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GVC Holdings may be facing a legal challenge from 37 Entertainment

Tuesday August 18,2015 : GVC UNDER LEGAL THREAT FROM CANADIAN ENTERTAINMENT FIRM
 
Says GVC welshed on a joint venture deal.
 
According to the Times.co.uk, GVC Holdings may be facing a legal challenge from Canadian sports and entertainment consulting firm 37 Entertainment (37E).
 
GVC and 37E have reportedly been in protracted talks concerning a joint online gambling venture for the Canadian market, the signing of which was “merely a formality” the report said.
 
The multi-million dollar legal petition for a “declaratory judgement”, which was submitted to the London Court of International Arbitration, said GVC Holdings had welshed on the deal which would involve the launch of two Sportingbet websites in the Canadian market.
 
The deal would have seen GVC provide the joint venture with gambling products and services while 37E handled the marketing side on a 50/50 revenue share agreement, to which 37E says GVC agreed to all “essential terms” and had made an “overwhelming number of written and verbal commitments”.
 
37E said in its petition that despite “the umpteenth confirmation” from GVC, by May “excuses were coming fast and furious” and surmises GVC’s battle for bwin.party was most likely related to the deal not moving any further.
 
According to a statement from GVC, "This is a claim without merit. No formal agreement was reached with the company. GVC is continuously exploring new relationships... and not all opportunities reach maturity."

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Gambling News :

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

SOUTH KOREANS BUSTED IN THAILAND ON ONLINE GAMBLING CHARGES - Those detained were named as Jeong Kyujin (35), Han Kyoreh (26), Choi Sung Ming (35) and Bae Jeonghwan (26), all of whom claimed that they had bene hired by a Korean man to operate online gambling sites.

China Lottery Sales Up in 2016 - The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).

New chairman and a new director for 500.com - Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.

Russian betting Sites to face rise in tax rates - Online bookies also pay a 1 percent commission on each transaction through the TSUPIS, and face levies at 5 percent of GGR to assist Russian sports federations.

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