DUBLIN – On Thursday, Flutter Entertainment (NYSE: FLUT), the Irish betting giant, said it plans to appeal a $330 million ruling against itself and partner Spribe in Georgia in a trademark case filed by a former shareholder of its Georgian subsidiary Adjarabet.
Last week, a Georgian court awarded former Adjarabet shareholder Aviator LLC $330 million in a trademark and copyright case against Flutter and Spribe over the “Aviator” online game, Aviator LLC said in a statement.
In an emailed statement on Thursday, Flutter said that it was surprised by the ruling and strongly disputed the basis and quantum of the judgment, which it said it planned to appeal.
“The level of damages sought is egregious in nature and bears no resemblance to the actual economics of the property under debate,” the Flutter statement said. The claim is without any merit whatsoever, it said.
The Aviator game generated around $7.5 million of revenue in Georgia last year, Flutter said.
Neither Flutter nor Aviator specified how much of the damages were awarded against Flutter and how much against Spribe, which builds online gambling products.
Flutter Entertainment (NYSE: FLUT), which operates in more than 20 countries under brands including FanDuel, Betfair, and Paddy Power, acquired 51% of Adjarabet in 2019 and the remaining 49% in 2022.
(Source: ReutersReuters)
