Playtech unmasked as firm behind Calcagni Report
Wow. Just wow.
The organisation behind the now infamous Calcagni Report (‘the report’) has finally been revealed as Playtech.
Today’s unmasking to the world, by way of a press release from Evolution, ends one of the industry’s biggest whodunnit mysteries. In the end there was no twist. The culprit was the likely suspect; Evolution’s major and longstanding competitor.
A Quick Recap
This saga began with the surfacing of a report back in 2021, alleging Evolution had been operating extensively in black markets. The report was submitted by law firm Calcagni & Kanefsky to US gaming regulators and also leaked to Bloomberg. The news crashed Evolution’s share price wiping almost $10 billion off the company’s market capitalisation at the time as well as causing significant reputational damage.
The years since have seen a long and drawn out court battle to unmask the parties behind the report in order to proceed with a defamation lawsuit.
After using every trick in the book to avoid having to reveal their clients, Calcagni & Kanefsky were eventually forced to name mirky intelligence firm Black Cube as the report’s author. After further delaying tactics and attempted appeals Black Cube were only last month ordered to reveal who had commissioned them to produce the report.
In the meantime the regulators to whom the report had been submitted (New Jersey Division of Gaming Enforcement and Pennsylvania Gaming Control Board) both dismissed the report finding no evidence of wrongdoing. Likewise, a February 2025 judgement from New Jersey Superior Court concluded that the report lacked veracity.
Below is a summary timeline of events. Evolution provide more detail in their release.
Facts coming to light
It’s now known that Black Cube’s services were engaged by Playtech in December 2020 and that Playtech’s CEO Mor Weizer and other senior executives have been in communication with the intelligence firm.
Methods employed by Black Cube to investigate and compile the report include the use of fake identities (including disguises), secret recordings and meetings under false pretences conducted with a handful of current and former Evolution employees. Black Cube service fees to date are over £1.8 million. Presumably all their legal costs have been reimbursed by Playtech also.
Calcagni & Kanefsky’s fee for handing the report to regulators with a cover letter reaffirming its contents was $33,700. New York-based PR firm HeraldPR was paid $10,000 to help spread the word.
More facts will come to light during discovery in the defamation suit. But joining the dots on what’s now known paints a picture of industrial sabotage. A statement from Evolution in their release reads:
“It is deeply disturbing to learn that one of our competitors has gone to such extraordinary lengths to damage our business and reputation by hiring Black Cube and paying them over 1.8 million GBP to fabricate a report they knew would have extremely harmful repercussions.”
Pain for Playtech
Playtech were on the receiving end of a share price wipeout of their own yesterday, down more than 20%.
Their reputation as an ethical corporation has been dealt a considerable blow, and looming on the horizon is a defamation lawsuit with a very expensive damages judgement.
This is a story that just keeps getting juicier as discovery documents come to light. The latest bombshell is that Black Cube’s engagement included a series of success fees, all based on the level of damage their report inflicted on Evolution, including:
– £350K if a regulator launched an investigation (hit that one),
– £500K if Evolution lost any of its licenses (missed this one).