Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. In the latest version we take a look at long awaited merger completion, a PokerStars charity tournament, and vociferous opposition to Swedish proposals.
Flutter Entertainment has announced that as of Monday 5 May its merger with The Stars Group has entered completion.
Upon completion of the deal, Flutters’ entire enlarged issued share capital was admitted to the premium listing of the Official List of the Financial Conduct Authority and the Official List of Euronext Dublin.
Furthermore, it has now commenced trading on the London Stock Exchange’s main market for listed securities and the Euronext Dublin market under the ticker ‘FLTR’.
The completion follows the green-light being issued last month by shareholders from both sides and the subsequent receipt of all remaining regulatory and competition authority clearances required.
Following the transaction, Flutter will initially have five reporting segments which include TSG International (excluding current US operations), Paddy Power Betfair, Sky Betting and Gaming, Australia (including SportsBet and BetEasy), and US (including FanDuel and all TSG US operations).
Twelve CEOs have added more weight to the developing situation in Sweden where much has been said since Social Security Minister Ardalan Shekarabi put forward proposals for added restrictions.
Intending to take hold from next month until the end of the year, the measures would includes temporary weekly loss and deposit limits of SEK5,000 (€458) per week for customers as well as making it mandatory for players to set limits on playing time.
Now twelve CEOs have taken increased action to warn Shekerabi about the increasingly low channelisation on the Swedish gambling market, especially via the online casino vertical.
Coming after a Copenhagen Economics report found that 22-28 per cent of online casino gambling and 15-20 per cent of sports betting is unregulated, it is added that every forth Swedish krona is lost to the unlicensed market when it comes to igaming.
Those named on the petition are Pontus Lindwall, CEO, Betsson. Henrik Tjärnström, CEO, Kindred Group, Gustaf Hagman, group CEO, LeoVegas, Therese Hillman, CEO, NetEnt, Ulrik Bengtsson, group CEO, William Hill, Lahcene Merzoug, CEO, ComeOn Group, Henric Andersson, CEO, Suprnation, Tomas Bäckman, CEO, Hero Gaming, Alexander Stevendahl, CEO, Videoslots, Daniel Lindberg, CEO, Quickspin, Shelly Suter-Hadad, CEO, Casumo and Anthony Werkman, CEO, Betway.
As countries around the world look at easing lockdown restrictions implemented due to the COVID-19 pandemic, companies have started to find ways of introducing new measures to guarantee the safety of staff and customers as they resume operations.
Melco Resorts is one such example, with the firm having to wait until at least mid-July to reopen its five casinos in Cyprus with the country’s President Nicos Anastasiades only allowing a select few businesses to reopen during its first phase, beginning this week.
The first phase of reopening the island allows construction projects to resume, as well as retail stores, not located inside shopping malls, to reopen.
Hotels, shopping malls, and airports are all set to be reopened on June 9, yet casinos in Cyprus will have to wait until July 14 before being allowed to open their respective doors.
PokerStars has issued a call to action as a multitude of A-list celebrities came together in an online charity poker event designed to raise vital funds for relief efforts during the current global crisis.
‘Stars Call for Action – Powered by PokerStars’ will be hosted at PokerStars and broadcast live on Twitch, Facebook and YouTube. Viewers are invited to join hosts James Hartigan and Lex Veldhuis, as well given the option to donate to the cause via specific buttons on the platform of their choice.
Conceived and brought together by actor Hank Azaria and journalist, author and screenwriter Andy Bellin, the event is set to feature Edward Norton, Brian Koppelman, Amy Schumer, Bryan Cranston, Don Cheadle, Michael Cera, Jon Hamm, Jeff Garlin, David Schwimmer, Eric Bogosian, Jason Alexander, Brad Garrett, Michael Ian Black, Kevin Pollak, Tony Yazbeck and Max Kruse.
The top placed celebrities will direct their portions of $1m, donated by PokerStars, to a charity of their choosing, with fifty percent of the total donation going directly to Care International on behalf of those playing, as well as all proceeds donated via live stream.
The Bragg Gaming Group has announced the completion of a strategic review of its online media division as well as entering an agreement regarding the sale of GiveMeSport.
Commencing a definitive share purchase agreement with SN&CK Media Limited, completion of the transaction is subject to the satisfaction of customary conditions of closing and is expected to be completed in early May, 2020.
Pursuant to the agreement, Bragg will receive a total consideration of up to £400,000 for the sale of its online media division. The price for the media division consists of an upfront cash payment of £50,000 upon completion, in addition to 10 per cent of the gross revenues from the media division for a period of 21 months following the completion.
In August 2019 the group initially announced a strategic review of its online media division, with the subsequent sale, unanimously approved by all of the directors of the group, coming after an eight month review process.