A £53m gamble: billionaire’s company 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 beenhigher.