In an ongoing legal battle, former employees of Genesis, a now-defunct company previously operating in Malta, were summoned to the Court of Magistrates on 9 April, under case number 72-54. The subpoena, issued by the police,, who is an Australian national.

Despite the punctual arrival in court of the witnesses, who mostly were former employees of Genesis Global, none were asked to testify.

The crux of the issue lies in the inability of the police to notify the primarily responsible parties - the foreign directors of Genesis, in this case Yaniv Meydan. This has led to a significant procedural hurdle. Every offence has a prescriptive period within which the accused must be notified of the accusation. If this period is surpassed without notification, the accusation becomes time-barred.

In this case, the only directors/shareholders who did not resign was not present in Malta and therefore could not be notified. It is important to note that Yaniv Meydan was never a resident of Malta and the two other just before Genesis Global shut its offices in Malta. This resulted in the case becoming time-barred, as informed by the Department of Industrial and Employment Relations (DIER). Meyden is also still listed as director and CEO of Ocean Software UK PTY Ltd, registered in the UK

According to a number of former employees who wish to remain anonymous, it is alleged that the duty magistrate expressed disappointment at the recurrence of such cases. She empathized with the witnesses and acknowledged the trauma they must be experiencing. However, according to the former employees of Genesis, she said that her hands were tied due to procedural constraints.

The situation is further complicated by the fact that proceedings can only take place if all accused parties are notified. It appears that the local directors had conveniently resigned before the company declared insolvency and therefore were not be summoned. Even if the case were to continue, a guilty verdict would not necessarily result in the accused paying the former employees. Instead, they would be fined, and the court would insist that all dues are paid. This is because the case is a criminal accusation under DIER, not a civil lawsuit to claim back wages.

This case has shed light on the loophole in the law and the complexities and challenges in prosecuting corporate malfeasance, particularly when it involves international entities. The former employees still hope is for a resolution that brings justice and closure to all parties involved.

On 23 December 2023, about the closure of the company. The decision was made by the owner in Australia, Yaniv Meydan who was residing in Israel and Australia at the time. Yaniv Meydan is the CEO of Meydan Group, and he has held various positions in different companies, including being the founder of Universal Equivalent Technology Ltd. and Openpay Group Ltd. He was also a board member at Axsesstoday. According to records, he is now based in Israel.

Genesis Global Ltd and its sister company Openpay, both owned by the Melbourne-based Meydan Group, faced severe financial difficulties leading to mass layoffs and receivership. Around 130 workers at Genesis Global in Malta were made redundant just before Christmas 2022, without receiving their December salaries. The company declared insolvency due to “serious financial difficulty”.

Around the same time, Openpay, one of Australia’s largest ‘buy-now pay-later’ financing companies, laid off 80 of its 140 employees and entered into receivership, despite announcing record quarterly results of A$10.1 million. The company’s shares were suspended on the ASX, and official receivers took control of the company’s assets, operations, and trading activities.

One must note that the downfall of Genesis Global in Malta may be traced back to May 2021, when Meydan . This funding was "intended to support the international expansion" of Openpay but according to sources, the company was already in trouble. The Meydan Group, which is Yaniv Meydan's family’s business, was the largest shareholders of Openpay

failing to turn a profit since its debut on the Australian stock market in 2019. It faced problems securing A$41 million of financing, leaving it with a balance of just A$17 million, which breached its loan agreements and led to receivership proceedings.

Genesis Global bore the brunt of OpenPay's losses that were reported in its Q2 FY23 financials. Both Genesis Global and Openpay went into receivership in Malta and Australia respectively. around the same time The two companies no longer appear on the company's website. The only gambling-related business that remains in the portfolio is a This series of events left the employees of Genesis Global without any pay.

In an interview conducted by SiGMA News 2, he stated that the prospects for the former employees of Genesis Global to receive compensation was not favourable. He explained that the likelihood of compensation depended on the financial status of the company and the line up of other creditors.

Despite the harsh realities, the former employees of Genesis remain objective and realistic. They understand that the chances of receiving the monies owed to them - unpaid salaries and notice periods - are slim. The bitter pill of financial loss has been swallowed, but it has not dampened their spirit for justice.

Their expectations are now no longer centred on financial restitution. Instead, they yearn for justice. They hope to see the individuals responsible held accountable for their actions. But beyond this case, they aspire for something greater - a change in the system.

