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The dossier accused Evolution of supplying games into banned and sanctioned markets, including territories under US sanctions such as Iran and Syria.
The supplier had so far stood behind Black Cube’s investigation, and previously described it as “undertaken lawfully” to understand and verify “concerns of significant regulatory and commercial importance”.
Spectrum’s report was subsequently commissioned by Evolution to refute Black Cube’s accusations. In its latest release on Wednesday, Playtech said Evolution had “publicly characterised the Spectrum Report as exonerating it”.
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The three markets have reached the same point by different routes. Morocco has an incumbent defending its exclusivity through the courts, so far without success.
Tunisia has competing bills to prohibit or regulate online betting, neither of which has advanced. Egypt has relied on enforcement measures.
In all three, private online betting has no licensing route. Governments are tackling offshore demand through blocking, prohibition and criminal enforcement.
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“He would play and play, drink and drink, and if he didn’t lose all his money at the Palm Beach, he would then get in a car and go around the corner to the Colony Club,” the source told the newspaper.
The Telegraph noted that it does not claim any funds allegedly misappropriated from MFS were used to finance Raja’s gambling.
Company creditors have alleged a shortfall of more than £1.3 billion ($1.7 billion), while administrators have accused Raja of orchestrating a scheme through which funds were systematically extracted from MFS and related entities.