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Notably, the Spectrum report does acknowledge that Evolution did not knowingly allow games in prohibited territories, however, it has also flagged a number of compliance issues, which resulted in its games being provided in markets where online gambling is, or has been, prohibited.
Here are some of the dossier’s key findings, some of which raise questions around Evolution’s compliance operations during the period assessed.
Within the initial pages of its lengthy August 2021 report, Spectrum Gaming explains it carried out an extensive technical, operational and compliance review of Evolution’s “business practices, public record database research and an assessment of the company’s anti-money laundering compliance procedures and processes, as they related to the allegations contained in the ‘anonymous report'”.
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Several operators have announced shop closures over recent months, including Entain and Flutter, citing a rising tax burden.
Online casino games remained the largest segment of the remote market, generating £5.7 billion ($7.6 billion) in GGY, with slots accounting for £4.8 billion ($6.4 billion) of that total.
Remote sports betting generated £2.4 billion ($3.2 billion), led by football at £1.2 billion ($1.6 billion) and horseracing at £769.3 million ($1.03 billion).
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It also said Spectrum was able to “specifically corroborate” Black Cube’s claims that Evolution’s games were accessible and generating revenue in several “prohibited locations”. These included Hong Kong, Singapore, the United Arab Emirates and Saudi Arabia.
Evolution has for several years denied any involvement in illegal activity. In a statement to iGB in November, the company said its defamation litigation aimed to hold Playtech and Black Cube “accountable for its wrongdoing” and to protect shareholder value.
The report also revealed that Evolution had ignored virtual currency risks, as they had accepted wagers in said currency without triggering the enhanced due diligence normally expected in such cases.
