while Evolution’s stock in Stockholm saw a modest gain.

Playtech responded swiftly, denying all accusations and calling Evolution’s disclosure “wholly untrue.” The company stated that the 2021 investigation was conducted lawfully “to verify matters of regulatory and commercial concern” and accused Evolution of trying to divert attention from its own compliance questions.

Black Cube also denied wrongdoing, asserting that it “stands behind its investigative methods” and intends to defend its work in court. The firm maintains that its findings were “legitimately obtained” and “not manipulated.”

Evolution, however, has already announced plans to expand its ongoing defamation lawsuit in New Jersey, naming Playtech as a co-defendant and seeking multi-billion-dollar damages. Industry analysts describe the situation as unprecedented — a legal conflict that exposes the growing use of private intelligence firms in corporate disputes and raises major ethical concerns within the gambling and technology sectors.

For now, both companies remain entrenched: Evolution confident in its legal position, and Playtech determined to fight back. But the implications of this case reach far beyond two competitors — potentially redefining how corporate investigations and reputational warfare are handled in the global iGaming industry.