EBET operates a portfolio of six online gambling brands — Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP — targeting customers in Western Europe, Asia, and Latin America. These brands operate as websites and mobile apps where customers deposit funds and wager on slot and table games, live casino games, virtual sports, and sports betting. EBET acquired these brands from Aspire Global in November 2021. EBET does not run the underlying platform itself — Aspire provides the gaming platform, customer service, onboarding, and payment processing under an operator services agreement, making EBET essentially a brand owner and marketer. EBET makes money from the house edge, retaining a margin on net player losses across its six brands, and pays Aspire for platform services, making Aspire both operationally critical and a significant cost driver. EBET operates under a sublicense from the Curacao Gaming Authority and cannot accept U.S. customers. The company originally pursued esports-specific wagering products but halted that development in late 2022. EBET is in severe financial distress: it defaulted on its credit agreement with CP BF Lending, has operated under a forbearance agreement since June 2023, and was delisted from Nasdaq in October 2023, now trading on the OTCQB exchange. EBET hired Houlihan Lokey to explore strategic alternatives including a potential sale or restructuring.