GVC faces multi-million dollar lawsuit

London AIM listed gambling group GVC Holdings is reportedly facing a multi-million dollar legal claim by Canadian entertainment consultancy 37 Entertainment which has accused it of reneging on a deal as a result of its involvement in the £1 billion ($1.5 billion) takeover bid for bwin.party Entertainment.

37 Entertainment (37E) claims that GVC had agreed terms to launch a 50-50 partnership targeting the Canadian online gambling market. 37E claims that it was in the process of launching two new websites targeting Quebec and English speaking Canada regions.

The plaintiff has further accused GVC of not fulfilling its partnership terms which would see the gambling group operate the Canadian brand's gambling services and operations, whilst 37E would focus on marketing initiatives targeting Canada.

UK newspaper The Times reported that GVC and 37E had not signed the final contract. However the Canadian company has stated that all essential terms had been agreed on by both parties and that an overwhelming number of written and verbal commitments had taken place on the matter.
 
Read more: http://www.sbcnews.co.uk/featurednews/2015/8/18/gvc-holdings-faces-mult...
 

Latest Intelligence

Latest issue

PATA CEO sees slow recovery, but optimism for future

AGB Podcasts