Evolution Intensifies Legal Fight to Identify Backer of Black Cube Report

The private Israeli intelligence agency Black Cube has been identified as the organization behind a controversial 2021 report that accused Evolution AB of operating in restricted global markets, including countries under U.S. sanctions. Although this revelation marks a major development in the case, the client who hired Black Cube to conduct the probe remains unknown.

Founded in 2010 by former members of Israeli intelligence, Black Cube compiled the explosive dossier, which was originally submitted by U.S. law firm Calcagni & Kanefsky LLP (C-K) to gaming regulators in New Jersey and Pennsylvania. This move significantly impacted Evolution’s market standing, wiping out more than €2 billion in market capitalization following the report’s emergence.

Despite a February 2025 court order compelling disclosure, C-K has stated it still does not know who commissioned Black Cube’s investigation. The law firm emphasized this in a communication to Evolution’s legal team, explaining: “C-K does not know the identity of the entity or individual who engaged Black Cube to perform the investigation on which the Report is based.”

C-K claimed it had requested this information from Black Cube and promised to update its legal interrogatories should the intelligence agency cooperate. The firm also identified individuals involved in the investigation, including Black Cube’s head of investigations Alex Gorelik, investigator Yoav Nursella, and legal director Dr. Avi Yanus.

Evolution’s attorneys argue that C-K’s lack of transparency constitutes deliberate obstruction. In their motion filed with the Atlantic County Superior Court, they highlighted that C-K had collaborated with Black Cube for years and should have obtained the identity of the client long ago. “It is a Pyrrhic victory until C-K fully complies with the Court’s Order,” Evolution stated, requesting further sanctions to compel compliance and deter similar conduct in the future.

The original report accused Evolution of enabling access to its live-dealer games in markets where online gambling is prohibited, such as Syria, Sudan, and Iraq. Regulatory reviews by the New Jersey Division of Gaming Enforcement (NJDGE) and the Pennsylvania Gaming Control Board later found no evidence supporting these claims. Evolution maintains that it did not authorize or facilitate such access and has taken steps to address any inadvertent breaches.

Evolution’s counter-lawsuit against C-K accuses the firm of defamation, highlighting that the report was anonymous, misleading, and damaging. Court documents also allege that deceptive tactics were used in gathering evidence, including coercion of statements from current and former Evolution employees.

Black Cube, however, stands by its findings. “Black Cube stands firmly behind the contents of the investigative report and is fully prepared to prove its validity and accuracy in court,” the firm stated, asserting that it has gathered additional evidence to challenge Evolution’s denials.

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Despite the ongoing legal saga, Evolution has continued to thrive operationally. The company is set to debut its new live casino title, Fireball Roulette, on April 30. This innovation blends traditional European roulette mechanics with slot-style bonus features and multipliers, offering enhanced engagement for players.

The launch coincides with strong financial performance. In 2024, Evolution reported €2.21 billion in operating revenue, a 23.1% increase from the previous year. Its live casino segment alone generated €1.78 billion, and EBITDA reached €1.56 billion with a margin of 70.5%. The company has proposed a dividend increase and announced a €500 million share buyback for 2025, signaling robust confidence in its future.

Although Evolution’s stock remains below its pre-report high of $161, trading closer to $86 in recent weeks, the company’s financial and product momentum suggest resilience.

Source:

“Mystery entity behind Evolution illegal markets report unmasked“, next.io, April 22, 2025.