On 21 October 2025, the rumour became a scandal: British giant Playtech Plc (via its subsidiary) was allegedly behind a secret surveillance campaign targeting its American-Swedish competitor Evolution AB. The case was revealed by US court documents, confirming that Playtech had hired Israeli private intelligence agency Black Cube to investigate Evolution’s practices.
Origins and trigger of the case
The conflict officially dates back to December 2020, when, according to Evolution, Playtech began working with Black Cube to produce an investigative file against Evolution. This file – sent to an American law firm (Calcagni & Kanefsky LLP) – was intended in particular to alert the regulatory authorities to Evolution’s alleged activities in prohibited or unauthorised markets.
The Black Cube agency, founded by former Israeli intelligence officers, allegedly carried out clandestine recordings, used false identities and arranged meetings under false pretences with employees or former employees of Evolution between 2021 and 2024. The amount paid by Playtech for this mission is estimated at over £1.8 million.
For Evolution, this case was nothing more than a plot to destroy its reputation. For Playtech, the move was justified as a legitimate investigation into credible and repeated concerns about Evolution’s activities in prohibited or sanctioned markets. In any case, the intrigue was set in motion.
Two versions clash
Evolution’s accusations are as specific as they are severe: according to the Swedish company, the report commissioned by Playtech via Black Cube contains highly inflammatory and deliberately false allegations. Among the examples cited are the availability of Evolution’s games in sanctioned countries (Iran, China) and the provision of services to unauthorised operators in regulated jurisdictions.
The result? The case was referred to the regulatory authorities in New Jersey and Pennsylvania, but in 2024, the New Jersey Division of Gaming Enforcement concluded that the report was objectively without merit.
For its part, Playtech rejects the idea of a smear campaign. It maintains that the investigation was aimed at clarifying compliance issues. But the facts are damning: in September 2025, the New Jersey Superior Court ordered Black Cube to reveal the identity of its client, which led to Playtech being officially identified as the sponsor.
Immediate consequences
The market reacted sharply: Playtech’s London-listed shares plummeted by more than 25% and up to 33% depending on the source, after its role was publicly revealed. For analysts, this stock market shock is more than just a blow: it is a wake-up call for an industry that is completely exposed. But the impact goes beyond the value of the shares alone: the case raises questions about ethics in a sector that is already poorly perceived.
On the regulatory side, this case has prompted renewed scrutiny. In December 2024, the UK Gambling Commission had already begun a review of Evolution’s licence for possibly providing games to unauthorised operators. The stakes are high: if a major player such as Playtech is involved in industrial surveillance or espionage, then the entire sector must question its practices.
The battle continues, and stakeholder confidence may waver.
Towards a long-term shadow game: litigation and regulatory issues
The case is far from over. Evolution has announced that it will officially add Playtech as a defendant in its defamation lawsuit against Black Cube and the law firm. The trial is expected to continue until 2026.
The case highlights a rare phenomenon: the use of a private spy agency to investigate a competitor in a regulated industry.
For Playtech, the position is delicate: defending the legitimacy of the investigation while dealing with the consequences for its image and market value. For Evolution, the challenge is to defend itself against allegations it claims are false and to restore its reputation.
The story between Playtech and Evolution is not just a simple quarrel between rival companies. It illustrates a shift in the online gaming industry, where espionage, legal cases, regulation and financial markets are intertwined. The spotlight on this case could be beneficial for the entire sector. But it needs to make people think – and change. For now, we await the hearing, the settlements and the consequences. And in this game of shadows, the winners are not yet known.