They believe that the current legislation regarding company formation by foreign nationals needs a thorough review and reform. The former employees argue that the existing laws have loopholes that can be exploited, leading to situations like the one they find themselves in.

In their view, stricter regulations need to be put in place to protect employees’ rights and ensure that foreign nationals setting up companies adhere to the laws of the land and that local directors remain accountable. The former employees of Genesis Global spoke in confidence with SiGMA News hoping that their unfortunate experience can serve as a catalyst for this much-needed change in legislation.

Ultimately, their story shows resilience in the face of adversity serving as a call to action for legislative reform. It is a narrative of lost earnings and benefits, but not of lost hope; of unpaid salaries, but the demand for justice and change have not been overlooked.

Lottoland, a lottery betting company, has recently expressed its disagreement with the statements made by James Browne, Ireland's Minister of State (pictured above), at the Department of Justice, regarding the new gambling regulations. The company claims that the Minister’s assertions about the laws were incorrect.

In an interview with RTÉ Radio 1 in February, Browne discussed the gambling regulation bill, which is set to introduce stringent new restrictions on betting operators in Ireland. Lottoland had previously argued that the bill, which limits bets to €10 and caps winnings from “relevant games” at €3,000, would push problem gamblers to bet in Northern Ireland. However, Browne dismissed this claim during the interview.

Browne, a Fianna Fáil TD, stated that the caps on winnings and bets were already part of Irish legislation. He said, “This is the law. I assume if Lottoland has a licence in Ireland, they are aware of this and they are complying with that law.”

However, Mike Kirwan, Vice-President of Lottoland UK and Ireland, wrote to Browne the following week, raising several objections to his comments. He disputed Browne’s claim that the stake and bets were already part of Irish law and expressed the company’s “serious reservations” about parts of the bill.

Kirwan assured Browne that as a remote bookmaker’s licence holder, licensed, Lottoland is compliant with all laws and regulations currently governing their sector. He also expressed concerns about the “vague and ambiguous wording of definitions” in the bill, which he said are crucial to the daily operation of their business and others.

He wrote, “Clarification of these specific terms is essential in order to ensure both compliance with the regulation, certainty for existing operators/operations in the Republic and also to avoid any need to seek clarity before the courts in future.”

The government has cited research from the Economic and Social Research Institute (ESRI), published in October 2023, which suggests that problem gambling rates are 10 times higher than previous estimates. However, this research has been questioned by industry figures, including Ian Brown, Chief Executive of Flutter UK and Ireland.

During his interview, Browne suggested that the laws in the Republic of Ireland were more stringent than those in Northern Ireland. Kirwan disagreed with this, stating it was “not a fair characterisation” of the regulatory regime in the North. He said, “You asserted that Northern Ireland is a ‘lax’ jurisdiction during the interview and not a reasonable yardstick for ROI comparison. We would counter that this is not a fair characterisation and broadly implies that Northern Ireland is without adequate regulation, which is not the case.”

Spain’s Supreme Court has overturned certain aspects of the country’s gambling advertising ban, emphasizing the need to balance restrictions with the rights of legal business activities.  

In its ruling released Wednesday, the court stated that certain elements of the 2020 gambling advertising ban lacked sufficient legal justification, rendering them inapplicable. Notably, promotional activities for new customers, celebrity endorsements, and online advertising prohibitions were invalidated.  

Jdigital, the Spanish operators’ association, hailed the ruling as positive, citing disproportionate limits and restrictions in the previous regulations. The association hopes for dialogue with the government to develop balanced rules ensuring responsible gaming objectives.  

Jdigital aims to contribute its expertise to developing proportionate regulations in collaboration with the government, fostering public-private dialogue to meet industry demands while upholding responsible gaming principles.  

Gaming Intelligence quoted a Jdigital spokesperson saying, “We hope that this resolution will serve to ensure that, in the current legislature, the Government meets the demands of the sector in the regulatory field and encourages public-private dialogue.”  

“We want to offer our knowledge to develop proportionate rules that guarantee the responsible gaming objectives that we all defend and pursue,” the association added.  

The advertising ban, implemented in 2020, restricted gambling broadcast ads to the hours of 1 am to 5 am, and banned shirt and event sponsorships, sign-up bonuses, and the use of celebrities in marketing.  

In January 2021, Jdigital, the online gambling operator association, and the Asociación de Medios e Información (AMI), a media association, filed an appeal against Royal Decree 958/202 regarding commercial communications of gambling activities.  

