Flutter pays up
Playtech has sold Snaitech, its Italian sports betting and gaming company, to Flutter Entertainment for €2.3bn ($2.56bn). The deal, which surfaced as having potential last month, will allow Playtech to refocus its efforts on its core B2B business, while Flutter will be able to continue its advance on the Italian market; something it has had its eye on for some time, considering its interest in Italy’s primary lottery licence via its Italian subsidiary Sisal.
The sale price reflects a per share price of £6.27 ($8.28), a 16.5% premium on Playtech’s previous share price of £5.38 ($7.11), almost three times Playtech’s initial investment of €846m in Snaitech in 2018.
That’s how the cookie crumbles
Sky Betting and Gaming has received a formal reprimand from the UK Information Commissioner’s Office (ICO) after it was found that the sportsbook had been unlawfully processing user data through its use of cookies, claiming a lack of sufficient consent available to users.
The violations occurred between 10 January – 3 March 2023, with the website taking and sharing user data with advertisers before users could choose to accept or reject cookies.
Said ICO Deputy Commissioner Stephen Bonner: “Our enforcement action against Sky Betting and Gaming is a warning that there will be consequences if organisations breach the law and people are denied the choice over targeted advertising.”
Gambling grows in the Garden State
Gaming revenue from the state of New Jersey reached $555.1m in August, up 4.4% year-on-year. Overall results were a mixed bag, with casino win across the state up 4.9% to $294m while iGaming revenue increased significantly, up 27.8% to $198.4m.
Sports betting saw a notable decline, down 34.7% year-on-year to $62.7m. However, year-to-date sports wagering gross revenue paints a different picture, with revenue up 19.7% to $715.8m.
Year-to-date casino win was $1.92bn, consistent with last year, while year-to-date iGaming figures were up 22.7% to $1.52bn. Overall year-to-date revenue for the state reached $4.16bn, up 10.5% year-on-year.
FDJ sets the date
La Française des Jeux (FDJ) has brought forward the expiry date of the acceptance period for its intended public offer for Kindred Group. The acquisition, which was announced earlier this year, initially had a deadline of 19 November 2024, though now this deadline has been moved forward to 17:00 CEST 2 October 2024.
The move, which was subject to final regulatory approval from the French Competition Authority, is expected to result in the conclusion of the offer being announced the day after, 3 October. If the acquisition is successful, settlement and delivery for shareholders who accept is expected to occur later the following week.
Gambling losses Down Under reach AU$32bn
Figures from the Queensland Treasury have found that Australian gambling losses have increased significantly in recent years, reaching AU$32bn (US$21.57bn) for the 2022/23 fiscal year compared to AU$25bn in 2018/19.
From a per customer perspective, this means average losses have increased from AU$1,307 as recorded in the previous reporting period to AU$1,555 per Australian adult; up 19%.
On these results, Alliance for Gambling Reform CEO Martin Thomas said: “Australians lose more to gambling than any other nation in the world because we have a grossly inadequate regulatory regime in which the gambling industry has been allowed to operate virtually unchecked causing devastation to individuals, families and communities.”
