Leading live dealer casino game studio Evolution’s share price dropped 10% after news broke of a UK Gambling Commission license review. [Image: Shutterstock.com]

Popular live dealer casino game supplier Evolution saw its share price plummet 10% on Monday morning after news broke of a UK Gambling Commission (UKGC) probe into the company. Evolution is alleged to be providing its games to offshore operators that target UK customers without having a license to do so, which means its UKGC permit is now under review.

taking immediate action to rectify the matter and is fully cooperating with the investigation

Evolution released a statement late on Friday stating it is taking immediate action to rectify the matter and is fully cooperating with the investigation. According to the one-page announcement, the UK market accounts for approximately 3% of its total revenue.

Evolution CEO Martin Carlesund said that management is “taking forceful action using all technical tools available to us” to ensure nobody in the UK can access its products through unlicensed platforms. He expects “swift and better results” by closely working with investigators to resolve the issues.

The outcome of the UKGC review could include no action, a financial penalty, the addition of certain conditions on the operator’s license, a suspension, or total revocation of the license.

The Stockholm-based company was obliged to make a public statement as per the EU Market Abuse Regulation.