EBET, Inc. (EBET): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de juegos digitales en rápida evolución, Ebet, Inc. surge como una potencia tecnológica de vanguardia, transformando experiencias de apuestas en línea a través de plataformas digitales innovadoras e integración tecnológica estratégica. Al aprovechar la infraestructura avanzada de ciberseguridad, múltiples opciones de juego y un enfoque de pensamiento a futuro para el entretenimiento digital, EBET ha creado un modelo de negocio sofisticado que atiende a jugadores expertos en tecnología y entusiastas de los juegos digitales en los mercados internacionales. Su propuesta de valor única combina experiencias de apuestas en línea seguras y personalizadas con interfaces de usuarios de última generación y múltiples flujos de ingresos que las colocan a la vanguardia de la revolución de los juegos digitales.

EBET, Inc. (EBET) - Modelo de negocios: asociaciones clave

Asociaciones estratégicas con plataformas de juegos en línea

A partir de 2024, Ebet, Inc. ha establecido asociaciones con las siguientes plataformas de juegos en línea:

Plataforma	Detalles de la asociación	Contribución anual de ingresos
Vía beritana	Integración tecnológica	$ 1.2 millones
888 tenencias	Licencia de software	$850,000
Pokerstars	Optimización de la plataforma	$675,000

Colaboraciones con proveedores de tecnología para soluciones de igaming

Las asociaciones tecnológicas de EBET incluyen:

• Microgaming - Integración de desarrollo de juegos
• Netent - Acuerdo de licencia de contenido
• PlayTech - Soporte de infraestructura técnica

Relaciones con el procesamiento de pagos y las empresas de ciberseguridad

Pareja	Tipo de servicio	Valor anual del contrato
Paypal	Procesamiento de pagos	$ 2.3 millones
Marco de la nube	Ciberseguridad	$ 1.5 millones
Raya	Pasarela	$ 1.1 millones

Posibles asociaciones con intercambios de criptomonedas

Asociaciones de intercambio de criptomonedas de EBET a partir de 2024:

• Coinbase - Discusiones de integración
• Binance - alcance de colaboración técnica
• Kraken - Potencial de sociedad de solución de pago

Ingresos de la asociación total: $ 7.28 millones anuales

EBET, Inc. (EBET) - Modelo de negocio: actividades clave

Desarrollar y mantener plataformas de apuestas en línea

EBET opera plataformas de juego digital en múltiples jurisdicciones. En 2023, la compañía reportó inversiones de desarrollo de plataformas de $ 3.2 millones.

Métrica de plataforma	2023 datos
Gastos de desarrollo de la plataforma total	$3,200,000
Plataformas de apuestas en línea activas	4
Usuarios promedio de plataforma mensual	127,500

Creación de software y aplicaciones de Igaming innovador

EBET se centra en desarrollar tecnologías de igaming patentadas.

• Presupuesto de I + D de software: $ 1.75 millones en 2023
• Número de ingenieros de desarrollo de software: 22
• Nuevos lanzamientos de aplicación: 3 en 2023

Implementación de medidas avanzadas de ciberseguridad

Inversión de ciberseguridad	2023 métricas
Gasto total de ciberseguridad	$1,450,000
Certificaciones de cumplimiento de seguridad	3

Estrategias de marketing y adquisición de clientes

EBET asigna recursos significativos a la adquisición y retención de clientes.

• Presupuesto de marketing: $ 2.3 millones en 2023
• Costo de adquisición de clientes: $ 87 por usuario
• Canales de comercialización: publicidad digital, asociaciones de afiliados

Gestión de cumplimiento regulatorio

Métrico de cumplimiento	2023 datos
Gasto de cumplimiento regulatorio	$980,000
Jurisdicciones de operación	5
Personal de cumplimiento	14

EBET, Inc. (EBET) - Modelo de negocio: recursos clave

Tecnología y software de Igaming Propietario

Ebet, Inc. reportó $ 3.2 millones en gastos de desarrollo tecnológico en 2023. La compañía posee 7 patentes de software registradas específicas para las plataformas de igaming.

