Playtech Shares Drop 36% After Evolution’s Accusations, Then Recover
Playtech’s stock plunged on the London Stock Exchange after Evolution accused the company of hiring Black Cube to run a smear campaign. The price fell from 340 GBP to 220 GBP within two hours before rebounding to around 280 GBP after Playtech issued a response.
Sharp Market Reaction
Investors reacted instantly to Evolution’s announcement naming Playtech Software Limited as the client behind the 2021 Black Cube report. Evolution claimed Playtech paid more than £1.8 million for a campaign meant to damage its reputation and gain a competitive edge.
The news triggered heavy selling. Playtech’s shares dropped by over one-third in a short span, shocking the iGaming market.
Playtech Responds, Shares Rebound
Playtech quickly denied the accusations. The company called Evolution’s claims “wholly untrue” and said they aimed to shift attention from Evolution’s own business practices. Playtech confirmed that it hired an intelligence firm but said the investigation followed the law. Its goal, according to the company, was to check “credible and repeated concerns” raised by industry partners and regulators.
After the statement, investor confidence improved. The stock recovered to about 280 GBp, though still below its earlier level.
The conflict traces back to a 2021 report by Black Cube accusing Evolution of operating in sanctioned markets. Evolution said the claims were fabricated. Playtech argued the investigation had “regulatory significance.”