The United Kingdom Gambling Commission has initiated a review under Section 116 of the Gambling Act 2005. This is to decide whether unlicensed operators in the United Kingdom can access the games in Evolution.
Evolution AB is a leading B2B online casino solutions company. It is under investigation by the UKGC or United Kingdom Gambling Commission because of claims of black-market activity.
The UKGC has started the review under Section 116 of the Gambling Act 2005. This is to check if unlicensed operators in the UK could access the games of Evolution. Evolution has recognized the investigation and has committed to cooperating.
According to Evolution, it has taken down all games found on unlicensed platforms right away. The company has emphasized its dedication to supporting the UK’s regulated market and preventing unauthorized access.
Martin Carlesund, CEO of Evolution, stated that they are taking decisive action, using all available technical tools, to ensure their games are accessible in the UK only through Commission-licensed operators. They believe that a close collaboration to address their joint concerns will lead to swifter and better results. As always they remain committed to an open and transparent relationship with their regulators.
From no action to tougher steps like fines, operating rules, or even putting the UK license of Evolution on hold of taking it away are the many ways that could be the end for the UKGC review.
The probe has made investors worried, although the UK market makes up just 3% of Evolution’s total earnings. Evolution’s stock took a big hit falling more than 10% when news of the review came out. With worries that the regulatory checks might sway other countries, experts say this could have wider effects.
This investigation comes at a tough time for Evolution. The company has already faced claims of facilitating unlicensed activities in regions like Asia. This brings in a lot of its revenue. Moreover, the PGCB or Pennsylvania Gaming Control Board previously fined Evolution $25,000 for a surveillance lapse at its live dealer studio and banned 17 individuals for different violations.
