Sega Sammy’s attempt to pull out of a €130 million ($147.8 million) deal to acquire Stakelogic has been blocked by a Dutch court. The Amsterdam District Court ruled that the Japanese gaming group must complete the transaction or face steep financial consequences.
Good to know
- Sega Sammy has two weeks to complete the €130 million deal or face up to €150 million in penalties.
- The Amsterdam District Court ruled the agreement cannot be reversed or canceled.
- The deal was originally expected to close in the first quarter of 2026.
Back in July 2024, Sega Sammy signed a Share Purchase Agreement (SPA) with Stakelogic’s parent company, Triple Bells, along with investors Bettor Capital and Oakvale Ventures. Despite signing the deal, Sega Sammy later attempted to exit the agreement, citing several issues with how Stakelogic was being managed.
Their claims included the dismissal of the company’s chief commercial officer without notice, the unreported departure or redundancy of 209 employees, and the start of an unapproved partnership with GAN. They also raised concerns about games being available in restricted countries like Japan and Turkey.
However, the court was not convinced. It said Sega Sammy’s interpretation of the contract didn’t hold up, stating that the SPA clearly ruled out any possibility of rescinding the agreement—whether through legal action or otherwise. “The most obvious text-based meaning of this provision is that no rescission of the SPA is possible, either in-court or out-of-court,” the court explained.
Sega Sammy also argued that it could face legal risk if Stakelogic was operating in restricted markets. But the court dismissed that too. It pointed to the fact that demo versions of the games were used during Sega Sammy’s internal testing and that any unauthorized access from Japan likely happened through VPNs. Geo-blocking was already in place, according to the court.
The judges also said that any claims related to regulatory violations would have to be handled through damage claims, not contract termination. They made it clear that the contract terms should be enforced, not undone through ongoing legal disputes.
Sega Sammy now has two weeks to move forward with the acquisition or risk a €10 million fine. If it fails to meet its contractual obligations in full, another €140 million penalty could follow.
The purchase of Stakelogic, known for its online casino technology, was originally set to close in Q1 2026. Sega Sammy had earlier described it as a move to strengthen its GAN platform and expand further into the U.S. online gambling market.
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