Sisal SPA, the operating company of Italy’s SuperEnalotto lottery and Matchpoint betting shops, has filed for an Initial Public Offering (IPO) to list its business on the Milan Borsa Exchange. Reuters reports that the CVC Capital owned gambling group has agreed to sell its shares to an unnamed private equity firm. Although most of the firm’s revenues come from its …
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International Game Technology (IGT) has reported revenue growth of 25% for Q1 2021, attributed to structural cost savings, continued player demand and the sale of its Italian B2C business to Gamenet Group. Overall group revenue rose to $1.01bn (2020: $814m). Although the figure still represents a 11.3% decrease from the $1.14 billion in 2019, the group remains hopeful that it …
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A new era for Italian gambling has started after Gamenet Group completed its €1.1 billion buyout of IGT Plc’s Lottomatica B2C subsidiaries. This morning, Gamenet and IGT disclosed that all final arrangements had been concluded in the sale of Lottomatica’s Scommesse (sports betting) and Videolot Rete gaming machine units. Finalising its acquisition, Gamenet has confirmed that it will now operate …
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IGT Plc has confirmed that long-term executive Walter Bugno has resigned from duties as the NYSE technology group’s Executive Vice President of New Business and Strategic Initiatives. This morning, IGT notified investors that Bugno had chosen to end his 11-year tenure with the company to ‘pursue new professional opportunities‘ and will resign from all leadership duties on 14 May. A …
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IGT Plc states that it has achieved strategic progress on key corporate directives, assisting with the technology group’s performance recovery once stable trading re-emerges. Publishing its full-year 2020 results, IGT has recorded corporate revenues of $3.1 billion, down 23% on corresponding FY2019’s results of $4 billion. Mirroring industry competitors, the NYSE-listed gambling technology group underlines significant COVID-19 headwinds impacting its …
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Betfair has been provided bleak options by Italy’s ADM customs and monopolies agency as to how it should calculate Italy’s temporary turnover tax on its ‘Exchange’ betting product. Last summer, the Italian government imposed a 0.5% turnover tax across all sports wagering verticals (retail, digital and virtual sports) – a year-long measure approved as part of Italy’s ‘Covid Revival Decree’. The decision …
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Italian gambling has woken up to a seismic M&A deal after it was confirmed that IGT Plc had agreed to sell its Lottomatica B2C gaming and sports betting units to Gamenet SPA in a transaction valued at €950 million. After revealing that it will divest its Lottomatica ‘Scommesse‘ (sports betting) and ‘Videolot Rete‘ (B2C machines), IGT informed its stakeholders that …
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IGT Group has sanctioned a ‘tender offer’ to ‘purchase for cash’ an aggregate sum of $300 million, representing 6.25% of its corporate senior secured debt notes, due for repayment in 2022. The New York-listed gambling technology and lottery systems supplier has undertaken its debt sale subject to terms and conditions set forth in its ‘offer to purchase’ summary published on …
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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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Complying with the Italian government’s ‘Public Health Decree’ sanctioned on Sunday 8 March, Italian gambling has officially gone into lockdown. The country at the centre of Europe’s COVID-19 pandemic has seen all retailers ordered to temporarily shut apart from food stores and pharmacies, as PM Giuseppe Conte enforces the toughest public stance minimising the spread of the virus and its …
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