It has all the hallmarks of corporate sabotage. Accusations fly. Stock prices drop. Rumors ricochet from Sweden to Malta to Vietnam to New Jersey.
The buzz accused casino supplier Evolution Gaming of operating in areas that prohibit gaming. Its value fell $3 billion, according to CDC Gaming Reports.
On December 2, authorities busted a crypto gambling ring in Vietnam. Arrested suspects insisted they worked for an affiliate of Evolution.
The Vietnamese raid appears unrelated to allegations that Evolution did business in Iraq, Syria and Sudan, countries where gaming is prohibited. Someone tipped off New Jersey regulators about this move. Word has it a rival company hired private detectives to spy on Evolution.
The rival company in question has chosen a low profile rather than revealing itself.
In a statement on November 24, Evolution said: “Evolution does not handle any players or any of the players’ money. Evolution provides a service to the operator who in turn provides their services to the players.”
“It has been falsely alleged that Evolution games are accessible directly from countries under U.S. sanctions,” the company said. “According to allegations made in the anonymous and dubious report, active manipulation of Evolution’s systems has been deployed to create the impression that play from such countries was possible.”
Considered a leader in iGaming innovation, shares fell 19 percent as soon as the New Jersey allegations surfaced. Evolution has launched an internal investigation hoping to see if the rumors have any truth to them. The New Jersey Division of Gaming Enforcement is also looking into the complaints.
