Online casino provider Evolution said Thursday it will sue competitor Playtech, accusing it of orchestrating a smear campaign by commissioning a "defamatory and false report" four years ago.
The announcement came as the company reported a 2.4% drop in third-quarter net revenue to 507.1 million euros, citing challenges in its Asian markets.
In the report, CEO Martin Carlesund said a lengthy legal process identified Playtech as the entity that paid intelligence firm Black Cube to produce the report, which caused "substantial harm to the company and its shareholders."
A separate company statement this week alleged the payment was over 1.8 million British Pounds.
"At Evolution, we will always go to all lengths to protect our company, our brand, our colleagues and our shareholders," Carlesund stated.
The original report, submitted to U.S. gaming regulators in 2021, prompted an investigation.
The New Jersey Division of Gaming Enforcement closed its investigation in February 2024, finding "no evidence" of wrongdoing by Evolution, according to a previous company statement.
A New Jersey court has also found the report to be "untruthful" and "objectively baseless," the company said.
Evolution said it will now amend its existing lawsuit to include Playtech as a defendant.
More from this issuer
Related coverage
Online casino provider Evolution AB on Tuesday said it has identified rival Playtech Plc as the company that commissioned a damaging 2021 report against it.
Evolution AB has expanded its partnership with Bally's Corporation, launching its online slot games in Rhode Island and establishing a presence in all seven U.S. states that currently offer online casino gaming.
Hasbro Inc. has signed a multi-year, exclusive agreement with online casino provider Evolution AB to develop digital versions of its games, including the popular MONOPOLY board game.