Evolution is facing allegations from a New Jersey-based law firm that is alleging it operated in illegal markets and countries currently under US sanctions, such as Iran.

According to a report by Bloomberg, Ralph Marra, a senior counsel at Calcagni & Kanefsky LLP, made the complaint in a letter Nov. 12 to the New Jersey Division of Gaming Enforcement and said he was writing on behalf of private investigators he didn’t name. The investigators were retained by a U.S.-based competitor of Evolution, according to people with knowledge of the matter who asked not to be identified.

From Bloomberg:

Carl Linton, the head of investor relations at Evolution, said in an email that the assertions weren’t accurate, although the company hadn’t seen the letter.

“Evolution strictly complies with all applicable laws and regulations,” Linton said.

Evolution is licensed in New Jersey, an early adopter of online betting. Regulators require licensees to demonstrate “good character, honesty, and integrity,” including not operating in so-called black markets, according to Marra’s letter. A spokesman for the gaming division declined to comment, citing ongoing policy not to do so in such matters.
Shares of Evolution fell as much as 8% to 1,365 kronor during early trading in the Swedish capital on Wednesday.

Read more here: https://www.bloomberg.com/news/artic...illegal-wagers