Evolution Faces Allegations of Rule Violations; Stock Drops

The Stockholm-based online casino company Evolution is accused of having conducted illegal casino games in countries such as Iran, Sudan and China. The share plunges on the Stockholm stock exchange.

» Published: August 13 2025

Evolution Faces Allegations of Rule Violations; Stock Drops
Photo: Magnus Hjalmarson Neideman/SvD/TT

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The allegations are based on secret recordings captured by the private intelligence firm Black Cube. The recordings are said to show that Evolution deliberately delivered casino games to countries subject to American sanctions or where gaming is illegal, according to documents submitted to a court in New Jersey in the USA on Monday.

Current and former executives at Evolution are said to have been secretly filmed when they described how the company's casino games ended up in countries where they are not allowed.

Evolution rejects the allegations as false and that actually nothing new has been added since 2021 when the company was held accountable for roughly the same thing, something that a court then did not find any evidence for.

In a written comment to TT, Evolution says, among other things, that the allegations are an attempt to shift focus to hide the anonymous client behind Black Cube.

Evolution's share falls sharply on the Stockholm stock exchange on Wednesday after the allegations. At 11 am, the price is down around 10 percent.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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