Tag Archives: Spain

Mikel Arana, DGOJ: Spain ends its conflict of interest between football and bookmakers

Mikel Arana, the new Director-General of Spain’s DGOJ, has defended the government for revising the mandate of the approved ‘Royal Decree on Advertising’, which adds further market restrictions and controls on gambling. Speaking to Spanish newspaper El Diario, Arana held his first interview since taking leadership of the DGOJ after replacing long-term incumbent Juan Espinosa as Director-General on 5 May. Last week, …

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Rank lowers profit guidance as Mecca venues begin reopening 

Rank Group Plc has issued a market update as it begins to reopen its Mecca Bingo venues across England from Saturday 4 July.    Absorbing COVID-19 impacts and costs, Rank stated that its group underlying profits will fall at the lower end of its provided £48-58 million guidance for the year ending 30 June 2020. Despite the closure of its entire …

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Codere avoids total collapse with 12-month credit line 

Codere SA will escape bankruptcy after the embattled Spanish gambling group secured new terms on its debt arrangement with US debt-holders.  The Bolsa Madrid gambling group is reported to have secured a 12-month funding arrangement with a US hedge fund which will guarantee a €120-150 million credit line for the company to fund its operations and repay its deferred debt …

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La Liga returns with bookmaker blackout 

La Liga football clubs will be forced to remove all betting related sponsorships and in-stadia promotional materials in accordance with the government’s COVID-19 ‘Social Shield’ decree emergency response.  The top flight of Spanish football will return on Thursday 12 June with the Seville derby (Sevilla FC vs Real Betis) restarting La Liga’s postponed schedule after an 11-week hiatus.  Despite easing …

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Dafabet accelerates Spanish drive with R. Franco Digital 

Dafabet has confirmed that it will expand its Spanish market presence, supported by R. Franco Digital as its lead platform provider.    Updating the market, Dafabet announced that it has transferred its sportsbook and further technology provisions onto R. Franco’s ‘IRIS’ open architecture system, allowing for a better configuration with Spanish market requirements. An established brand within the UK and Asian …

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Blackstone reviews CIRSA options as pandemic wipes out IPO potential

US private equity fund Blackstone Group has moved to safeguard its investment in Spanish gambling operator Grupo CIRSA purchasing €120 million of the firm’s debt notes. Last week, CIRSA published headline Q1 trading figures, revealing that company growth had been wiped out during March, with the company being forced to shut down its entire retail presence across Spain and South …

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CIRSA focuses on Spanish reopening following Q1 wipeout

CIRSA has reported that strong January and February growth was wiped-out by Coronavirus circumstances, which forced the Spanish gambling operator to shut down its entire retail gambling presence. The Blackstone Group owned operator reported that company performance had been in-line with expectations until March, as Q1 operating revenues declined by 6% to €355 million. Publishing its top-line results, CIRSA revealed …

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DGOJ adds venue requirements to Spain’s lockdown easing

Spain’s DGOJ has issued new guidance related to gambling venues reopening their business premises. Since mid-May, Spain’s federal council has enabled provincial governments to gradually ease lockdown restrictions, allowing retail and leisure businesses to reopen on the condition that they obey strict social distancing orders.  Having reviewed the government’s ‘phase 2’ arrangements, the DGOJ has now published new guidance adding …

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Codere Chairman pursues final options to save the company 

Codere SA is pursuing emergency financing options having failed to convince investors to back its business recovery plans, according to Spanish business news source La Razon.  The embattled Bolsa Madrid gambling group has failed to secure a further €100m credit line to keep it’s Spanish and LaTam retail business units afloat during lockdown. On the edge of bankruptcy, Codere is …

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Codere cancels debt repayments to review crisis options

Embattled Bolsa Madrid gambling group Codere SA has postponed payments on its debt tranches of €500m and $300m, as corporate governance reviews the firm’s long-term financing options. Yesterday, Codere made its decision public via a corporate filing with Spain’s competition and markets authority (CNMV). In its notice, Codere informed that its suspension of debt payments formed part of group-wide contingency …

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