Evolution, the world’s largest supplier of live dealer games for both online and land-based casinos, has seen its stock lose value following accusations of illegal gaming in certain jurisdictions.
The Swedish gaming company lost around 3 billion dollars in market value in a single day, on 17 November, after a law firm from the United States accused it of operating in countries such as Iran, which is under strict sanctions imposed by the U.S. government.
Evolution has grown rapidly in recent years and the pandemic also helped boost its business as more and more players turned to online gambling while the land-based venues were closed or had limited capacity. Last year, Evolution completed a multi-billion dollar acquisition of NetEnt, a prominent developer of slot games and live casino titles.
The complaint regarding Evolution’s activity was made in a letter to the New Jersey Division of Gaming Enforcement on behalf of unnamed private investigators, according to a report published by Bloomberg. Calcagni & Kanefsky LLP, the law firm that submitted the complaint, did not respond to the journalists’ requests for comment.