Pulse
SBC SUMMIT BARCELONA SEPTEMBER 20-22, 2022 YGGDRASIL
Yggdrasil: Don’t clone great products - copy the best policies
In his keynote address at Fira Barcelona Montjuïc in September, Fredrik Elmqvist, CEO of Yggdrasil, warned that 'we as an industry need to keep the entire ecosystem away from sanctioned market money.’
also claimed that Evolution provides its games to unlicensed and unregulated operators.
Fredrik Elmqvist, Chief Executive Officer, Yggdrasil
Fast forward a few weeks and Evolution was in the centre of a legal storm after being challenged by a US law firm, acting for an anonymous US competitor, for allegedly operating illegally in countries such as Iran, Hong Kong, and Singapore. Te story, originally reported by Bloomberg, detailed a complaint to the New Jersey Division of Gaming Enforcement on behalf of unnamed private investigators and saw a several billion-dollar stock fall in the supplier.
Te complaint, which appeared to confuse the creation and supply of online gaming content with operating an online casino, stated that the investigators played Evolution games at Internet addresses in which online gaming is either illegal or subject to US sanctions. Te complaint
In a statement to G3 at the time, Evolution said that it does not own or control any of the operators or aggregators it works with and has no direct relationship with the underlying player and no involvement in handling of players’ money.
Te supplier added that, generally, 'online gaming operators are licensed in a limited number of jurisdictions while some operate in a global market and allow play from various geographic areas over the internet. We use all tools at our disposal to block play from certain countries, including all countries on sanction lists mentioned in the article'.
I TOLD YOU SO
When the allegations emerged, Fredrik felt conflicted: "Evolution were standing at the forefront taking the punches, but it was exactly what I was referring to at SBC Summit Barcelona. If you are breaking regulation, that's important, and it needs mitigating. But we can't allow sanctioned money flowing through our system. We have got to be untouchable.
"Tings started blowing out of proportion when Evolution got attacked, but the benefit is that
"Evolution were standing at the forefront taking the punches, but it was exactly what I was referring to at SBC Summit Barcelona. If you are breaking regulation, that's important, and it needs mitigating. But we can't allow sanctioned money flowing through our system. We have got to be untouchable.”
P86 WIRE / PULSE / INSIGHT / REPORTS
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