No further action: New Jersey regulator concludes investigation into Evolution AB
No evidence was found that the supplier engaged in misconduct.
The New Jersey Division of Gaming Enforcement (NJDGE) has closed its investigation into Evolution AB, concluding that the company did not engage in misconduct.
The investigation looked into whether Evolution had promoted, permitted, sanctioned or benefitted from operations in market jurisdictions the NJDGE considered prohibited, having initially been reported in November 2021.
At the time, the company was facing share price drops, with Evolution releasing a statement regarding the “reports of allegations of irregularities.”
“Those allegations originate from an anonymous third party with what appears to be an intention to discredit Evolution,” the company said. Gaming America reported on the initial allegation.
Alongside the conclusion reached by the NJDGE, Evolution has also conducted internal investigations.
While the live casino supplier was able to confirm that its due diligence and compliance processes were up to scratch, Evolution has since updated its processes to further improve efficiency.
In 2023, the company saw its operating revenue increase by 23.5%, with EBITDA up 25.7%. In its Q4 report, Evolution CEO Martin Carlesund said, “We see encouraging development in all the regions going into 2024. North America showed strong momentum in Q4 coming back to sequential growth.“
Meanwhile, Evolution North America CEO Jacob Claesson recently spoke to Gambling Insider about aiming to stay ahead of the competition.
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