Aspire Global Clashes with BtoBet Founders Over Deal Price

BtoBet co-founder Alessandro Fried filed a lawsuit against online casino operator Aspire Global over an alleged breach in the terms of their agreement for the acquisition of the bookmaker’s shares for 20 million euros in 2022.

Fried claims that Aspire Global neglected specific commitments related to the valuation of profit incentives from BtoBet. According to the terms of the deal, the bookmaker was to pay the operator 15 million euros, plus an additional 5 million euro bonus based on the company’s performance in the year following the agreement. The plaintiff accused Aspire Global of intentionally reducing revenue to incur a higher payout.

The bookmaker’s problem lay in misjudging the company’s resources — it failed to generate sufficient revenue to meet the contract terms. Representatives of Aspire Global denied any wrongdoing, stating that BtoBet’s owners had deliberately inflated the company’s performance metrics when selling the shares.

7 December 2023, 04:00

Legal Gambling Online casino

Legal

Dutch players demand bookmakers refund their money

28 September 2024, 15:14

Star Entertainment Group reminded of possible licence revocation

15 September 2024, 11:51

US lawmakers prepare new restrictions for the country's gambling market

13 September 2024, 08:24

China bans 43 people for life for match-fixing

10 September 2024, 15:00

Wynn Las Vegas Agrees to Pay Record Fine