PAGCOR: Former government official lobbied for illegal POGOs 

EBet says that the upcoming auction for the sale of EBet’s assets is a significant event and therefore warrants a detailed explanation. A spokesperson for the company said that its crucial to understand that this auction is not a signal of business disruption or discontinuity. On the contrary, it’s a strategic move designed to ensure the smooth and uninterrupted operation of the business.

once again reached out to EBet, and this time, EBet provided an in-depth explanation about the rationale behind its impending auction of assets.

EBET, Inc. engages in the provision of online gambling platforms focusing on internet gaming including casino, sportsbook, and electronic sports events. It operates under the following brands: Dansk777, Hopa.com, Karamba, Griffon Casino, Scratch2Cash, and BetTarget. The company was founded by Aaron Speech (pictured above) in September, 2020 who is also the CEO. It is headquartered in Las Vegas, NV.

SiGMA News was assured that EBet’s operations are projected to continue seamlessly, without any interruption, right up to the auction date. The primary objective of this auction process is to close a sale immediately at the auction, thereby ensuring the continuity of business operations without any changes or interruptions thereafter.

Assuming a successful of substantial value. This implies that the corporate operations of EBet, Inc. are likely to cease.

According to EBet, the auction is a strategic move to sell its assets and certain subsidiary equity as a collective, ensuring the continuation of business operations under new ownership. Despite the cessation of EBet, Inc.'s corporate functions, the business operations are expected to continue seamlessly. This auction signifies a change in ownership, not a disruption of business operations.

The anticipated outcome of the pending auction is the continuation of business operations under new ownership. This means that the new owner will replace EBet, Inc. Therefore, any operations following the auction will occur independently and separately from EBet, Inc.

In essence, this auction is a strategic manoeuvre aimed at ensuring the continuity and stability of the business operations while transitioning the ownership from EBet, Inc. to a new entity. It’s a process designed to facilitate a smooth transition, ensuring that the business continues to operate effectively and efficiently under new ownership. This auction is not an end, but rather a new beginning for the business operations, marking a new chapter in its journey.

The route that Ebet has chosen is a more efficient alternative to any bankruptcy. Chapter 11 bankruptcies are typically expensive, take many months to finalize and are uncertain in terms of outcomes. While Chapter 7 bankruptcies typically lead to the cessation of business operations, the situation is different in this case. "Here, we’re dealing with an Article 9 process. This process is characterized by a swift timeline and is under the control of our Lender," said EBet, further explaining that the anticipated outcome will be a smooth transition around 1 August, 2024, with minimal disruptions or alterations to the business operations to ensure continuity of the business during the change in ownership

The auction that EBet, Inc. is holding is not a fragmented sale of inactive or disparate segments of the company’s assets. Instead, it involves the sale of a collective of the company’s assets and certain subsidiary equity. These components together constitute the company’s business operations. The aim is to sell these as an ongoing business concern, ensuring the continuity of operations.

Upon the successful closing of the auction sale, EBet, Inc., as a corporation, will no longer hold or control any assets of significant value. This is due to the sale of its assets. Consequently, the corporate functions of EBet, Inc. are likely to cease. However, this does not imply a cessation of the business operations.

The current business operations, particularly those involving the company’s sites, are expected to continue without interruption. This continuity is anticipated despite the change in ownership. The new ownership will replace EBet, Inc., ensuring the smooth transition and uninterrupted operation of the business.

On 1 July, 2024, a public announcement was made by Hilco Streambank regarding the auction of certain assets associated with EBet, Inc. The auction is scheduled to take place on 1 August, 2024. The assets up for auction include the equity and business operations housed within EBET’s subsidiary, Karamba Limited. This notably includes several websites such as karamba.com, generationvip.com, hopa.com, scratch2cash.com, griffoncasino.com, bettarget.com, and dansk777.com.

The auction is being conducted by EBet’s lender, with whom the company has cooperated to the extent required under the defined Loan Agreements. The auction is the culmination under the Loan Agreements by their senior secured lender, CPBF Lending, LLC.

After many months of extensions, the lender decided to commence an orderly foreclosure on EBet’s assets. This decision came after 17 June, 2024, when EBET exhausted the last forbearance period with the lender. The foreclosure process is being carried out through an Article 9 sale, a statutory procedure under the Uniform Commercial Code in the United States. This procedure allows a creditor to foreclose on a borrower’s loan default, take control of the borrower’s collateral assets, and sell them. The creditor can also use its debt as credit to bid for and purchase collateral assets.

The Article 9 process is more efficient and less costly than bankruptcy and occurs on a much faster timeline. The auction process does not intend to shut down EBET’s websites or cease its i-gaming business operations. Instead, the real value of EBet’s assets lies in the continuous operation of its sites. EBET has sufficient liquidity to continue operations through the pending auction date. All of EBets gaming websites will continue to operate without change, and player deposits and withdrawals will be taken and made in the ordinary course up to the sale.

The objective of the sale, as positioned by EBet’s lender and its advisors, is to ensure a seamless transition occurs on or about 1 August, 2024, without any disruption of operations after that. This marks a major transition for EBet, Inc., but one that is designed to ensure the continuity and stability of its operations.

 Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024.

In Ireland, amendments to the Gambling Regulation Bill have been under debate, following months of intense lobbying.

The Government of Ireland, facing what they called a "tsunami of social problems" related to gambling, decided to legislate. In 2022, Ireland's Gambling Regulation Bill started its journey through the legislative process. The reform should be enacted into law in 2024. Measures include a ban on daytime gambling advertising, the establishment of a fund aimed at combating gambling-related problems, and the creation of Ireland’s first gambling regulator.

Justice Minister, Helen McEntee, has proposed amendments to the current legislation, which have recently received government approval. Among those, one in particular has sparked controversy.

According to the amended legislation, children under 18 would now be allowed to enter premises such as racetracks where gambling takes place, provided these venues offer more than just gambling. However, minors will not be permitted to place bets. The rationale behind this amendment is to encourage venues to diversify their offerings beyond gambling revenue.

This amendment has faced criticism over concerns that it may expose minors to gambling and normalise the activity, as underage gambling is already an issue in Ireland. According to a , nearly one in four 16-year-olds gambled for money in the past 12 months, with over 15% experiencing excessive or problem gambling behaviours.

The development of the gambling law and its amendments has been eagerly anticipated by industry operators, who have engaged in extensive lobbying efforts to influence the bill's contents, and to water down some of the expected regulations.

Bookmakers,, and even charities feared potential financial losses from the new legislation. Charities like Arthritis Ireland have requested exemptions from the advertising watershed, arguing that lottery and raffle revenues are vital for their operations.

The proposed amendments aim to provide flexibility to these charities, NGOs, and sports organisations like the Gaelic Athletic Association (GAA), Ireland’s largest sporting body.

A U.S. judge in Massachusetts has rejected DraftKings’ attempt to dismiss a class action lawsuit. The lawsuit, initiated by buyers of its non-fungible tokens (NFTs), argues that these tokens are, in fact, investment contracts. This pivotal ruling paves the way for a future court trial that will scrutinize the classification of NFTs as securities.

offers sports-themed NFTs via the Polygon blockchain. The lawsuit was first filed by Justin Dufoe, an NFT buyer, on behalf of other owners in March 2023. Dufoe’s contention is that these NFTs satisfy the criteria of the Howey test, a test created by the Supreme Court to determine whether certain transactions qualify as investment contracts.

In the recent ruling, the court concurred that DraftKings’ NFTs involved an investment of money, pooled assets into a common enterprise with shared risks and profits, and created a reasonable expectation of profit from DraftKings’ efforts. As such, they could plausibly be classified as securities under the Howey test.

The court further noted that the value of the NFTs was dependent on the success of the DraftKings Marketplace. This observation aligns with findings from previous cases examining NFTs, where the value was found to move in tandem with interest in the specific marketplace.

Interestingly, this case follows a similar lawsuit faced by Dapper Labs. In June, Dapper Labs agreed to pay $4 million to settle a class action suit. The SEC had previously launched an investigation into Dapper Labs but closed it in September 2023.

A key difference between the NFTs offered by Dapper Labs and DraftKings is the blockchain they use. Dapper Labs uses its proprietary blockchain called Flow, while DraftKings issues its tokens on Polygon. The court determined that the use of Flow, a private chain, meant Dapper Labs ran a higher risk of violating securities laws. This is because its Flow blockchain created a dependency on Dapper’s managerial efforts and success, satisfying the Howey test criteria of a common enterprise and expectation of profit.

As of now, a date to continue the DraftKings class action suit has not been set. This case represents a significant step in the ongoing debate about the classification of NFTs as securities, and its outcome could have far-reaching implications for the future of digital assets.

 Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024.

has once again seen a lucky winner in its Top Secret Cashword instant game, with an 80-year-old man having taken home the impressive $300,000 (€279,150) prize.

According to reports, the elderly winner has recently switched from playing drawing games to instant games, and it has been just a week after this change that he has struck gold. Purchasing the winning ticket at Wolf Lake Store in Baldwin, the man has described the moment he discovered his win as “the best feeling in the world.” After scratching the ticket at home, he is initially left in disbelief until he shows it to his daughter, who immediately cheers upon realising the huge prize they have won.

The lucky winner has officially collected the grand prize of $300,000 (€279,150) from the lottery headquarters. He has also shared his heartwarming plans to use the money he got to fully pay off his mortgage, highlighting the life-changing event of such a significant victory. This remarkable story serves as a powerful reminder that fortune can smile upon anyone, regardless of age.

The joyous story of this lucky individual has captured the attention of news outlets such as The State and Gambling News.

, with a remarkable 10,500 retailers across the state providing access to these thrilling gaming experiences. In 2023, players across the state of Michigan experienced a massive success with instant games, leading to a collective prize payout of $1.8 billion (€1.6 billion). This significant amount emphasises the widespread popularity and excitement surrounding these games in Michigan.

Stay in the loop with the latest updates and news for the upcoming powered by Soft2Bet. The summit is scheduled to take place in Budapest from 2-4 September.