IGT Plc has underlined the group-wide strategic progress achieved by its corporate transformation programme, as all business units surpass trading expectations. Posting its full-year 2021 results, the NYSE gambling technology group registered corporate revenues of $4.1 billion, up 31% on corresponding FY2020 results of $3.1 billion. The firm’s Global Lottery unit achieved a 29% increase in revenues to $2.8 billion …
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English speakers identified as most at-risk problem gambling group by Gambless
Gambless has recorded 3,500 self-assessment tests completed via its mobile app, revealing strong differences in problem gambling across international borders, with English speakers encountering issues much more than other linguistic groups. Publishing its first annual report, the Mindspa-funded and ORCHHA-certified international gambling harm prevention app found that English speakers, mainly from the US, UK, and Australia, recorded a 57% higher …
Read More »Sisal files for Milan Borsa IPO seven years after first attempt
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 …
Read More »IGT records 25% Q1 revenue growth following B2C sale
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 …
Read More »Gamenet takes control of Lottomatica’s identity as new Italian giant is born
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 …
Read More »IGT confirms Walter Bugno’s executive departure
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 …
Read More »IGT lottery growth wiped-out by COVID wrecked global gaming unit
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 …
Read More »Betfair hit by poor judgement on Italian turnover tax
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 …
Read More »IGT sheds Italian weight by offloading Lottomatica B2C units to Gamenet SPA
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 …
Read More »IGT sanctions capped $300m senior debt note sale
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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