UK-listed online gambling operator GVC Holdings is being sued by a Canadian company over an aborted joint venture.
On Tuesday, the Times reported that 37 Entertainment (37E), a Montreal-based sports and entertainment consultancy run by sports writer Doug Honegger (pictured), had filed a petition seeking “declaratory judgment” in the London Court of International Arbitration over a failed bid to launch two Sportingbet-branded websites targeting Canadian punters.
According to the petition, 37E claims the parties had reached an understanding last year regarding the launch of the two sites; one to target the province of Quebec while the other dealt with the rest of Canada. 37E would handle marketing, GVC would provide all gambling services and the two parties would share equally in the proceeds, which 37E claims GVC had estimated to be in the “hundreds of millions of dollars.”
No final contract was ever signed, but 37E claims that the parties had agreed on “all essential terms” and GVC had provided an “overwhelming number of written and verbal commitments” that the deal would go forward. 37E claims GVC went as far as to provide 37E with trading reports, financial statements and internal info regarding GVC’s Canadian-facing business.