FTSE 250 movers: Playtech tanks on Evolution smear claims
By Frank Prenesti
Date: Tuesday 21 Oct 2025
(Sharecast News) - FTSE 250 (MCX) 21,838.51 -0.14%
Playtech tanked on Tuesday after Evolution said one of its subsidiaries had commissioned "controversial" investigation firm Black Cube to prepare a 2021 report that contained "highly inflammatory and knowingly false claims" about the Swedish maker of online casino games.
Evolution learned of Playtech's involvement in the report - which it said was intended to "substantially harm the company for anti-competitive reasons" - through legal proceedings, after the New Jersey Superior Court ordered Black Cube to reveal the identity of its client.
"It is deeply disturbing to learn that one of our competitors has gone to such extraordinary lengths to damage our business and reputation by hiring Black Cube and paying them over £1.8m to fabricate a report they knew would have extremely harmful repercussions," Evolution said.
"The report, which was furnished to regulators by a law firm representing Black Cube, Calcagni & Kanefsky LLP, and purposely leaked to the media, was determined by two state regulators in the US to be lacking in evidentiary support."
It pointed out that the New Jersey Superior Court later also determined that the report was untruthful and lacked veracity.
"Notwithstanding those findings, dissemination of the report has resulted in multi-billion dollar damage to our company," it said.
Evolution pointed out that Black Cube has a "well-documented history" of using deceitful methods to sway public opinion by launching smear campaigns on behalf of clients.
"As part of its so-called investigation, Black Cube used highly unethical tactics, including initiating meetings with current and former Evolution employees and board members under false pretences and secretly recording those interactions; using disguises and falsified identities; and cherry picking edited recordings to fabricate evidence to achieve its desired, false narrative," it said.
"It is notable that the subjects of Black Cube's report disavowed the allegations and said the report entirely misrepresented their comments.
"Although Playtech has finally been identified after years of trying to keep its involvement in this smear campaign a secret, Black Cube continues to evade the Court's discovery orders by withholding relevant information.
"We will continue to hold Black Cube, Playtech, and all the other players in this defamatory scheme responsible for their misconduct. We are confident in our legal position and look forward to finally holding Playtech and its accomplices to account for the significant harm they have caused."
Evolution said high-level Playtech executives, including chief executive Mor Weizer, communicated with Black Cube about the investigation and report.
Now that the identity of the party responsible for commissioning the report is known, the litigation can proceed "in earnest", Evolution, and is expected to extend through 2026.
At 1310 BST, Playtech shares were down a whopping 30% at 240p.
For its part, Playtech said the suggestion that its subsidiary, Playtech Software Limited (PTS), "engaged in a smear campaign is wholly untrue and is designed to distract from serious questions about Evolution's business practices".
It said PTS commissioned an "independent business intelligence firm to investigate credible and repeated concerns" raised by operators, suppliers and regulators about Evolution's activities in prohibited and sanctioned markets, and its supply to unlicensed operators in regulated markets.
"The investigation was undertaken lawfully to better understand and verify concerns of significant regulatory and commercial importance," Playtech said.
"The report published, as a result of the investigation, clearly evidences that Evolution's business practices undermine lawful and compliant gambling operations. Such conduct damages trust in the credibility of the entire industry and also ultimately impacts government tax collection."
Playtech said it stands by the decision to commission the report.
"Evolution continues to seek to avoid legitimate scrutiny rather than address longstanding questions about its conduct, including its decision to supply operators in illegal markets and to support unlicensed operators in regulated markets.
"Playtech welcomes court examination of the report and its findings. Playtech is confident that these proceedings will confirm the credibility and legitimacy of the investigation and the importance of the issues it seeks to address."
Mining stocks came under pressure as the gold price slumped to its biggest fall for five years. Bullion fell 5% to $4,120 an ounce after reaching an all-time high of $4,381 on Monday. However, the safe haven precious metal is still up around 60% over the course of 2025 as investors seek safety from volatility amid geopolitical and economic uncertainty.
Shares in Hochschild Mining, Endeavour Mining and BlackRock World Mining Trust were all lower.
FTSE 250 - Risers
AO World (AO.) 99.60p 3.64%
B&M European Value Retail S.A. (DI) (BME) 173.80p 3.64%
W.A.G Payment Solutions (EWG) 93.00p 2.88%
Big Yellow Group (BYG) 1,164.00p 2.11%
TBC Bank Group (TBCG) 4,190.00p 1.95%
Ithaca Energy (ITH) 185.40p 1.76%
Safestore Holdings (SAFE) 716.50p 1.70%
JTC (JTC) 1,320.00p 1.69%
Softcat (SCT) 1,569.00p 1.69%
Watches of Switzerland Group (WOSG) 377.20p 1.67%
FTSE 250 - Fallers
Playtech (PTEC) 255.00p -25.87%
Hochschild Mining (HOC) 367.80p -12.84%
Endeavour Mining (EDV) 3,096.00p -8.89%
Bluefield Solar Income Fund Limited (BSIF) 76.70p -7.92%
BlackRock World Mining Trust (BRWM) 649.00p -3.71%
Foresight Solar Fund Limited (FSFL) 75.90p -3.68%
FirstGroup (FGP) 200.20p -3.56%
Raspberry PI Holdings (RPI) 370.40p -3.44%
Discoverie Group (DSCV) 575.00p -2.54%
Aston Martin Lagonda Global Holdings (AML) 62.25p -2.43%
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