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

Reuters12-23 18:28

** 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))

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