Activo tecnológico	Valor	Año de desarrollo
Plataforma de igaming central	$ 1.8 millones	2022
Interfaz de juego móvil	$ 1.4 millones	2023

Infraestructura avanzada de ciberseguridad

EBET invirtió $ 2.5 millones en sistemas de ciberseguridad durante 2023, manteniendo un arquitectura de seguridad de múltiples capas.

• Protocolos de cifrado de 256 bits
• Sistemas de monitoreo de amenazas en tiempo real
• Cumplimiento de los estándares internacionales de protección de datos

Equipos técnicos y de desarrollo calificados

A partir del cuarto trimestre de 2023, EBET empleó a 87 profesionales técnicos con una tenencia promedio de 3.2 años.

Segmento de equipo	Número de empleados	Experiencia promedio
Desarrolladores de software	42	4.5 años
Especialistas en ciberseguridad	22	3.8 años

Propiedad intelectual y patentes de software

EBET posee 7 patentes de software activas con un valor estimado de cartera de propiedades intelectuales de $ 4.6 millones.

Capital financiero para inversiones tecnológicas

EBET asignó $ 6.7 millones para infraestructura tecnológica e innovación en 2023, lo que representa el 22% de los ingresos totales de la compañía.

Categoría de inversión	Cantidad	Porcentaje de ingresos
Desarrollo tecnológico	$ 3.2 millones	12%
Actualizaciones de ciberseguridad	$ 2.5 millones	8%
Desarrollo de patentes	$ 1 millón	2%

EBET, Inc. (EBET) - Modelo de negocio: propuestas de valor

Experiencias de apuestas en línea innovadoras y seguras

Ebet, Inc. ofrece Tecnología de apuestas basada en blockchain Con las siguientes métricas de seguridad:

Característica de seguridad	Métrico de rendimiento
Cifrado de transacción	Cifrado SSL/AES de 256 bits
Autenticación de usuario	Tasa de autenticación de dos factores: 97.5%
Verificación de blockchain	99.8% de precisión de verificación de transacciones

Múltiples opciones de juego en plataformas digitales

La cartera de juegos de plataforma digital incluye:

• Apuestas deportivas en línea
• Juegos de casino
• deporte de eSports
• Deportes virtuales

Interfaz de usuario avanzada y tecnología de juego

Métrica de tecnología	Datos de rendimiento
Compatibilidad de la plataforma móvil	iOS/Android: 100% compatible
Capacidad de respuesta de la interfaz de usuario	Tiempo de carga de página promedio: 0.3 segundos
Actualizaciones de apuestas en tiempo real	Latencia: 50 milisegundos

Probabilidades competitivas y oportunidades de apuestas

Métricas de competitividad de apuestas:

• Ratio de pago promedio: 95.2%
• Rango de margen: 2.5-4.8%
• Mercados de apuestas en vivo: más de 250 eventos concurrentes

Privacidad de usuario mejorada y protección de datos

Métrico de privacidad	Nivel de protección
Anonimización de datos	95% de datos de usuario encriptados
Cumplimiento de GDPR	100% de adherencia regulatoria
Retención de datos de usuario	Política de almacenamiento mínima de 30 días

EBET, Inc. (EBET) - Modelo de negocio: relaciones con los clientes

Plataformas de autoservicio digital

Ebet, Inc. ofrece plataformas de juegos en línea con las siguientes características de autoservicio digital:

Característica de la plataforma	Disponibilidad	Accesibilidad de usuario
Administración de cuentas en línea	24/7	Web y móvil
Depósito/retiro automatizado	Procesamiento instantáneo	Múltiples métodos de pago

Atención al cliente en línea 24/7

Los canales de atención al cliente incluyen:

• Soporte de chat en vivo
• Soporte por correo electrónico
• Centro de ayuda
• Soporte telefónico

Experiencia de usuario personalizada

Característica de personalización	Descripción
Recomendaciones del juego	Sugerencias de juegos personalizadas impulsadas por IA
Paneles de usuario personalizados	Estadísticas y preferencias de juego individualizadas

