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Playtech PLC shares sank on Tuesday after Stockholm-based gaming firm Evolution AB suggested that Playtech’s subsidiary was ‘engaged in a smear campaign’ after it hired an intelligence firm to investigate its rival. Evolution said the Douglas, Isle of Man-based gambling software company hired intelligence firm Black Cube, which produced a dossier that alleged Evolution operated in ‘grey markets’ where gambling is prohibited. Shares in Playtech plummeted 26% to 254.50 pence in London on Tuesday. Evolution shares were up 1.6% at SEK730.00 in Stockholm. Evolution said Playtech paid Black Cube more than £1.8 million for its work in 2021. Black Cube was founded by veterans of Israeli intelligence agency Mossad and has previously received attention for its work for disgraced Hollywood producer Harvey Weinstein. Evolution said: ‘It is deeply disturbing to learn that one of our competitors has gone to such extraordinary lengths to damage our business and reputation by hiring Black Cube... to fabricate a report they knew would have extremely harmful repercussions.’ ‘Black Cube has a well-documented history of using deceitful methods to sway public opinion by launching smear campaigns on behalf of its clients.’ Playtech said the suggestion that its subsidiary Playtech Software Ltd ‘engaged in a smear campaign’ is wholly untrue and ‘designed to distract from serious questions about Evolution’s business practices’. The firm said it commissioned an ‘independent business intelligence firm’ to investigate ‘credible and repeated’ concerns raised by operators, suppliers and regulators about Evolution’s activities in prohibited and sanctioned markets. Playtech said the investigation was undertaken lawfully ‘to better understand and verify concerns of significant regulatory and commercial importance’. ‘The report published, as a result of the investigation, clearly evidences that Evolution’s business practices undermine lawful and compliant gambling operations. Such conduct damages trust in the credibility of the entire industry and also ultimately impacts government tax collection,’ Playtech said. The firm said it stands by the decision to commission the report. ‘Evolution continues to seek to avoid legitimate scrutiny rather than address longstanding questions about its conduct, including its decision to supply operators in illegal markets and to support unlicensed operators in regulated markets,’ Playtech added. The company said it welcomed court examination of the report and its findings. It said: ‘Playtech is confident that these proceedings will confirm the credibility and legitimacy of the investigation and the importance of the issues it seeks to address.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
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