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This particular lawsuit involving Fox Financial, one of a growing list IPI is battling, centers on an arrangement the company made with a third party, Forson Holdings. That entity had leased property from Fox in 2016, but fell behind. IPI had signed as a guarantor of that lease agreement and, as such, was responsible for covering Forson in the event payments weren’t made. However, it decided it didn’t need to follow the terms of the contract.
It seems like not a day goes by without IPI coming under fire for something else. The company’s chairwoman, Cui Li Jie, has already found herself in trouble and was previously held in contempt of court, but now has another black mark beside her name. She has been found in contempt again, this time for allegedly perjuring herself in court. A lawyer representing employees suing IPI and Cui produced evidence proving she had lied under oath, and Chief Judge Ramona V. Manglona has now agreed. She issued her ruling this morning, with Cui only able to respond, through an interpreter, “I don’t know anything, I don’t understand English.”
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Neither bill has created a route to license private online betting. Egypt is pursuing an increasingly punitive enforcement model instead.
The three markets have reached the same point by different routes. Morocco has an incumbent defending its exclusivity through the courts, so far without success.
Tunisia has competing bills to prohibit or regulate online betting, neither of which has advanced. Egypt has relied on enforcement measures.
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Efforts to update its legacy tech were also set in motion, and short-lived CEO Gavin Isaacs told iGB at ICE in January 2025 that his biggest challenge in the role was to modernise its core platform.
The operator declined to comment on losing its spot in the FTSE 100, but recent sentiment from the senior management team has been positive in recent quarters as its turnaround efforts have shown green shoots amid growth returning to its core markets. This is despite various regulatory and tax headwinds across Europe.
In Q1 2025, the group reported double-digit digital growth, thanks to strong UK, Brazil and US online performances. The period marked Stella David’s first quarter in the full-time group CEO role.
