Playtech has welcomed the publication of the full “highly anticipated Spectrum Report” amid its ongoing feud with rival supplier Evolution.
The LSE-listed firm has argued that the document commissioned by Evolution to respond to Black Cube’s investigation corroborates several of the investigation’s key findings. Evolution had previously characterised the report as exonerating the company.
According to Playtech, however, Spectrum specifically corroborated concerns raised by Black Cube around the availability of Evolution games in grey and black markets and the regulatory implications of its practices.
Spectrum was also unable to confirm or refute a number of findings because Evolution did not provide information requested during the review.
This included data that would have allowed Spectrum to establish whether gaming sessions took place in Iran, Syria and Sudan, as well as revenue reports for those jurisdictions.
Playtech said the lack of information prevented Spectrum from completing key parts of its investigation and left questions around Evolution’s exposure to prohibited markets unresolved.
Playtech and Evolution refusing to back down
The report also claimed that Evolution “does not take any proactive steps” to ensure customer-facing gambling operators using its products comply with contractual requirements, while Playtech, which continues to stand by the decision to commission the original investigation, is eager for the court “to review the document in its entirety”.
“It is evident that Evolution’s concern around the release of the Spectrum Report was not related to sensitive proprietary financial information as Evolution argued, but instead, the corroboration of its “significant” compliance issues, which according to the Spectrum Report, are “problematic” and “place Evolution in a precarious situation with law enforcement officials”,” the company’s statement said.
“Playtech is pleased that the Spectrum Report is now public, and welcomes the opportunity for the court, regulatory authorities and other stakeholders to review the document in its entirety.
The Spectrum Report’s publication comes after months in which Evolution opposed its disclosure, citing concerns that it could reveal sensitive proprietary financial information. Playtech said the release now allows the court, regulators and other stakeholders to assess the report in full.
It is the latest update to this longstanding dispute, with neither side backing down. Playtech has notably continued to stand by its decisions and stated that it will “defend itself vigorously” against Evolution.
For its own part, Evolution is ready to continue weathering the storm. Chief Executive Officer Martin Carlesund recently claimed that the firm has “systematically been progressing and winning in court, that’s taken four years” and added that he expects the feud to last “many years”.
The New Jersey Division of Gaming Enforcement (DGE) recently carried out its own investigation into the allegations, with the Spectrum report only part of the underlying material.
In the end, neither regulator took enforcement action against Evolution.
The business has had a rather turbulent time in recent months, narrowly avoiding a suspension from the UK’s Gambling Commission, which discovered that it had supplied its services to six unlicensed websites accessible to UK players.
More positively for Evolution, its shares have risen by over 37% so far in 2026, bucking the trend for the majority of gambling PLCs, as many a company’s stock has gone through a period of decline this year.
Playtech is another anomaly in that case, with its stock having experienced a 46% rise in the same period. Both companies’ shares have been relatively unaffected by today’s news.
Its statement concluded: “Playtech stands by its decision to commission the original Black Cube investigation. The company remains very confident that the court proceedings will confirm the credibility and legitimacy thereof and the significant concerns it raised.”
Evolution chose not to comment on the update.