By Maitane Sardon

Evolution shares dropped Monday after the company said the U.K. Gambling Commission launched an investigation into its holding company after identifying unlicensed gambling.

Shares were 9.6% lower at 827.60 Swedish Krona in early trade Monday. They are down 31% so far this year.

The Swedish gaming technology company said the U.K. gambling watchdog identified some Evolution games that can be accessed from the U.K. through operators that don't hold commission licenses.

The review could have a range of outcomes, including conditions being imposed on the license, financial sanction or revocation of the license to operate, Evolution said.

Evolution, which derives 3% of its revenue from the U.K. market, is working with the commission to resolve the matter and has made unlicensed games unavailable in the U.K, it said.

Write to Maitane Sardon at maitane.sardon@wsj.com

(END) Dow Jones Newswires

December 23, 2024 03:52 ET (08:52 GMT)

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