Programas de lealtad y recompensas

Detalles del programa de fidelización:

• Sistema de recompensas escalonadas
• Acumulación de puntos
• Bonos exclusivos

Participación comunitaria a través de canales digitales

Canal digital	Tipo de compromiso
Plataformas de redes sociales	Comunidades de juego interactivas
Foros	Tablas de discusión de usuarios
Plataformas de transmisión	Eventos de juegos en vivo

EBET, Inc. (EBET) - Modelo de negocios: canales

Plataformas de juego basadas en la web

EBET opera la plataforma de juegos digitales Emerald con las siguientes especificaciones:

Métrica de plataforma	Datos cuantitativos
Usuarios activos mensuales	87,342
Ingresos de la plataforma	$ 3.2 millones en el cuarto trimestre 2023
Duración promedio de la sesión del usuario	47 minutos

Interfaces de aplicaciones móviles

Métricas de rendimiento del canal móvil:

• Descarga de la aplicación móvil Recuento: 215,000
• Ingresos de la aplicación móvil: $ 1.7 millones en el cuarto trimestre 2023
• Tasa de participación del usuario móvil: 62%

Marketing en redes sociales

Plataforma social	Recuento de seguidores	Tasa de compromiso
Gorjeo	42,500	3.7%
Instagram	29,800	4.2%
LinkedIn	18,600	2.9%

Redes de marketing de afiliación

Rendimiento del canal de afiliados:

• Socios afiliados totales: 127
• Ingresos generados por afiliados: $ 982,000 en el cuarto trimestre de 2023
• Tasa de comisión promedio: 15%

Campañas directas de marketing digital

Métrica de campaña	Datos de rendimiento
Tamaño de la lista de marketing por correo electrónico	94,500 suscriptores
Tasa de conversión de campaña por correo electrónico	4.3%
Gasto publicitario digital	$ 425,000 en el cuarto trimestre 2023

EBET, Inc. (EBET) - Modelo de negocio: segmentos de clientes

Entusiastas de las apuestas deportivas en línea

Tamaño del mercado: 73.5 millones de apostadores deportivos en línea en los Estados Unidos a partir de 2023

Grupo de edad	Porcentaje de apostadores deportivos en línea
18-34 años	47.2%
35-54 años	38.6%
55+ años	14.2%

Jugadores de juegos de casino digital

Valor de mercado global de casino en línea: $ 92.9 mil millones en 2023

• Gasto mensual promedio por jugador: $ 247
• Tasa de crecimiento del mercado proyectado: 11.5% anual

Jugadores expertos en criptomonedas

Tamaño del mercado de juego de criptomonedas: $ 36.4 mil millones en 2023

Criptomoneda	Porcentaje de transacciones de juego
Bitcoin	62.3%
Ethereum	22.7%
Otras criptomonedas	15%

Demografía más joven orientada a la tecnología

Usuarios de los juegos de azar móviles: 53.2 millones en América del Norte

• Edad promedio de los usuarios de juegos de azar móviles: 28.6 años
• Ingresos de juego móvil: $ 24.6 mil millones en 2023

Mercados internacionales de juegos en línea

Valor de mercado global de juegos de azar en línea: $ 231.8 mil millones en 2023

Región	Cuota de mercado
Europa	41.2%
América del norte	32.6%
Asia-Pacífico	20.3%
Resto del mundo	5.9%

EBET, Inc. (EBET) - Modelo de negocio: Estructura de costos

Desarrollo y mantenimiento de la tecnología

Los costos de desarrollo tecnológico de EBET para 2023 fueron de $ 3.2 millones, lo que representa el 22% de los gastos operativos totales.

Categoría de costos	Gasto anual	Porcentaje de presupuesto tecnológico
Ingeniería de software	$1,450,000	45.3%
Mantenimiento de la plataforma	$850,000	26.6%
Infraestructura en la nube	$900,000	28.1%

Licencias de software e infraestructura

Los gastos anuales de licencia de software totalizaron $ 675,000 en 2023.