The association the rules, suggesting that the restrictions will only fuel the illegal market, thereby jeopardizing efforts to protect vulnerable individuals. They earlier argued that the ban is discriminatory, unfair, and disproportionate, especially in a market where online gambling is tightly regulated and the incidence rate of problematic gambling has remained stable at 0.3% of the population aged 15 to 65 since 2015, one of the lowest rates in Europe. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details .

Nicolas Hamilton, brother of seven-time F1 world champion Lewis Hamilton, (both pictured above, Nicolas on left), is no stranger to adversity. Born with cerebral palsy, he became the first disabled driver to compete against able-bodied rivals in the British Touring Car Championship. However, his most challenging race was not on the track, but against an all-consuming gambling addiction.

In his new book, ‘Now That I Have Your Attention’, Nicolas candidly shares his struggle with gambling, which began innocently with a £2 bet on Arsenal to score a goal. This seemingly harmless wager spiraled into a six-month binge of online casinos and blackjack, played in the solitude of his bedroom.

Nicolas’ addiction took a heavy toll, both financially and emotionally. He was forced to sell a Mercedes C63, a gift from his brother Lewis, to pay off a tax bill. The shame of using this cherished gift to settle his debts was overwhelming. “I felt so ashamed, using this amazing gift to pay my tax bill. It felt like I had practically stolen the money from my brother and I have never forgiven myself for that,” he writes in his book.

His addiction led him to a dark place, where he contemplated suicide. “I got a real wake-up call. I had no way of going forward because I’d lost everything. I was stuck. I had a balcony at my flat and I was thinking what would I do if I just jumped off it,” he reveals.

During this time, his brother Lewis was dominating the F1 championship with Mercedes, earning an eight-figure salary. Despite his family’s success, Nicolas felt unable to share his struggles with them. Instead, he turned to the Samaritans helpline for support.

Nicolas’ story is a stark reminder of the destructive power of addiction. But it’s also a testament to the resilience of the human spirit. Despite his struggles, Nicolas continues to inspire millions through his racing career and his courage in sharing his personal journey.

In an interview with The Times, he reflects on his addiction, saying, “I wanted more of the winnings - and the losing didn’t really deter me. It just got me in a cycle. I couldn’t stop thinking about it - I just wanted to go back to my computer.”

Nicolas’ story serves as a powerful reminder that addiction does not discriminate. It can affect anyone, regardless of their achievements or status. His courage in sharing his story offers hope to others facing similar struggles, proving that it is possible to overcome addiction and reclaim one’s life. As Nicolas continues his journey, he remains a beacon of resilience and determination, both on and off the track.

In a bold move to curb the influence of the gambling industry, Romania has passed a law banning gambling venues in small towns and villages with populations of less than 15,000 residents. This law, known as the “law of slot machines,” was unanimously passed by Alfred Simonis, the leader of the Social Democrats, hailed it as the first law adopted in Parliament in 30 years against the gambling industry, which he referred to as a mafia that has controlled the political world until now.

The gambling industry, which Simonis claims has a total turnover of €10-12 billion, has expressed dissatisfaction with the new law. Industry figures have complained about not being consulted and expressed hope that the authorities will control the black market as they promised.

Despite the unanimous vote, there was some dissent within the chamber. Two opposition parties that want to ban the “scourge” of gambling outright accuse the government of collusion with the gaming sector for not taking a stronger position. Ionut Mosteanu, the leader of the opposition USR, (pictured above), questioned how lawmakers had set the threshold. He argued that the lawmakers seemed to believe that slot machines only damage 15,000 people and questioned why the threshold was not set higher.

Over the last few decades, gambling venues have become ubiquitous across Romania. The National Gaming Office, the state body that monitors and approves the sector, has registered The state collects taxes from gambling venue licenses and online ticket sales, as well as from the amount betting houses spend on advertising.

There are no recent data to indicate how many people in Romania are addicted to gambling. The last survey, conducted in 2016, suggested that there could be around 100,000 addicted people across the country. The number today could be much higher. Recent research carried out by Save the Children shows that one in seven children in Romania spends money on gambling, while one in 10 lives in families where one of the parents does. This alarming statistic underscores the urgency of addressing the issue of gambling addiction in the country. The new law is a step in that direction, but it remains to be seen how effective it will be in curbing the influence of the gambling industry.

The Malta Gaming Authority (MGA), Malta’s esteemed gambling regulator, recently issued a statement to dispel any misconceptions about its association with the online gambling platform, maisquebet.com. The MGA has categorically stated that it has no connection with maisquebet.com, and any claims made by the website suggesting such a connection are false and misleading.

