Outlaws Inc

What is Outlaws Inc?

This followed a period of restrategising for the operator, after rebranding from GVC Holdings and committing to having 100% of its revenues come from regulated markets.

But its share price has taken a tumble over the last year, dropping up to 37% since September 2025. Its market cap currently sits at £3.39 billion.

The operator first started trading on LSEG’s main market in February 2016 under its previous company name GVC Holdings. This followed its delisting from the Alternative Investment Market (AIM exchange).

What is Outlaws Inc?

Evolution then commissioned Spectrum Gaming Group to produce a report on its actions and the validity of the Black Cube report. Produced in 2022, the report has long been subject to confidentiality despite Evolution claiming the report exonerated the company.

Playtech on Wednesday published a statement highlighting what it claimed were compliance failures at Evolution, written into the Spectrum report.

Within the report, Spectrum alleged “concerns around the availability of Evolution’s games in certain prohibited markets, the regulatory implications of its practices, and the lack of proactive monitoring of its customers”.

What is Outlaws Inc?

Marantelli identifies White Swan and Susquehanna as two firms operating at industrial scale in parlays, with Jump Trading, Mojo and DL Trading among the possible leading group. Below them are numerous smaller syndicates, some managing between $5 million and $10 million, alongside sports-specific specialists.

Enda Kendrick, chief executive of service provider Veltium, similarly says the largest UK and European sharp-betting groups have moved rapidly into US prediction markets. He believes there are also more than 100 smaller operations, ranging from individual traders to teams of around 10, interested in entering the regulated US market.

Yet the presence of professional counterparties complicates the customer-facing idea that prediction markets merely allow users to trade opinions with one another. As Kendrick puts it, two ordinary customers are not going to place $10 million or $20 million behind the Philadelphia Eagles. Markets at that scale require institutions.