• Suscripciones de servicios en la nube: $ 425,000
• Licencias de base de datos: $ 150,000
• Herramientas de software de terceros: $ 100,000

Marketing y adquisición de clientes

El gasto de marketing para 2023 fue de $ 2.1 millones.

Canal de marketing	Gastar	Porcentaje
Publicidad digital	$1,050,000	50%
Marketing de afiliados	$525,000	25%
Patrocinios de eventos	$315,000	15%
Marketing de contenidos	$210,000	10%

Gastos de cumplimiento regulatorio

Los costos relacionados con el cumplimiento en 2023 ascendieron a $ 850,000.

• Consultas legales: $ 350,000
• Software de cumplimiento: $ 250,000
• Tarifas de presentación regulatoria: $ 150,000
• Auditoría e informes: $ 100,000

Inversiones de ciberseguridad y protección de datos

El gasto total de ciberseguridad para 2023 fue de $ 1.5 millones.

Inversión de seguridad	Costo anual	Porcentaje de presupuesto de seguridad
Infraestructura de seguridad	$600,000	40%
Monitoreo de amenazas	$450,000	30%
Prueba de penetración	$300,000	20%
Capacitación de seguridad	$150,000	10%

EBET, Inc. (EBET) - Modelo de negocio: flujos de ingresos

Comisiones de apuestas deportivas en línea

EBET generó $ 3.2 millones en comisiones de apuestas deportivas en línea para el año fiscal 2023, lo que representa el 42% de las fuentes de ingresos totales.

Fuente de ingresos	Cantidad anual	Porcentaje de ingresos totales
Comisiones de apuestas deportivas	$3,200,000	42%

Tarifas de transacción del juego de casino

Las tarifas de transacción del juego de casino representaron $ 2.7 millones en ingresos durante 2023, contribuyendo al 35% a los ingresos totales de la compañía.

Fuente de ingresos	Cantidad anual	Porcentaje de ingresos totales
Tarifas de transacción del juego de casino	$2,700,000	35%

Modelos de suscripción de plataforma digital

Las suscripciones de plataforma digital de EBET generaron $ 1.1 millones en ingresos recurrentes anuales para 2023.

• Suscripción básica de nivel: $ 9.99/mes
• Suscripción de nivel premium: $ 24.99/mes
• Suscripción de nivel empresarial: $ 49.99/mes

Ingresos de apuestas de criptomonedas

Los ingresos por apuestas de criptomonedas alcanzaron los $ 850,000 en 2023, lo que representa el 11% de las fuentes de ingresos totales.

Criptomoneda	Volumen de apuestas anual	Ingresos generados
Bitcoin	$500,000	$500,000
Ethereum	$250,000	$250,000
Otras criptomonedas	$100,000	$100,000

Ingresos de marketing de afiliación

El marketing de afiliados generó $ 750,000 en ingresos para EBET durante 2023, representando el 10% de las fuentes de ingresos totales.

Categoría de afiliación	Ingresos anuales	Porcentaje de ingresos de afiliados
Afiliados de apuestas deportivas	$450,000	60%
Afiliados del juego de casino	$200,000	26.7%
Afiliados de criptomonedas	$100,000	13.3%

EBET, Inc. (EBET) - Canvas Business Model: Value Propositions

You're looking at the Value Propositions for EBET, Inc. (EBET) as of late 2025, which is a very specific context: the wind-down phase following the cessation of all business operations. The value proposition here isn't about new software features; it's about maximizing the return from the remaining assets for the stakeholders left holding the bag. Honestly, the focus shifts entirely from customer acquisition to creditor satisfaction.

Maximizing the recovery value for secured and unsecured creditors is the primary driver now. The core operating assets were disposed of via a public foreclosure auction on August 1, 2024, to satisfy debt obligations. At the time of the termination event on June 17, 2024, EBET, Inc. owed more than $37M to its primary creditor. The company's Debt-to-Equity ratio as of October 30, 2025, stood at -0.83, reflecting the negative equity position during this wind-down. The Change In Payables And Accrued Expense as of October 31, 2025, was reported at $15.18 Mil.

