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Evolution in hot water as illegal gambling accusations cost them $3 billion

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After receiving allegations of providing games to illegal countries, Evolution has taken a hard knock on their share price.

Evolution is one of the largest and most successful software providers and iGaming businesses in the industry. After purchasing several other providers over the last couple of years, Evolution has cemented itself as the ultimate live casino creator in the world.

While the provider was seemingly flying high in recent months, a blow to the company’s reputation has cost them a whopping $3 billion in market value. Evolution has been accused of operating illegally in Syria and Iraq.

The accusations caused the company’s shares to drop a massive 9% after the business valuation climbed to an impressive $33 billion, a jump of 62% in value.

Accusations against Evolution

The accusations were filed by a US law firm that stated the illegal operations in Syria and Iran (among other countries) were a violation of US sanctions. The official complaint was filed with the New Jersey Division of Gaming Enforcement.

While the complaint was filed by anonymous private investigators, it has been revealed that they were hired by one of Evolution’s direct competitors. Part of the “evidence” provided by the competitors is footage of them accessing Evolution games while using IP addresses in Hong Kong and Singapore.

However, a spokesperson for Evolution knocked the claims, stating that they followed the laws in place as strictly as possible. He also stated that Evolution does not own or control the operators that feature games by Evolution

"We use all tools at our disposal to block play from certain countries, including all countries on sanction lists mentioned in the article," said Evolution’s spokesperson.

Defences breached

In another attempt to refute the accusations filed against them, Evolution stated that the only way the private investigators could get footage of the gameplay that they had was by using “sophisticated technical manipulation”. It was quickly revealed that Evolution’s VPN defences could easily be breached by anyone attempting to circumnavigate the blocks in place.

The software provider argued that their games are not easily accessible by those in sanctioned countries. Instead, VPNs and other “technical manipulations” must be utilised to gain access.

Evolution has stated that it should be the responsibility of the online casinos that feature their games to limit access via VPN and other backdoors. It’s impossible for Evolution as the provider to restrict access in this manner and therefore they do not feel that they are to blame.

In order to ensure that their defences are as strict as possible, Evolution has launched an internal investigation that will take a closer look at their operating practices. It remains to be seen what this investigation will yield and if any changes will come from it.

What the New Jersey Division of Gaming Enforcement intends to do with the complaint they’ve received also remains unclear. We will be sure to update this story when we know more in the future and up until then, we advise you to always be responsible when gambling online.

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