A confidential investigation that once rattled the global iGaming sector has taken a new turn, as Black Cube, a private Israeli intelligence agency, has been identified as the firm behind a controversial report targeting Evolution AB. Despite this disclosure, the identity of the party that hired Black Cube remains unknown, fueling continued legal strife.

Black Cube, established in 2010 by ex-members of Israeli intelligence, was confirmed to be behind the 2021 report which alleged that Evolution’s online gaming services were available in sanctioned countries like Syria, Sudan, and Iran. These claims significantly impacted Evolution, leading to an 11% drop in stock price and wiping out over €2 billion in market capitalization. The report was submitted by Calcagni & Kanefsky LLP (C-K), a New Jersey-based law firm, to regulators in both New Jersey and Pennsylvania.

Courts Compel Disclosure, but Commissioner Still Hidden

In a major legal development, a New Jersey Superior Court ruled in late February 2025 that C-K must disclose both the identity of the investigative firm and the entity that commissioned the report. While C-K has now confirmed Black Cube’s involvement, it insists that the true client’s identity remains unknown to them.

“C-K does not know the identity of the entity or individual who engaged Black Cube to perform the investigation on which the Report is based,” the law firm said in a letter to Evolution’s legal team, according to Next.io. “C-K has asked Black Cube to provide that information and will supplement its interrogatories when Black Cube does so.”

Despite repeated requests, Black Cube has not identified who contracted them, and C-K has reiterated that it lacks the authority or power to compel disclosure from the intelligence firm.

Legal Firestorm Between Evolution and C-K Escalates

Following the identification of Black Cube, Evolution filed a motion in Atlantic County Superior Court alleging ongoing discovery violations and accusing C-K of stalling the process. Evolution argued that after years of litigation and multiple court victories, C-K’s failure to comply with full disclosure is obstructing justice.

“Evolution won that fight, but it is a Pyrrhic victory until C-K fully complies with the Court’s Order,” Evolution’s attorneys stated. They called for additional sanctions, including monetary penalties or potential findings of fact against C-K and its client, unless full compliance is achieved.

The company is also seeking a court order compelling C-K to swear under oath that it neither knows the client’s identity nor has the means to obtain it if Black Cube withholds the information.

Fallout and Speculation Continue to Roil Industry

The original report’s publication not only sent Evolution’s share value tumbling but also incited regulatory probes. However, investigations by the New Jersey Division of Gaming Enforcement (NJDGE) and other authorities found no evidence that Evolution had sanctioned or knowingly allowed its products to be accessed in jurisdictions where such activity is illegal. These findings cast serious doubt on the report’s claims and bolstered Evolution’s defamation case against C-K.

Still, Black Cube continues to stand by its findings. In a statement, the firm argued: “Black Cube stands firmly behind the contents of the investigative report and is fully prepared to prove its validity and accuracy in court. The evidence we have exposes widespread misconduct by Evolution.”

In addition, Black Cube claimed it has obtained further evidence contradicting Evolution’s denials and intends to present it to relevant courts or regulators.

Business Rebound Amid Lingering Doubts

Despite the damage from the 2021 report, Evolution has demonstrated resilience. Its Q4 2024 earnings revealed a 31.5% jump in operating revenues and a 12.3% increase in net income. However, investor confidence remains shaken, with the company’s share price still down nearly 20% from its peak in late 2021.

Even as Evolution pushes forward, the unresolved question of who ultimately commissioned Black Cube’s investigation looms large. Industry insiders have speculated that a competitor may have been responsible in an attempt to tarnish Evolution’s image and gain market advantage. If proven, such revelations could have significant regulatory and reputational consequences across the gambling sector.