A £53m gamble: billionaire’s firm claims it was tricked into buying UK online betting firm that was worth ‘nil’

Internet betting tycoon Teddy Sagi’s multimillion-pound acquisition of a gaming firm now allegedly worth nothing is the subject of a court case involving heavily contested claims of fraud and physical threat

Ensconced within the luxury of his £30m Knightsbridge pad overlooking Hyde Park, the billionaire Teddy Sagi laid his cards on the table. “I have a big pair of balls,” he proclaimed, according to documents filed at the high court. “I lost £300,000 in the casino last night. I will buy your business for £53m.”

For the man on the other side of the negotiating table, the online gambling entrepreneur Simon Wilson, the stakes had never been higher.