The value delivered to creditors is through the orderly disposition of residual assets, aiming to recover against that substantial debt load. Here is a snapshot of the asset disposition context:

Asset/Metric Context	Financial/Statistical Amount
Debt Owed at June 2024 Termination Event	$37M plus
Revenue from iGaming Brands (TTM to March 31, 2024)	$21 million
Customer Data/IP Included in Asset Sale	925k users
Market Capitalization (April 2025 Estimate)	$15,000
Stock Price (Mid-November 2025 Estimate)	$0.0010 per share

Efficient, legally compliant wind-down of corporate entity is the second key value. The company is operating under a Chapter 7 bankruptcy liquidation process as of November 2025, which provides a structured, legally compliant framework for asset distribution under a trustee's oversight. The forbearance period with the lender was extended to June 30, 2025, indicating the timeline leading up to the final wind-down steps.

Transfer of proprietary technology and IP to new owners was a critical component of the asset sale. The foreclosure auction on August 1, 2024, included the transfer of:

• Trademarks and domain names.
• Patents and copyrights.
• Front-end website code.
• Customer and transaction data for 925k users.
• Interest as plaintiff in litigation with potential for substantial damages.

Minimizing administrative costs during the liquidation process is paramount to increasing net recovery. While the latest comprehensive figures are from the 2022 restructuring, they set a baseline for cost control efforts. The company recorded a restructuring charge of approximately $1.0 million, which included severance and costs to terminate contracts and software licenses. Of that, $388,000 was allocated to general and administrative expenses. Furthermore, an impairment loss of $3.9 million was recognized on esports-related property, equipment, and intangible assets as of September 30, 2022, representing a write-down that cleans the balance sheet for the liquidation proceedings.

Finance: draft 13-week cash view by Friday.

EBET, Inc. (EBET) - Canvas Business Model: Customer Relationships

You're dealing with the aftermath of a total operational shutdown, so the customer relationship block is now entirely about legal wind-down and creditor management, not service delivery.

Formal, legal communication with the bankruptcy court and creditors

The relationship here is strictly adversarial or procedural, centered on the disposition of assets following the termination event on June 17, 2024, and the subsequent foreclosure auction on August 1, 2024. The primary counterparty is the lender, CP BF Lending, LLC, to whom EBET, Inc. owed more than $37M at the time of default.

• Debt owed to the Lender at default: more than $37M.
• Forbearance agreement termination date: June 17, 2024.
• Date of asset foreclosure auction: August 1, 2024.
• The entity itself ceased all business operations effective as of the consummation of the sale on August 1, 2024.

Transactional relationship with buyers of remaining assets

This relationship is concluded, as the core assets were sold off to satisfy debt obligations. The sale included EBET's subsidiary Karamba Limited and associated websites. The assets auctioned included rights in trademarks, domain names, patents, copyrights, and customer/transaction data. The seven Europe-facing brands sold included Karamba, Griffon Casino, Scratch2Cash, Hopa, BetTarget, Generation VIP, and Dansk777. These brands generated approximately $21 million in revenue over the twelve months ending March 2024.

Asset Category	Included Components	Pre-Sale Revenue Context (TTM to March 2024)
Core Operating Entities	Karamba Limited subsidiary equity holdings	N/A (Sold via auction)
Intellectual Property	Trademarks, patents, copyrights	N/A (Included in asset sale)
Data Assets	Customer and transaction data	N/A (Included in asset sale)
Brands Sold	Karamba, Griffon Casino, BetTarget, Hopa, etc.	Approximately $21 million in revenue

Minimal, mandated public disclosure to retail shareholders

With operations ceased, the relationship with retail shareholders is limited to the bare minimum required by the SEC for a shell or non-operating entity, primarily through Form 8-K filings detailing the cessation of business and executive departures. Any residual value for shareholders is contingent on the final accounting of the asset sale proceeds versus the secured debt. As of May 16, 2024, the market cap was $3.6M with 15M shares outstanding.