MaisQueBet, a company registered under the number 12556331, operates from Groot Kwartierweg, Curaçao. It claims to be licensed and authorized by the Government of Curacao. The platform offers a variety of online games, including roulette, blackjack, baccarat, and more. The legitimacy of these claims is questionable, as the MGA has clearly disassociated itself from the platform. However, there is no clear evidence of any significant deals or partnerships that MaisQueBet had in the past before its disassociation from the MGA.

As for the presence of an office in Malta, there is no available information indicating that MaisQueBet has or had an office in Malta.

The MGA has reminded consumers to verify the authorization of any entity before utilizing its services. This is crucial because the gaming regulatory framework mandates authorized persons to adhere to strict legal requirements for the protection of consumers. Unlicensed entities, such as maisquebet.com,

The MGA has a list of licensed entities on its website. This list serves as a reliable resource for consumers The MGA encourages consumers to refer to this list to ensure they are dealing with licensed entities that comply with the stringent legal requirements set by the regulatory framework.

The MGA’s stance on this issue reflects the Authority's commitment to safeguarding consumers from the potential risks of unregulated online gambling, also serving as a call to action for consumers to be more vigilant and proactive in verifying the authorization of online gambling platforms.

The Gambling Commission's Corporate Strategy for 2024 to 2027 is a comprehensive plan designed to guide the regulation of the gambling industry in Great Britain over the next three years. The strategy is a response to the evolving nature of gambling, particularly in the digital age and the changes brought about by the global pandemic. It aims to ensure that gambling remains fair, safe, and free from crime, while also addressing the significant reforms outlined in the Government's White Paper on gambling reform.

A key aspect of the strategy is the commitment to using data and analytics to enhance the effectiveness of gambling regulation. The Commission plans to invest in data storage and analysis capabilities, as well as in the development of its personnel, to improve decision-making processes and operational performance. This will involve updating current systems to allow for more effective data use, which will lead to better outcomes for consumers, the public, and licensees.

The strategy also emphasizes the importance of public and licensee engagement through clear and open consultations, ensuring that all parties can contribute to discussions on regulatory changes. The Commission will measure progress through feedback and insights, maintaining sound financial management and adhering to Government and Treasury guidelines.

The Commission recognises its workforce as its most valuable asset and intends to enhance engagement and organizational effectiveness. This will involve attracting and retaining diverse and talented individuals, developing leadership skills, and embedding inclusion in the workplace. Progress will be tracked using various indicators, including surveys and diversity representation.

To deepen its understanding of the gambling market and consumer behaviour, the Commission will collect operator data more regularly and conduct high-quality consumer research. This will enable the Commission to provide authoritative advice and statistics on gambling in Great Britain and ensure that interventions are well-targeted and evidence-based.

The outlines five areas of focus, which include improving regulatory data use, enhancing communication with licensees and the public, and ensuring the successful operation of the National Lottery. Progress will be measured against operational performance indicators and through qualitative and quantitative measures, such as the implementation of the licensee's bid and the levels of returns to good causes.

Cross-cutting enablers such as a strong governance framework, automation of systems, and a digital-first approach will support the Commission's work. The Commission will also review how it communicates requirements and guidance to ensure clarity and compliance.

In summary, the Gambling Commission's strategy is ambitious and multifaceted, aiming to adapt to the changing gambling landscape and improve regulation through better use of data, stakeholder engagement, and a focus on its workforce. The Commission is committed to transparency and will report on its progress annually, demonstrating improvements and adapting its approach as necessary to achieve its goal of a gambling industry that is fairer, safer, and crime-free.

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details .

In the first quarter of 2024, Montenegro’s gambling industry, which includes casinos, betting houses, slot-machine clubs, and internet betting, experienced a significant increase in revenue. The finance ministry reported a 58.5 percent year-on-year rise, bringing the total revenue to €6.5 million ($7.0 million).

This substantial growth in revenue is not attributed to an increase in betting volumes. Instead, it is the result of regulatory changes that were implemented at the start of the year. These changes led to the elimination of certain types of betting that were deemed risky and lacked adequate regulation against money laundering.

For the first time, as part of these new legal measures, Montenegro imposed a mandatory variable fee for internet betting. Additionally, a fixed fee was introduced, which varied depending on the type of gaming organized via the internet.

