Playtech paid private intelligence firm £1.8 million to investigate rival Evolution
Table of contents
- Playtech commissioned Black Cube to investigate Evolution’s black market operations between 2020 and 2024
- Court documents expose success-based payment structure; Playtech paid in total more than £1.8 million
- New Jersey and Pennsylvania regulators dismissed allegations as baseless in February 2024 and September 2025 after investigations found no evidence of wrongdoing
London-listed gambling technology supplier Playtech paid private intelligence firm Black Cube more than £1.8 million to investigate rival Evolution Gaming, according to court filings submitted to a New Jersey court on November 3.
The disclosures, emerging from an ongoing defamation lawsuit, reveal how Playtech commissioned the Israeli-founded agency in December 2020 to gather evidence suggesting Evolution’s live casino games were accessible in prohibited and sanctioned markets, according to Financial Times.
Fake identities and secret recordings
Black Cube operatives employed elaborate undercover tactics to collect intelligence, creating fictitious companies with fabricated websites and email accounts to approach Evolution executives under false pretences.
Dr Avi Yanus, Black Cube’s co-founder, confirmed in deposition testimony that agents posed as potential investors and secretly recorded meetings with Evolution staff.
One operation involved operatives presenting themselves as representatives of “Parvus Capital,” a non-existent investment firm, complete with manufactured corporate credentials.
Operatives also posed as representatives of a Sudanese billionaire seeking to invest in the Nordic tech sector, using alcohol and entertainment, cash payments, and what appeared to be wigs and fake beards to conceal their identities.
The investigation, which ran from December 2020 through 2024, resulted in a report submitted to the New Jersey Division of Gaming Enforcement through law firm Calcagni & Kanefsky.
The filing alleged that Evolution knowingly allowed its games to operate in jurisdictions including Iran, Syria, Sudan and other sanctioned territories.
Success-based payment plan
Court documents expose a payment structure heavily weighted towards achieving particular harmful outcomes against Evolution. According to Yanus’s testimony, Playtech agreed to pay Black Cube an initial £400,000 retainer for three months of investigative work in 2020, followed by performance-based bonuses.
The Financial Times detailed how the success fees included £150,000 for providing evidence of wrongdoing, £175,000 if major media coverage resulted, £350,000 if a gaming regulator opened an inquiry, and £500,000 if Evolution lost a gaming licence. Black Cube ultimately collected £675,000 in success payments after achieving the first three objectives.
When Bloomberg published an article based on the report in November 2021, Evolution’s share price fell 30% within a week. Yanus described the Bloomberg piece as “a beautiful piece of article” during his deposition.
Regulators dismiss allegations
The New Jersey Division of Gaming Enforcement concluded its investigation in February 2024, finding no evidence that Evolution “sanctioned, promoted, permitted, or otherwise materially benefitted” from operators offering its games in prohibited jurisdictions. Pennsylvania gaming authorities reached similar conclusions.
A New Jersey court ruled in September 2025 that the Black Cube report was “objectively baseless” stating that “no reasonable litigant could expect success on the merits”.
“The New Jersey Division of Gaming Enforcement has closed its investigation of Evolution AB with no further action,” Evolution announced in February 2024.
Black Cube maintains its findings remain accurate, telling the Financial Times that “the extensive body of evidence, including countless hours of video and audio recordings, leaves no room for doubt: Evolution knowingly and deliberately allowed its games to operate in sanctioned jurisdictions and black markets“.
Defamation lawsuit escalates
Evolution filed its original defamation and trade libel lawsuit in December 2021 against Calcagni & Kanefsky and unnamed parties behind the report. The company spent years fighting to unmask those responsible, with the New Jersey Supreme Court ultimately ordering disclosure.
Black Cube was revealed as the report’s author in September 2025, whilst Playtech’s role as the commissioning client emerged in October. Evolution immediately amended its lawsuit to include both Black Cube and Playtech as defendants.
Evolution CEO Martin Carlesund expressed his reaction during the company’s third quarter 2025 earnings call, condemning the campaign.
“When someone behaves in that way, hides for four years doing this type of action, that [with] Black Cube using Juda as a PR company, it takes a bit away from my belief in humanity and fair play and in ethics and moral[s],” Carlesund said.
“Exactly how we will assess the damages, that’s a later question, but it’s a severe amount.”
Companies defend their positions
Playtech has vigorously defended its decision to commission the investigation, asserting the probe addressed legitimate compliance concerns rather than constituting a smear campaign.
Playtech stated that “Playtech Technology Services commissioned an independent business intelligence firm to investigate credible and repeated concerns raised by operators, suppliers, and regulators about Evolution’s activities in prohibited and sanctioned markets.”
The company maintained that “the investigation was undertaken lawfully to better understand and verify concerns of significant regulatory and commercial importance.”
The company argued that such conduct “damages trust in the credibility of the entire industry and also ultimately impacts government tax collection.”
Evolution counters that the allegations were deliberately fabricated to damage its business. The company described Black Cube’s submission as “false and defamatory” and designed to distract from revealing the client’s identity.
“Evolution has no interest in having any of our games accessible in sanctioned markets and we are doing everything that we can to prevent that from happening,” Evolution stated. “We are in the absolute technological forefront with industry-leading solutions to protect the integrity of our games.”
Evolution further claimed the report caused “multi-billion-dollar damage” to its business.
Investor concern
The revelations triggered substantial market reactions for both companies. Evolution’s shares fell 8% on the Stockholm exchange following the August 2025 release of new Black Cube affidavit materials, and dropped approximately 10% after earlier disclosures. However, Evolution’s stock rose approximately 3% after Playtech’s involvement became public.
Evolution’s shares were down roughly 8% by late October after the company reported third quarter earnings that missed analyst estimates.
The defamation case continues in New Jersey Superior Court, with proceedings expected to extend through 2026. Playtech has reportedly covered all legal expenses for both Black Cube and Calcagni & Kanefsky, with costs now running into the millions.
Black Cube’s controversial past
Founded in 2011 by former Israeli intelligence officers, Black Cube has previously faced scrutiny over its methods and clientele. The Tel Aviv-based firm, which operates offices in London, Madrid, and Singapore, employs former members of Mossad and other Israeli intelligence services.
The Financial Times noted that the agency drew international attention when it emerged that film producer Harvey Weinstein had hired Black Cube in 2016 to surveil and gather intelligence on women accusing him of sexual assault, as well as journalists investigating the allegations. Black Cube operatives used fake identities to secretly record actress Rose McGowan and others, with Weinstein paying the firm $600,000 for the operation.
In Romania, two Black Cube operatives faced criminal charges for hacking email accounts associated with the country’s former anti-corruption prosecutor, now European Chief Prosecutor Laura Kövesi.
Reputational implications
The case represents one of the iGaming industry’s most significant corporate espionage scandals, raising questions about competitive practices and the boundaries of legitimate business intelligence gathering in the regulated gambling sector.
The Financial Times framed the dispute as evidence of how the world of private intelligence has become a high-profit extension of corporate strategy, particularly in industries where regulation and reputation are tightly bound. The outcome could have far-reaching consequences for transparency, ethics, and competition within the global gaming sector.
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