Evolution is still to file a formal claim in the ongoing Black Cube case, although Playtech doesn’t appear to be overly concerned, with the supplier disputing “any allegations of unlawful conduct”.
Playtech confirmed in its full-year results for 2025 that it is confident in its decision to commission Black Cube, an independent business intelligence firm, to look into Evolution’s business practices.
In October, Evolution claimed that the Playtech Software Limited subsidiary was accountable for commissioning the report, which analyzed Evolution’s activities in unregulated markets and alleged supply of solutions to black-market operators targeting players in regulated jurisdictions.
The report was seen as a smear campaign by Evolution – although this was dismissed by Playtech as being “wholly untrue and designed to distract from serious questions about Evolution’s business practices”.
The report was prepared by Black Cube – however Playtech doubled down on its stance of no wrongdoing, instead claiming that the dispute is merely a ‘contingent liability’. Evolution is yet to file any formal action against the company.
Playtech said in its results: “On 21 October 2025, Evolution AB publicly identified Playtech Software Limited, a subsidiary of the Group, as the commissioning party behind a 2021 report prepared by Black Cube, which has been referenced in ongoing US proceedings but not involving any Group entity.
“In addition, on the same date Evolution AB publicly stated that it will amend its complaint to add Playtech Software Ltd to the lawsuit. However, as at the date of approval of these financial statements, Evolution has not requested the permission of the Court to add any Group entity to the New Jersey proceedings and no claim has been served on Playtech Plc, Playtech Software Limited or any other Group entity.
“The Group disputes any allegation of unlawful conduct. Given the early stage and the absence of any claim served on the Group, including any indication of the amount that may be claimed, this is considered a contingent liability only.”
Legal disputes aside …
Playtech’s plan to double down on the growth of iCasino across the U.S. market looks like it’s starting to pay off and the company announced plans to double-down on its Live Casino investment in 2026 and beyond.
Publishing its full-year results for 2025, Playtech celebrated a “particularly strong performance” in the U.S., with revenue in the region “nearly doubling” in the last 12 months.
Now live in six iGaming states – New Jersey, Michigan, Pennsylvania, West Virginia, Delaware, and Connecticut – Playtech is no longer testing the waters for its U.S. expansion efforts.
Strong growth in the Americas
Overall, Playtech reported that B2B revenue generated by its presence in regulated markets was up 6% during 2025, with the U.S. being the predominant growth driver during the period.
Adjusted EBITDA for the period reached €132.0m, a 10% decrease year-over-year, reflecting regulatory headwinds in Colombia and Brazil. Playtech noted that the planned investment into Live also had a knock-on effect.
Looking at the U.S. and Canada specifically, revenue for the region grew by 71% year-over-year in constant currency, largely due to strong activity from customers including DraftKings, FanDuel, Hard Rock Digital, and Delaware North.
During the trading period, Playtech noted that while it has continued to expand into new states, the company has also increased capacity across all of its studios in a move that will facilitate further expansion of its Live division.
Mor Weizer, Chief Executive Officer of Playtech, said: “The US delivered a particularly strong performance, with revenue nearly doubling as momentum accelerated across our partnerships.
“We achieved a number of important strategic milestones, expanding into additional iGaming states and continuing to grow our Live offering. I’m really pleased to see our efforts in the US paying off, and we will continue to invest to capitalise on the significant opportunities ahead in this huge market.”
Looking at its Live division specifically, Playtech reported a 6% increase in revenue on a constant currency basis, with strong momentum in the U.S. offset by “the impact of stringent regulatory requirements in Brazil”.
