Court records filed in New Jersey provide new details about financial transactions between Playtech and Black Cube, the private intelligence firm accused of orchestrating a campaign against Evolution AB. The materials include Evolution’s memorandum of law, proposed findings of fact, and the October 2025 deposition of Black Cube co-founder Dr. Avi Yanus, which outline a continuing payment relationship extending through 2025.
Payment Structure and Success Fees
According to Evolution’s filings, Playtech entered into two letters of engagement with Black Cube beginning in December 2020. The first agreement included an initial £400,000 operational fee and success fees tied to specific outcomes: £150,000 for obtaining purported evidence of wrongdoing, £175,000 for securing a major media article, £350,000 if a regulator launched an investigation, and £500,000 if Evolution’s license was revoked.By December 2021, Playtech had paid Black Cube about £1.81 million, including £675,000 in success-based bonuses.
A second engagement letter, signed in mid-2022, authorized additional payments of up to £700,000 in further success fees. These included £150,000 for arranging publication of another article, which was paid following Bloomberg’s August 13 2025 report titled “Evolution Games Ran in Banned Markets, Execs Say in Secret Tapes.” Playtech executives described the piece internally as a “great article,” and records show the company paid Black Cube the corresponding fee.
Indemnification and Continuing Invoices
Under the same agreement, Black Cube undertook to indemnify the law firm Calcagni & Kanefsky LLP for legal costs, with Playtech reimbursing Black Cube for those expenses. Filings indicate Playtech paid approximately £1 million to Black Cube after December 2021, excluding indemnification amounts.
During his October 2025 deposition, Dr. Yanus confirmed that Playtech remained a “very good client,” stating the company was up to date on all payments. He testified that Black Cube had invoiced Playtech regularly since 2021, including for legal reimbursements and additional work performed after the original report’s submission. Yanus added that invoices were directed to Playtech’s general counsel and that payments continued through October 2025
When questioned on total sums received, Yanus estimated Playtech had paid “millions for sure,” primarily for indemnification of legal expenses, and around £1 million for ongoing work beyond those costs. He confirmed payments in September and October 2025 corresponded to recent invoices and that Black Cube remained engaged with Playtech’s legal team.
Allegations of Withheld Evidence
Evolution’s memorandum asserts that Black Cube’s founder admitted to intentionally withholding evidence that contradicted claims made in the original 2021 report and that multiple omissions in the sworn affidavit misrepresented the scope of the investigation. The filings cite testimony indicating certain recordings and interviews were omitted from disclosure to regulators and the court.
Playtech’s leadership has denied involvement in the alleged campaign, including during a September 11 2025 investor call referenced in the filings.
The New Jersey Superior Court continues to hear arguments as Evolution seeks to hold both Playtech and Black Cube accountable for the disputed report and subsequent activities.
Source:
Evolution’s Proposed Findings of Fact ISO Opposition to Defendants’ Petitions for Orders to Show Cause, Superior Court of New Jersey, November 3 2025;
Evolution’s Memorandum of Law in Opposition to Black Cube’s Petition for an Order to Show Cause, Superior Court of New Jersey, November 3 2025; Dr. Avi Yanus Deposition Transcript (Exhibit 1), October 23 2025.
