Retail

HBLB ups prize-money contribution to offset inevitable cuts

The Horserace Betting Levy Board (HBLB) has boosted its prize money contributions to support the industry as it continues to deal with the financial implications of the coronavirus crisis. With no crowds on racecourses, nor betting shops open, a drop in prize money was previously considered to be ‘inevitable’. The HBLB has since confirmed that it would boost its prize-money …

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UKGC wipes ‘disproportionate’ Royal Ascot fines for on-course bookies

In light of the challenges facing on-course bookmakers as a result of the coronavirus crisis, the UK Gambling Commission (UKGC) has confirmed that it will review the fines issued to seven bookmakers at last year’s Royal Ascot. The seven bookmakers had reportedly allowed a 16-year old to place a £5 bet at the Royal Ascot festival. Initially, the UKGC ordered the bookmakers …

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GBGB responds to Peterborough concerns

The Greyhound Board of Great Britain (GBGB) has responded to concerns raised by Peterborough Greyhound Track regarding the resumption of the sport. Following confirmation that the sport would be targeting a 1 June restart date, Richard and Rob Perkins published an open letter to GBGB explaining that the track at Peterborough would be unable to commence trials until it receives …

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IGT restructures credit facilities to counter COVID-19 headwinds

New York-listed International Game Technology Plc (IGT) has moved to amend its revolving credit facilities agreement and further terms on its loan facility arrangement, helping the firm navigate ongoing COVID-19 headwinds. The amendments modify the agreements in a number of ways. Firstly, the requirement to maintain a maximum ratio of total net debt to EBITDA and a minimum ratio of EBITDA …

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BGC backs UK furlough extension as vital support 

The Betting and Gaming Council (BGC) has backed the government continuing its UK furlough scheme until October, branding it a much needed measure to help support around 64,000 of the industry’s workforce. Yesterday, Chancellor Rishi Sunak pledged that the government would continue its business relief measures, in which a furlough scheme has been established to pay ‘80% of wages up …

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GBGB targets 1 June restart date for racing

The Greyhound Board of Great Britain (GBGB) will work towards a 1 June resumption date after the publication of the UK government’s roadmap out of COVID-19 lockdown. Responding to the latest government guidance, GBGB Managing Director Mark Bird confirmed that the sport is already working towards a timetable to restart racing, beginning with a two-week trial period already mooted to …

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Scientific Games backs tough measures eyeing fast COVID-19 comeback

Scientific Games (SGC) has booked a net loss of $155 million as part of its Q1 2020 trading update, citing that COVID-19 disruptions have impacted all business channels.  Operating in unprecedented times, SGC has witnessed its land-based casino customers temporarily close their venues across all jurisdictions. Meanwhile, further COVID-19 disruptions have impacted the Nasdaq technology group’s commercial pipeline for SGC …

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Racing committee plans for 1 June restart

Senior executives from British horseracing have “committed to plan for resumption” after the government gave the green light for the sport to return behind closed doors from 1 June at the earliest. In its document, Our Plan to Rebuild, the government said it planned for sporting and cultural events to resume behind closed doors as part of the second step …

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Embattled Codere edges towards bankruptcy 

Bolsa Madrid observers are monitoring Codere SA movements closely after Spanish business news sources reported that the gambling group is on the ‘precipice of bankruptcy’. Burning a reported €25 million a month on working capital (excluding debt repayments), Codere has been looking for urgent funds to keep its business units afloat.  Global Coronavirus disruptions have forced Codere to shut down …

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BGC urges Welsh government to cover betting in relief programme 

The Betting and Gaming Council (BGC) has written to the Welsh government, urging for a rethink on the terms attached to its business relief programme, which have excluded bookmakers and gambling enterprises from retail reprieves. BGC CEO Michael Dugher has written to Welsh First Minister Rebecca Evans warning the government that more than 2,000 jobs will be placed at risk …

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