After a thorough investigation, the New Jersey Division of Gaming Enforcement (NJDGE) decided not to press charges against Evolution, which was allegedly accused of misconduct.
Attempts to discredit the company:
According to the allegations, Evolution allowed the countries subject to US trade sanctions to use their products. The case was opened for the first time in November 2021, when the law company Calcagni & Kanefsky LLP accused Evolution of it.
Back then, Evolution said that they weren’t guilty of that and that the main motive behind the accusations was an attempt to discredit the company. It also claimed that its partners, various regulators, and operators, helped them in establishing a successful way to block pay from the problematic countries, including Syria, Iran, and Sudan. However, the company suffered a lot because of the accusations, with its value dropping down.
The recent course of events suggests that the company isn’t guilty. Evolution issued a statement, saying: “The NJDGE found no evidence that Evolution sanctioned, promoted, permitted, or otherwise materially benefitted from its content offered by operators in any market that the NJDGE considers a prohibited jurisdiction.”
As a part of Evolution’s defense, the company claimed that the only way people from prohibited countries can access the content is through advanced technical manipulation. However, after that manipulation occurred, it led to establishing an opinion that it was easy to access the company’s products in these markets. It is only possible through advanced VPNs, which change the IP address of the player and create an impression that the player is actually located in one of the countries where the products are available.
After several attempts to access the product through the original IP address, the players finally succeeded through VPN. Evolution thinks it has been done to discredit the company.
Apart from that, Evolution highlighted the fact that the operators they collaborated with were obligated to have licenses for each market they were present in. On top of that, the company has a supplier license in each market that requires it.
Evolution isn’t connected to players or the funds they invest, so the company requires that operators they collaborate with check all customers who want to gamble on their services. After the thorough check, the operators determine if the player can participate in games or not.
Another lawsuit:
This case has a good outcome for Evolution, however, this isn’t the end of the issues the company faced in a recent period. Another lawsuit was filed because of the alleged company’s intent to make investors believe the facts about its path and compliance that weren’t true.
According to the source, some of the investors who purchased Evolution’s shares believe the company misled them through various false statements. The problematic investments were made between February 14, 2019, and October 25, 2023, and the defendants are the company’s CEO Martin Carlesund, and CFO Jacob Kaplan.
The statements that investors claim were false were related to Evolution’s growth potential, customer compliance, the company’s compliance, and the effect of non-compliance on revenue.
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