Inside the €50 million fraud lawsuit against Tipico

Malta-based Tipico is facing a €50 million legal claim accusing the betting company of fraudulent conduct, malicious breach of contract and abuse of dominance in its Austrian retail operations, according to a pre-action protocol letter filed under Cyprus’s civil procedure rules. 

The claim was filed by Thrakon Imperial Holding Ltd, the successor company to former Austrian franchise partner Ploutos GmbH, which operated Tipico-branded betting shops for over a decade. The company is owned by Greek businessman Antonios Stampolidis, who also opened a civil claim in Malta against Tipico. 

The company alleges that Tipico executed a premeditated strategy to force its partner out of the Austrian market and seize full control of the sector. 

The dispute centres on Tipico’s failure to obtain a mandatory bookmaker’s licence in Vienna following changes to the Vienna Betting Act in 2018. According to the letter, Tipico deliberately chose not to apply for the licence and failed to communicate this to Ploutos, despite being fully aware that the law required the betting provider, not the local operator, to hold the licence.  

The company is accused of giving Ploutos the impression it was supporting lawful operations, even while internal correspondence allegedly referred to the continued acceptance of “illegal bets” due to the absence of a licence.  

The claimant argues that Tipico’s concealment of its intentions, combined with the continued collection of revenues from Vienna shops, amounted to fraudulent behaviour and a breach of the duty of good faith.  

The legal action recounts how Vienna authorities began ordering the immediate closure of Tipico-branded shops in 2018. It alleges that Tipico then compounded the damage by refusing to assist its partner in reopening the outlets. Among the issues cited as Tipico’s failure to lift cash locks on betting terminals and a 2019 decision by its Head of Retail Services to deactivate customer cards and cash registers across all Vienna shops. This move effectively crippled Ploutos’s operations.  

Ploutos ultimately terminated its franchise agreement in early 2020, which the claimant describes as a forced “constructive termination” brought about by sustained financial and operational pressure.  

The lawsuit also accuses Tipico of abusing a dominant market position in breach of EU competition rules. It argues that once Ploutos was pushed out, Tipico swiftly established its own subsidiary, Tipico Austria GmbH, to take over the same retail network and customer base that Ploutos had built over a decade.  

The claim notes that the strategy coincided with Tipico’s recent acquisition of Austria’s leading betting operator, ADMIRAL, allegedly giving the company a market share exceeding 70% and significantly reducing consumer choice. 

Thrakon Imperial is seeking almost €50 million in damages. The claim includes compensation for the loss of its customer base, lost profits arising from repeated shop closures between 2018 and 2020, and projected losses through to 2025. The claimant argues it should be restored to the financial position it would have enjoyed had Tipico fulfilled its contractual obligations. 

Tipico: ‘New claim has no legal basis’ 

Contacted by MaltaToday, a Tipico spokesperson said this isn’t the first claim to be brought against Tipico by Stampolidis. “Since 2017, Tipico has been in several frivolous court cases brought by companies owned by or related to Stampolidis. All these cases are without merit and Tipico is vigorously defending them.” 

It said several cases have already been decided in favour of Tipico in Austrian and Maltese courts. An attempt from Stampolidis to initiate police investigations in Malta against Tipico fell through while a separate case brought by his company Ploutos in Germany was not pursued further due to lack of legal grounds.  

“Obviously, there is no legal basis for a new claim in Cyprus by a company that we have never heard before and based on allegations that have been rejected by the competent courts already,” he said. 

Tipico is still navigating a legal attack in the Maltese civil courts initiated by Stampolidis. The Greek businessman is claiming that Tipico manipulated a new franchise contract that was being negotiated in late 2012. He is seeking damages in the region of €14 million for the illegal and abusive termination of the franchise agreement and loss of profits. Stampolidis is also requesting the courts to declare any contracts entered into after the alleged forgery as null, and he calculated that Tipico owes him €15 to €20 million.   

This case is set the be decided in June 2026.  

Tipico said it is “very confident that also this final pending case, as all the previous other cases before, will be decided in its favour”. 

Banijay takeover 

This claim in the Cypriot jurisdiction surfaces a month after French media group Banijay announced it will buy a majority stake in Tipico from private equity group CVC in a deal valuing Tipico at €4.6 billion, creating one of Europe's largest online gaming groups.  

Tipico will be merged with Banijay-owned Betclic under a new entity, Banijay Gaming, which will become continental Europe’s biggest sports betting operator by revenue. Banijay will initially hold 65% of the new group, aiming to raise this to 72%, while CVC retains a minority stake.  

The transaction worth about €3 billion for the majority stake and including debt repayment is expected to close in mid-2026. Banijay has said it is confident it will secure regulatory approval, but the fresh allegations might trigger scrutiny.