Evolution slides to bottom of STOXX as UKGC review sparks license concerns

Evolution AB (publ)

23/12/2024 10:28

** Shares in Swedish online gaming company Evolution
 EVOG.ST  drop 11.4% to the bottom of pan-European STOXX 600
index  .STOXX  after the UK Gambling Commission (UKGC) started a
review of its operating license
    ** The review follows the discovery that Evolution's games
were accessible through unlicensed operators in the UK, which
accounts for 3% of the company's revenues
    ** Jefferies says in a note that investors are concerned
about the UK's regulatory review, potential for other regulators
to follow, and the limited revenue exposure Evolution faces in
the UK
    ** Today's losses wiped off 22.2 billion Swedish crowns 
($2.01 billion) from the company's market cap
    ** Shares of Evolution are on track for its worst day since
November 2021


($1 = 11.0362 Swedish crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))