Key Moments:
- Playtech transferred over £1.8 million ($2.4 million) to Black Cube between 2021 and 2024 for a confidential investigation into Evolution.
- Undercover agents posed as investors to collect evidence on Evolution, leading to a regulatory complaint and significant market volatility.
- Regulators in the U.S. ultimately dismissed allegations against Evolution as “baseless” in 2024.
Unveiling Playtech’s Covert Operations
A legal proceeding in New Jersey has exposed that Playtech, a key player in gambling software, directed more than £1.8 million ($2.4 million) in payments to the private intelligence firm Black Cube from 2021 through 2024. These payments were made for a secretive operation aimed at gathering evidence and allegedly undermining Swedish competitor Evolution.
This whole case is just wild.
It’s now confirmed that Playtech paid milestone-based compensation to Black Cube for their so-called “investigation” into $EVO — including payments tied to whether regulators opened probes or even revoked licenses.
To me, that’s deeply disturbing.… pic.twitter.com/eIP3u5EVeA
— GenZ Investor (@investingbyGenZ) November 4, 2025
Inside the Investigation Scheme
Court filings indicate that Playtech retained Black Cube, a Tel Aviv-based agency established by former Israeli intelligence personnel, to uncover proof suggesting Evolution’s games were active in jurisdictions where they should not have been. The arrangement between Playtech and Black Cube included both upfront and outcome-based compensation. An initial retainer of £400,000 ($524,000) covered a three-month investigation period, with additional bonuses linked to the discovery of “damaging findings,” media coverage, or regulatory action.
Dr. Avi Yanus, co-founder of Black Cube, provided testimony confirming that Black Cube personnel established fake businesses, websites, and digital identities to make contact with Evolution management under the guise of legitimate investors. These covert operatives recorded their interactions and gathered evidence, purportedly demonstrating Evolution’s presence in restricted regions.
Regulatory Repercussions and Market Reaction
The compiled intelligence served as the foundation for a formal complaint against Evolution filed with New Jersey’s Division of Gaming Enforcement in 2021 by the law firm Calcagni & Kanefsky. When Bloomberg published details related to this complaint, Evolution’s share price dropped by nearly 30% in one week, prompting Black Cube to receive additional performance-based payments. Playtech financed further efforts as investigations expanded to include regulators in both Pennsylvania and New Jersey, offering an extra £500,000 if Evolution lost any licenses – a milestone that was never reached.
By 2024, authorities in the United States dismissed every allegation as “baseless” and concluded their inquiries.
Corporate Responses and Ongoing Dispute
Playtech has justified its actions, asserting that its intent was to safeguard regulatory compliance rather than harm a rival. The company stands by the findings, arguing they still possess legal merit. Conversely, Evolution has repudiated the claims, characterizing Playtech’s conduct as a coordinated smear strategy delivered through intermediaries.
Black Cube has defended its methods and partnership, with the statement that operations were executed “with full client awareness.” Yanus further stated that their clandestine tactics were essential “to uncover the truth.”
Share Performance and Industry Implications
| Company | Share Impact |
|---|---|
| Playtech | Shares declined by approximately 25% after the revelations |
| Evolution | Shares fell nearly 30% within a week after the complaint was reported |
The controversy has had a profound impact on both businesses, with their reputations and market values suffering in the wake of these disclosures. Evolution remains involved in ongoing court proceedings regarding the accusations.
- Author
Daniel Williams
