$/€ Evolution Stock Drops Amid Potential UKGC License Revocation
Kate Marshal
24 December 2024
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Swedish gaming software developer Evolution (best known for its live casino offerings) is under scrutiny from the UK Gambling Commission (UKGC). According to Gambling Insider, the company faces possible penalties, including fines or even a license revocation, pending the outcome of an ongoing investigation.
The UKGC launched the probe after discovering Evolution’s software on gambling platforms not licensed in the United Kingdom.
In response to the findings, Evolution implemented measures to block its software from being accessed by unlicensed operators in the UK.
“We are now taking forceful action using all technical tools available to us to ensure that our games only are available in the UK through Commission licensed operators,” Evolution stated.
The UK market accounts for roughly 3% of Evolution’s total revenue, but any confirmed links to the unregulated sector could severely damage the company’s reputation. Following news of the investigation, Evolution’s stock value fell 11.8%, dropping to $73.11.
Previously, the company faced challenges when workers in its Georgian division staged a record-breaking strike, demanding better wages and working conditions.
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