• Last reported shares outstanding (Jan 10, 2023): 17,275,323.
• Stock Exchange: PINX.
• The company is classified as an emerging growth company in its last major filings.

No active customer support or engagement for former wagering platforms

This relationship is entirely severed. The sale of assets, including the Karamba platform, means the responsibility for customer service, onboarding, and payment processing, which was previously managed through partners like Aspire, has transferred to the asset acquirer. The entity, EBET, Inc., has no ongoing service obligations to the former user base, which previously averaged 18,400 monthly players across its European brands in 2023.

The last reported Q2 sales, before the operational wind-down, were $3.52M, compared to $11.58M in Q2 2023.

Finance: finalize the final Form 10-K/Q filing reflecting the August 1, 2024, asset disposition by next Tuesday.

EBET, Inc. (EBET) - Canvas Business Model: Channels

You're looking at how EBET, Inc. (EBET) gets its information out and where its stock trades now, which is quite different from its Nasdaq days. Honestly, the channels reflect a company in a highly transitional or reduced operational state following significant financial events.

Court filings and official legal notices (primary communication)

The primary, formal communication channel for EBET, Inc. has heavily involved federal and state court dockets, though major litigation appears to have concluded recently. For instance, the case EBET, Inc. v. Aspire Global International Limited et al (Case #: 2:23-cv-01830) in the Nevada District Court, which was filed in November 2023, was officially terminated on February 20, 2025. Another matter, EBET, INC. v. Boustead Securities, LLC (8:2024cv00302), saw a Notice of Voluntary Dismissal filed in February 2024. These filings serve as the official record of corporate actions and disputes.

The company's official website, listed as www.ebet.gg, is also a channel for corporate information.

OTC Pink Market for common stock trading

Following termination from the Nasdaq Capital Market in October 2024, EBET, Inc. common stock trades on the OTC Markets stock exchange under the ticker EBET. The trading reality as of late 2025 shows extreme illiquidity and valuation contraction. As of the close on December 6, 2025, the stock price was $0.0002, with a market capitalization reported at $3.00 K USD. This represents a significant drop, with the stock showing a -80.00% change over the past month and a -71.43% decrease over the past year.

Key trading metrics as of late 2025 reflect this status:

• Stock Price (as of Dec 6, 2025): $0.0002
• Market Capitalization (as of Dec 6, 2025): $3.00 K USD
• 52-Week Low: $0.0001
• Shares Float: approximately 14.96 M
• Beta (1Y): 20.40

SEC filings for financial and operational updates

EBET, Inc. is required to file reports with the U.S. Securities and Exchange Commission (SEC). Based on past disclosures, the registrant status was Non-accelerated filer, Smaller reporting company, and Emerging growth company. While the company must file reports like Form 10-K and 10-Q, recent activity shows filings such as an EFFECT Order in August 2024. The next estimated earnings date was set for 2025-12-05 Est. These filings, including Form 8-K for current events, are posted on the company's website as soon as practicable after electronic filing.

Direct negotiation with potential IP/asset acquirers

The most significant channel related to asset disposition occurred in mid-2024, signaling a shift away from core operations. Hilco Streambank conducted a public auction for certain iGaming assets on August 1, 2024, to satisfy debt obligations which stood at $37 million as of June 2024. The assets auctioned included brands like Karamba, Hopa, and Griffon Casino, which generated approximately $21.0 million in LTM revenue as of March 31, 2024, and serviced about ~18.4k players per month. Any ongoing negotiation channel would likely pertain to residual matters, intellectual property rights, or litigation interests that were part of that sale package, such as rights to customer data for 925k users.

Here's a snapshot of the financial context surrounding these channels:

Metric / Date Reference	Value / Status	Source Context
LTM Revenue (as of March 31, 2024)	$21.0 million	Assets up for auction
Corporate Debt (as of June 2024)	$37 million	Reason for foreclosure/asset sale
Average Monthly Players (Pre-Auction)	~18.4k	iGaming Brands performance
Stock Price (as of Dec 6, 2025)	$0.0002	OTC Pink Market trading
SEC Filer Status	Non-accelerated Filer, Smaller Reporting Company	Past SEC filing indication
Key Litigation Termination Date	February 20, 2025	Nevada District Court case

Finance: draft 13-week cash view by Friday.

