Following accusations that Evolution offered its games in illegal and US-sanctioned countries in November 2021, the New Jersey Division of Gaming Enforcement (NJDGE) performed a full investigation, which has now been concluded, with no further action taken.
Press Release 20th February 2023
Evolution AB has been informed by the New Jersey Division of Gaming Enforcement (NJDGE) that it has investigated allegations of misconduct by Evolution AB and that its investigation has been closed with no further action taken.
In November 2021 the NJDGE received a report prepared by an unidentified firm alleging misconduct by Evolution AB.
Following receipt of the report, the NJDGE thoroughly investigated the allegations to determine their validity.
The NJDGE found no evidence that Evolution sanctioned, promoted, permitted, or otherwise materially benefitted from its content offered by operators in any market that the NJDGE considers a prohibited jurisdiction.
Evolution also conducted an internal review; while concluding that its due diligence and compliance processes were sufficient, Evolution took the opportunity to enhance its processes. The NJDGE supports the enhancements that Evolution has made. The enhancements did not relate to any jurisdictional violations.
The NJDGE’s investigation into this matter is closed, requiring no further action.
Press Release Ends
The original allegation was made just as Evolution established itself in the highly regulated US market.
The allegation was a ploy by someone to disrupt Evolution’s position in the US market, which has since seen only a handful of operators establish themselves in the market.
As a result of the allegations, Evolutions’ share price took a hit, at one point reducing the valuation of the company by $3 Billion. They have since rallied and recently published their year-end results showing a €1bn profit for 2023.
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