iGaming and eSports provider EBET Inc. has entered foreclosure procedures, which will see its assets put up for sale to repay debts owed to its creditor, CP BF Lending.
EBET operates seven online casino and sports betting brands, including Karamba, Griffon Casino, Scratch2Cash, Hopa, BetTarget, Generation VIP, and Dansk777. As of March, the seven brands combined to generate revenue of $21 million over the last 12 months.
Its sale comes less than three years after EBET acquired the assets from Aspire Global in December 2021 for $75.9 million. In August 2022, EBET announced a “profitability plan” after incurring heavy losses.
On Monday, disposition service specialist Hilco Streambank announced that it's in charge of an auction of EBET’s B2C assets. The rights in trademarks, domain names, patents, copyrights, customer and transaction data, and shares of certain subsidiaries will be included in the sale.
“A buyer of the assets has the opportunity to tap into a rapidly growing online gaming market and to expand upon the brands’ success by emphasizing and/or re-entering certain markets, re-engaging the large player database, and optimizing software and marketing operations,” said Hilco Streambank CCO Richelle Kalnit.
Bids to Hilco Streambank are due July 30 at 12 p.m. ET. The auction is scheduled for Aug. 1 at 10 p.m. ET via Zoom.
In December 2023, EBET and affiliated company BTOBET launched legal challenges against Aspire Global in the Eighth District Court of Clark County, Nevada, and the Business and Property Courts of England and Wales, respectively. The challenges asserted false representation of assets relating to the sale by Aspire Global.
