George Calhoun on Keeping iGaming Companies Competitive and Thriving

By: Ifrah Law

Chambers-ranked litigator George Calhoun acts as a strategic guide for Ifrah Law’s iGaming clients who face difficult business challenges. When iGaming operators are trapped in unfavorable legacy agreements or scrambling after their business partners suddenly bail out, George provides the strategic counsel they need in an industry defined by rapid expansion, complex agreements, and high commercial stakes. George draws on his extensive bankruptcy and restructuring knowhow to protect clients’ profitability and viability – at the negotiating table, in arbitration, or in the courtroom.

Contending with Bad Deals: The Legacy Agreement Problem

As iGaming markets opened in the U.S., many operators rushed to lock in long-term market access and agreements. As market conditions grew over time, more favorable contracting opportunities arose. But these early entrants often found themselves locked into their existing agreements – and the counterparties refused to renegotiate terms that were ensuring huge windfalls.

For clients in this situation, earnings drag from above-market terms, which puts them at a commercial disadvantage and weakens profitability. There are limited ways to get past these burdensome agreements. If renegotiation isn’t workable, then George will outline a restructuring or bankruptcy plan to keep the business solvent – alive to compete another day. Clients who engage George early are equipped with agreements that provide room to adapt as the market evolves; those who engage him later still get a clear assessment of their options — and an attorney with the financial fluency to pursue every available path.

“U.S. [iGaming] markets are still opening, and I see entrants trying to lock in long-term agreements. That may seem like a good move, but an appealing rate today could become an anchor down the road. If that happens, it’s a very serious problem with no easy answers.”

Creating Leverage: Restructuring or Bankruptcy as Strategic Positioning

When George works with clients – even those on a hot streak – he strives to protect them from future market risks and business crises by building appropriate exit clauses into contracts they sign. Sometimes, however, clients engage him after they’ve already been pinned into a financial corner. In such circumstances, George may advise the client to pursue restructuring and, when necessary, bankruptcy – a do-or-die strategy that George has 30 years of experience in executing.

He understands that if a client declares bankruptcy, it opens up new pathways for negotiation with counterparties that previously may have clung to their unfairly priced legacy agreements. With bankruptcy on the table, counterparties are incentivized to step up and negotiate more market-aligned agreements before they lose all leverage. Not every situation calls for bankruptcy – the right path depends on a client’s corporate structure, location, and capitalization. But knowing the full range of available tools, and how to sequence their application, is what separates George as a strategic restructuring counsel versus a simple litigator.

“What I like about restructuring or bankruptcy work is that it exposes me to lots of different types of problems. Although there’s a set of rules that apply, the client companies and the problems they face are usually different. I understand the uniqueness of every situation and strive to deliver the right options to my clients to sustain their success.”

Spotting Opportunity: Acquisitions in a Maturing Market

George does more than serve as a defender for iGaming clients; he also advises licensed gaming providers on acquiring distressed market participants — transforming another operator’s crisis into a well-priced market entry. As the iGaming industry matures and consolidation accelerates, such opportune moments can lift an acquirer’s competitive trajectory for years. The same financial fluency that George uses to spot risk in a bad deal helps him see value in an underpriced deal.

George sees the iGaming landscape as one of continuing growth and inevitable disruption. He is prepared to guide client companies whether they’re looking for a way in, a way forward, or a way out.

“New markets attract new entrants; new entrants create new risk-takers; and risk-takers, in an emerging industry like this, sometimes need a strategic reset. Wherever companies are on that spectrum, the team and I are ready to help.”

MVP HIGHLIGHT REEL

Crisis Averted: Bankruptcy Avoided By Deft Response to Large Partner’s Withdrawal

A small Maryland gaming operator had an ongoing business relationship with a large multinational gaming provider that was operating under the client’s license. Then, a crisis arose when the large provider announced that it was pulling out of the U.S. market entirely, which would suddenly leave the client without a gaming provider altogether – right in the midst of construction for a new casino space.

Drawing on three decades of helping companies in crisis, George could see that without swift, decisive action his client might be at risk of a bankruptcy event. He guided the client through negotiations with the departing gaming provider, reaching a fair resolution to the business breakup. He then helped to identify and contract with a new gaming provider for the client’s newly built location. The client weathered the crisis and continues to operate a successful gaming business.

Keeping Momentum: Tribal Client’s Conflict with Casino Provider Resolved Favorably

An Indian tribe was struggling to deal with a giant Nevada casino that had been serving as the tribe’s gaming operator. They called on George to settle the dispute because of his reputation for tough, results-focused negotiation. Over the ensuing weeks, George maintained pressure on the casino, strategically negotiating, arguing critical legal points, and laying out the claims his client was anticipating bringing against the casino.

George’s relentless pressure campaign led to a solid win. He was able to negotiate a settlement with the casino that provided an immediate payment to the tribe. With that dispute resolved, George kept the momentum going by negotiating a contract with a replacement gaming operator and obtaining swift state approval of the new deal. The end result for the tribe was a financial recovery, a new partnership, and a competitive path forward.