Retail

All the news form the retail betting sector

Tabcorp cancels 2020 dividend as part of new debt arrangement

Tabcorp Holdings has informed investors that the company will sanction no dividend in relation to financial-year 2020 trading. The firm has been forced to terminate the 2020 dividend (fiscal year ending 30 June) as part of its agreed terms with bank lenders, allowing the ASX betting group to waiver approximately AUS $2.2 billion (€1.3bn) of debt covenants until 2021.  Updating …

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SIS enters Balkans with Meridianbet partnership

Racing content and data services provider Sports Information Services (SIS) has strengthened its position within Balkan markets after securing a new agreement with Meridianbet. SIS will deploy its ‘24/7 Live Betting Channel’ across Meridianbet’s retail outlets in Bosnia and Herzegovina, Montenegro and Serbia, as well as it’s online presence. Anze Gantar, Digital Sales Manager at SIS, said: “We’re delighted that …

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EGBA warns against Swedish ‘one-size-fits-all’ deposit limits

The European Betting and Gaming Association (EGBA) has suggested that the Swedish government heeds advice from the country’s gambling regulator, Spelinspektionen, to not impose mandatory deposit limits over concerns regarding channelisation. The limits, which have been proposed by the country’s health minister Ardalan Shekarabi, have suggested a number of restrictions on online gambling, including an enforced deposit limit of 5000 …

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IGT records dire 2020 opening as COVID-19 impacts all primary revenues  

IGT sheds Italian weight offloading Lottomatica B2C units to Gamenet SPA

IGT Plc has declared a tough opening to 2020 trading, reporting that COVID-19 restrictions have impacted ‘all business segments operating all primary revenue streams’.  Dire Q1 2020 metrics saw the firm record an 18% decline in group revenues to $940 million (Q12019: $1.14bn)  As a consequence of Mid-march lockdown orders the New York-listed technology group abruptly lost its revenue streams …

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IGT moves to restructure board responsibilities

The board of IGT Plc has moved to strengthen its corporate governance structures, confirming three separate committee appointments that will be sanctioned following the firm’s annual general meeting (AGM). The New York-listed gambling technology group confirmed that Professor Alberto Dessy, a company independent director since 2015, will take a seat on the firm’s Audit Committee. The appointment sees Dessy ,a …

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Irish racing gets green light to resume in June

The Irish government has given the green light for horse racing to resume behind closed doors, with fixtures able to resume from 8 June. In accordance with government guidelines, only key personnel necessary to run the fixture will be permitted to be on-site, and will be subject to a health survey and thermal temperature screening on entry. Brian Kavanagh, Chief …

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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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