Sweden’s Evolution loses $3bn of market value on illegal gaming accusation

STOCKHOLM: Swedish gaming company Evolution AB lost about $3 billion in market value on Wednesday, after a U.S. law firm accused it of operating in countries such as Iran, in violation of U.S. sanctions.

The maker of online slot machines and roulette games has grown rapidly as more people turned to online gambling during the pandemic, with the United States becoming a focus, as more of its regions legalise sports betting.

The complaint was made in a letter last week to the New Jersey division of gaming enforcement on behalf of unnamed private investigators, Bloomberg reported.