These changes had a significant impact on the revenue from internet betting. In the first quarter alone, revenue from internet betting skyrocketed to €2.2 million. This was a substantial increase from the €380,000 generated during the same period last year. In comparison, the total revenue from internet betting for the entire year of 2023 was approximately €1.5 million.

The finance ministry’s statement highlights the profound effect of the regulatory changes on the gambling industry. It underscores the potential of internet betting as a significant revenue source and the importance of adequate regulation in ensuring the industry’s growth and sustainability.

The impressive growth of Montenegro’s gambling industry demonstrates the country’s strategic approach to regulation and its commitment to adopting a safe and sustainable gambling environment. The government’s proactive stance in implementing regulatory changes, particularly in the online betting space, has not only mitigated risks but also unlocked new revenue streams. This has positioned Montenegro as a preferred international online gaming jurisdiction. The country’s gambling industry, though still relatively small, is poised for continued growth, with projections indicating a steady rise in revenue.

This success story highlights the potential of well-regulated gambling industries to contribute significantly to national economies. Montenegro’s experience offers valuable insights for other jurisdictions seeking to balance regulation with growth in this dynamic sector.

In an interview with SiGMA News, George Mamulaishvili, the head of administration of the Georgian Gambling Association, shed light on the key regulations that Georgia has implemented to ensure the gaming industry operates fairly and transparently.

Discussing the future prospects of Georgia as a jurisdiction for iGaming operators, he expressed confidence in Georgia’s potential to emerge as a premium destination. He highlighted that Georgia has consistently led gambling business development in the region, as evidenced by figures from the Georgian Statistics Service. Significant investments are flowing into the sector, with global brands such as Betsson Group, Entain, and Flutter already operating in the country. Georgia’s geographical location adds an extra layer of attractiveness for offline players. Since the adoption of the first gambling law, the country has rapidly established its reputation as a reliable industry partner, which is naturally attractive to investors.

This reliability, coupled with the transparency and protection of the gambling industry, has positively impacted Georgia’s standing among other gambling jurisdictions. The success of the legislative model has even led other post-Soviet countries to emulate Georgia’s approach. Recently, Georgia advised colleagues from Africa – Botswana – on legislation.

Therefore it can be said that Georgia has a well-established track record in the gambling industry. Mamulaishvili explained that Georgia has implemented a robust regulatory framework to oversee the gambling sector. This includes the Gambling Law, Money Laundering Law, and the Law on Verification and Identification of Users. The latter has significantly reduced phishing operations in the country. The Tax Code is a pivotal document in this context, as it governs the industry and outlines tax obligations. Several regulatory bodies, including the Ministry of Finance, the Tax Service (Georgia Revenue Service), and the regulator, play integral roles in daily oversight.

The Financial Monitoring Department ensures control over illegal money laundering, while the , all companies must undergo an annual financial and IT audit by one of the Big Four. Furthermore, certification of products used by operators, ranging from platforms to simple games, is mandated. Collectively, these measures contribute to creating a transparent and attractive business environment in the region. This comprehensive regulatory framework is a testament to Georgia’s commitment to ensuring fairness and transparency in its gaming industry.

Mamulaishvili discussed how the jurisdiction collaborates with other regulatory agencies to ensure effective regulation of the gambling industry. He revealed that collaboration occurs through the Association, where representatives from various countries and agencies convene to share their experiences. This enables Georgia’s regulatory bodies, including the Tax Service and the Ministry of Finance, to gain insights into global regulatory nuances.

The Association also consistently engages with other associations worldwide, conducting thorough analyses of both positive and negative aspects of laws and regulations. The knowledge gained from these exchanges is then disseminated to the regulatory and legislative bodies. When asked about the key challenges that Georgia faces in regulating the gaming industry and how it addresses them, he acknowledged that combating illegal operators is a significant challenge, not unique to Georgia. The country addresses this issue through effective cooperation between the business sector and the regulatory bodies. The Association collaborates closely with the Tax Service, providing information about potential illegal operators attempting to enter the market. Simultaneously, the Tax Service strives to restrict their access to payment systems.

He admitted that this is not a foolproof solution that guarantees the disappearance of illegal operators from the market, but it is a method of preventing their mass entry. He further noted that countries that have adopted more lenient gambling laws and allow the development of local operators are more favoured than those that have adopted strict gambling bans. He emphasized that the development of a legal operator is the best way to counter the influx of illegal operators.