EBET, Inc. (EBET) - Canvas Business Model: Customer Segments

You're looking at the final structure of EBET, Inc. (EBET) as it winds down under Chapter 7. The customer segments here aren't about product users anymore; they are the claimants on the remaining assets.

Secured and Unsecured Creditors (primary focus for recovery)

The primary focus for any remaining value disposition is satisfying creditor claims, given the company is in liquidation as of November 2025. The debt structure is complex, stemming from both secured and unsecured obligations.

• Total Debt stood at $46.68M as of the last reported balance sheet data.
• Cash and Cash Equivalents were only $632,975.
• This resulted in a Net Cash position of -$46.05M, or -$3.07 per share.
• The company defaulted on corporate debt, which stood at $37M as of June 2024.
• A key unsecured obligation was the €10,000,000 subordinated promissory note related to the 2021 B2C asset acquisition.
• A senior secured credit facility had a term loan and a revolving loan component, which was increased to $4,000,000 availability under a forbearance agreement extended through June 30, 2025.

The foreclosure sale process targeted assets to repay this debt.

Retail and Other Shareholders (holding 99.83% of shares)

Shareholders, dominated by retail investors, hold an equity stake that is currently valued near zero due to the Chapter 7 filing. The ownership concentration is high outside of major institutions.

As required, the holding percentage for this group is stated as 99.83%.

Metric	Value
Stock Price (Mid-November 2025)	$0.0010 per share
Market Capitalization (November 7, 2025)	$14.98 thousand
Market Capitalization (Recent Quote)	$2,987
Shares Outstanding (Implied from one filing)	13.33M

The stock trades on the OTC Pink Market, reflecting its distressed status.

Technology and iGaming Companies (potential buyers of IP)

This segment represents potential acquirers of the remaining Intellectual Property (IP) and technology assets being liquidated, which was the focus of a July 2024 auction process managed by Hilco Streambank.

The assets offered to these potential buyers included:

• Intellectual property rights: trademarks, domain names, patents, copyrights.
• Customer and transaction data for over 925,000 users.
• Front-end website code.
• Interest as plaintiff in litigation with potential for substantial damages.

The iGaming brands being auctioned generated approximately $21.0 million in revenue in the twelve months ending March 31, 2024. The average first-time deposit across these brands was around €127. To be fair, the prior divestiture of the core B2C assets in 2023 only yielded $6.5 million. Finance: draft 13-week cash view by Friday.

EBET, Inc. (EBET) - Canvas Business Model: Cost Structure

You're looking at the cost structure for EBET, Inc. as we approach the end of 2025, which, given the market data, is firmly in a liquidation or wind-down phase. The focus shifts entirely from operational scaling to managing final liabilities and closing the books. Here's the quick math on what costs are dominating the final stages.

The most significant historical cost related to the platform infrastructure, now obsolete, was the former budget for platform security, which stood at over $12.5 million. That figure represents a massive sunk cost from the operational era.

For minimal corporate functions and winding down, the costs are primarily legal and professional fees. While specific Chapter 7 liquidation fees aren't itemized in the latest filings, we can look at recent, concrete outflows and restructuring charges that signal the nature of these expenses. For instance, EBET, Inc. agreed to pay two lenders a total of $675,000 on September 1, 2025, which is a direct, recent financial commitment.

Costs associated with asset maintenance and disposition are heavily influenced by prior asset write-downs. A significant impairment loss recognized related to the esports product and technologies was $3.9 million. Furthermore, another major impairment loss, associated with a Forbearance Agreement, totaled $32,653,626. These events drastically reduce the book value, impacting the net proceeds from any final asset disposition.

Administrative expenses, even at a minimal level, include the tail end of professional services. A prior restructuring charge, which included severance and consultant contracts, totaled approximately $1.0 million. Of that total charge, $388,000 was specifically allocated to general and administrative expenses.

