Reports in several outlets are saying that GVC who is involved in a bidding war with 888 Holdings over online gaming firm is being sued by a Canadian company in a multi-million dollar claim that GVC backed out of a deal to launch two websites focusing on the Canadian gaming market.
In a 50-50 deal 37 Entertainment says that GVC agreed to work together on two Sportingbet websites, one focusing on Quebec and the other covering the whole of Canada.

In its petition for a “declaratory judgment” from the London Court of International Arbitration, Montreal-based 37 Entertainment claims the companies agreed to work together on the project but GVC then backed out.
Under the agreement, GVC would have provided all gambling products and services, while its Canadian partner would provide the marketing services.

Revenues for the projects would be divided 50-50.
37E claims that although the final contract was not formally signed, GVC had agreed to “all essential terms” and provided an “overwhelming number of written and verbal commitments” that it would sign.
According to the report in the Times the lawsuit although the agreement was not signed it was regarded as “a mere formality” and 37 Entertainment started managing the Canadian website set up for the joint venture and received all trading reports, financial statements and internal information relating to Sportingbet’s operations in Canada.

In a statement 37 Entertainment said it believed that, as a result of the claim, GVC could face “potential shareholder and customer lawsuits, along with regulatory and licensing queries”.

A spokesman for GVC said: “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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