This is because the development of the gambling business is not only the development of this particular industry, but also the development of related industries such as tourism, IT, payment systems, and others. This, in turn, leads to additional jobs and an increase in the economy as a whole. This comprehensive approach underscores Georgia’s commitment to creating a fair and transparent gaming industry.

The head of administration of the to protect players from problem gambling and other gambling-related risks. He highlighted the recently adopted Law on Verification and Identification of Users in Georgia, which has significantly minimized phishing operations, thereby safeguarding players from unauthorized access to their accounts. Each operator also has a player self-blocking system in place, empowering users to set their own limits. Furthermore, the state maintains a database where any citizen can apply for a six-month restriction on access to gambling. However, this restriction applies only to legal operators, underlining the importance of supporting legal operators as a crucial element for any state.

Discussing the jurisdiction’s support for innovation in the gaming industry and its role in shaping the future of the industry, he emphasized that innovation is paramount for businesses, especially in the rapidly evolving gambling industry.

It is crucial for operators, software suppliers, and payment systems to keep abreast of advances to ensure continuous development. Recognizing this, the state plays a key role in supporting innovation. In Georgia, for example, tax incentives for innovative technology companies have been introduced, making the country an attractive location for many companies. During this interview, the head of administration of the Georgian Gambling Association shared some exciting developments in the pipeline. Georgia is currently focusing on strategic initiatives to improve the gambling landscape.

The Association is actively refining their regulatory framework to adapt promptly to industry changes, ensuring that their regulations remain progressive and responsive to emerging challenges. International cooperation and partnerships are a priority for them. They engage with other jurisdictions, attend industry conferences, and maintain an ongoing dialogue with global stakeholders to keep abreast of best practices and emerging trends.

The Association's commitment to responsible gambling is steadfast. They are developing initiatives to enhance player protection, including improvements to self-exclusion tools, educational campaigns, and working with industry stakeholders to address problem gambling. Their goal is to position Georgia as a global leader in the gambling industry, setting the standards for innovation, transparency, and responsible gambling practices. They are dedicated to fostering a thriving and sustainable gambling ecosystem. This commitment to continuous improvement and collaboration reflects Georgia’s dedication to maintaining a fair and transparent gaming industry.

Groupe Française des Jeux SA (Groupe FDJ) has entered into a definitive agreement with Veralda, marking the commencement of its acquisition process of Kindred Group Plc. This agreement involves the purchase of 2.4 million shares at SEK 122.5 per share. This transaction signifies the official launch of FDJ’s acquisition strategy for Kindred, which was initially announced in January.

The Paris-based EuroNext gambling group had previously made a public offer of SEK 130 per share, thereby valuing Kindred at €2.45 billion. Veralda, an investment entity of Anders Ström, the founder and ex-chairman of Unibet Group (now known as Kindred), has agreed to sell 49 percent of its shareholding in Kindred Group. This sale corresponds to 1.12 percent of Kindred’s total shares and involves 2.4 million shares. Prior to this, FDJ had secured ‘irrevocable undertakings’ from various shareholders, representing 27.9 percent of the outstanding Kindred shares. A public offer was subsequently made to these shareholders to tender their shares to FDJ at a price not exceeding SEK 130 per share. The agreed price with Veralda for the 2.4 million shares amounts to approximately SEK 294 million (€21.5 million), representing 1.12 percent of the outstanding shares in Kindred. Veralda’s irrevocable undertaking remains valid for the firm’s remaining 1.16 percent stake in Kindred.

In addition to Veralda, FDJ continues to hold irrevocable undertakings with Corvex Management LP, Premier Investissement SAS, Eminence Capital, and Nordea. Collectively, these undertakings represent a total of 26.82 percent of outstanding shares in Kindred. FDJ initiated its public tender to acquire Kindred on 29 February, setting off a 39-week period for the public offer to be accepted. FDJ aims to complete the acquisition within this timeframe, fulfilling its ambition to become Europe’s second-largest gambling Plc by corporate value.

The acquisition of Kindred Group by Groupe Française des Jeux SA (FDJ) is a significant development in the European gambling industry. This move not only strengthens FDJ’s position but also signifies a strategic shift in the industry landscape. The unanimous recommendation from Kindred’s board for shareholders to accept FDJ’s all-cash offer reflects confidence in this strategic direction. As FDJ continues to secure irrevocable undertakings and navigates the acquisition process, the industry awaits the potential emergence of a new European gaming champion. This acquisition is not just a transaction; it’s a transformational step towards a sustainable and exciting future for all stakeholders involved.