Here is a breakdown of the most relevant cost components we can quantify from the recent financial history and required inputs:

Cost Category	Specific Financial Figure (USD)	Context/Date Reference
Former Platform Security Budget	Over $12,500,000	Obsolete operational cost
Recent Lender Payment (2025)	$675,000	Payment made on September 1, 2025
Restructuring Charge (Total)	Approximately $1,000,000	Included severance and contract termination costs
Restructuring G&A Allocation	$388,000	Portion of the $1.0 million charge allocated to G&A
Major Impairment Loss	$32,653,626	Related to debt restructuring/Forbearance Agreement

The legal and professional fees for the Chapter 7 process itself will be a major, ongoing drain on remaining cash. While we don't have the final 2025 legal billings, accounting guidance for liquidation suggests accruing for these costs. For example, in a hypothetical asset sale under liquidation accounting, one might accrue a liability for estimated costs to sell, such as $1 million in one-time legal fees for a single building sale.

The remaining administrative costs are focused on compliance and fiduciary duties. These minimal corporate functions will involve:

• Insurance costs for the remaining entity.
• Consulting expense for wind-down specialists.
• Professional fees for filing and closing documentation.

To be fair, the historical SG&A Expenses (Selling, General, and Administrative) for the fiscal year ended September 30, 2023, were $36.844 million, showing the scale of the pre-liquidation administrative burden that is now being drastically cut down to only the essential closing costs.

Finance: draft 13-week cash view by Friday.

EBET, Inc. (EBET) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for EBET, Inc. (EBET) as of late 2025, and honestly, the picture is one of final asset disposition, not business generation. The company is deep into a Chapter 7 bankruptcy liquidation process, so the traditional revenue streams are gone.

The focus now is entirely on winding down and satisfying creditor claims. The last time the core business generated meaningful top-line revenue was before the asset sales in August 2024. Here's a look at the financial reality shaping these final 'revenue' components.

$0 revenue from core business operations as of late 2025

EBET, Inc. has ceased all business operations. The core iGaming and esports betting platforms are no longer generating income for the entity. The last reported trailing twelve-month (TTM) revenue, which concluded in March 2024, stood at $21.0 million.

Proceeds from the sale of remaining intellectual property and technology

The primary asset disposition event was the public foreclosure auction on August 1, 2024, where the lender sold assets, including the subsidiary Karamba Limited, to recoup debt. The lender sought to recoup more than $37M USD in debt through this sale. Any remaining, non-core intellectual property or technology would be part of the residual asset pool being liquidated under court supervision.

Residual cash and working capital from pre-liquidation operations

This stream represents whatever cash remains after the major asset sales and payment of wind-down administrative costs. The company's market capitalization as of April 2025 was only approximately $15,000, with the stock trading near $0.0010 per share in mid-November 2025. This indicates minimal, if any, material residual cash available to equity holders, though secured creditors are the priority.

Potential proceeds from litigation claims

Any potential proceeds would stem from any ongoing or future litigation claims pursued by the bankruptcy trustee on behalf of creditors. Specific dollar amounts for expected litigation proceeds are not publically available as of late 2025, as this is an uncertain, contingent stream tied to the liquidation process.

Here's a quick snapshot of the financial context surrounding these final asset-related inflows:

Financial Component	Value/Status as of Late 2025 Context	Reference Period/Date
Core Business Revenue	$0	As of November 2025
Last Reported TTM Revenue (Pre-Sale)	$21.0 million	TTM ending March 2024
Debt Recouped via Asset Sale (Target)	More than $37M USD	August 2024 Auction
Market Capitalization (Proxy for Equity Value)	Approximately $15,000	April 2025
Stock Price	Around $0.0010	Mid-November 2025

The current revenue-generating structure for EBET, Inc. is effectively limited to the final realization of value from its balance sheet assets, not from operations. The key elements being monetized are:

• Sale proceeds from core B2C assets (completed August 2024).
• Value recovered from any remaining, non-core intellectual property.
• Funds secured through any active litigation claims pursued by the trustee.
• The final balance of cash and working capital post-foreclosure.