The sports betting compliance industry has experienced some M&A activity, with US Integrity and Odds On Compliance merging to form a new entity known as Integrity Compliance 360 (IC360). The merger was announced by sports tech venture capital fund, SeventySix Capital, earlier this week. By combining its resources and expertise, IC360 will enhance its offer with a comprehensive suite of services.

IC360 will offer a combination of integrity monitoring services, compliance advising, and products to serve clients from both companies. This includes t and international clients in Europe and Brazil. One of the services offered by IC360 recently flagged illicit betting activity With its broader client base IC360 is on its way to becoming a leading player in the industry.

Despite the merger, it will be business as usual for clients of US Integrity and Odds On Compliance. The original products of each firm will continue without interruption, now unified under the IC360 brand. This includes the Integrity Monitoring dashboard, PlayBook AI, and ProhiBet.

How are things going to change with this merger? For example, the collaboration on ProhiBet, a tool that monitors sports betting compliance for athletes and team personnel, is most definitely a sign of more innovative solutions to come that will shape the industry standards, particularly around transparency, accountability and ethical standards.

The merger of US Integrity and Odds On Compliance was initially announced last October, following the collaboration on ProhiBet, a tool that monitors sports betting compliance for athletes and other team personnel.

IC360 aims to be a one-stop shop of regulatory technology solutions and compliance expertise for the rapidly evolving sports betting and gaming industry. Wayne Kimmel, the managing partner of SeventySix Capital, stated that the merger is a significant event in the evolution of the sports, media, and entertainment asset class. He explained that IC360’s commitment to ensuring transparency, accountability, and ethical practices across the global sports betting and gaming industry, which is worth hundreds of billions of dollars,

The leadership of IC360 will comprise former executives from US Integrity and Odds On Compliance. Matt Holt, (photo above on left), the former CEO of US Integrity, will lead IC360 as CEO, while Eric Frank, (photo above on right) the former CEO of Odds On Compliance, will serve as President. Scott Sadin, (photo above centre), who previously served as COO of US Integrity, will take over as COO of IC360. Kimmel, the original investor in both companies, will serve on IC360’s board of directors.

Caesars Entertainment (NASDAQ: CZR), the listed Casino giant is expected to post positive results in its quarterly earnings on April 30, 2024. US-based equity research analysts advise to hold or buy the stock ahead of the results call. The company stated that the re-branding of its online casino has been successful, while sale of non-core assets is also on the agenda.

Market views 

According to MarketBeat.com, Caesars Entertainment presently has an average rating of "Moderate Buy" and an average target price of $57.73. Five US-based equities research analysts have rated the stock with a hold rating and seven have given Caesars a buy rating ahead of the company’s results on April 30, 2024. Last August CEO Tom Reeg said that the operator’s 2023 re-branding of its online casino to the Caesars Palace name has been a success and it even topped its own internal revenue estimates. Reeg added that 50% year-over-year growth is the expectation, with February revenue standing at $40 million. 

Mergers and Acquisitions 

In addition to internal successes, Caesars Entertainment, extended its iGaming market operations two months ago by buying Michigan iGaming business, contributing to further positive results. Last year Caesar’s also tried to sell Flamingo Casino and hotel, in order to pay down some of the group's debt and maximise its value. The Flamingo's casino is an icon for the Strip in Vegas having opened on December 26, 1946, and thus being the oldest continuously operating resort there.

Always a backdrop for drama in Vegas, the hotel is infamous as Siegel its first owner was killed in June 1947 by an unknown shooter in Vegas. This started a chain of ownership changes over the years. Caesars still owns the hotel and casino however as it didn’t get the price it wanted for the iconic venue. The location is amazing as it’s linked to the Linq promenade but Flamingo needs major updating, and buyers just didn’t offer enough. Real estate experts said this could change as the value of property in Vegas has increased. Caesars CEO Thomas Reeg also didn’t rule out selling one of its Las Vegas Strip resort casinos during its first-quarter earnings call. However, he said nothing was imminent unless they get approached with a good offer.

Caesars Entertainment, Inc. was founded in 1937 and is based in Reno, Nevada. It owns, leases, or manages properties in 18 states; operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America.

SiGMA Group has announced it has acquired a majority stake in iGaming Academy, which offers vocational and compliance training in over 25 jurisdictions, to more than 60,000 gaming professionals yearly, for an undisclosed figure. 

This acquisition is set to greatly complement their current portfolio by embedding various forms of industry education throughout SiGMA’s global event schedule and online network.

In the words of Eman Pulis, SiGMA Group founder, “The acquisition comes at a perfect time for us. We've been working closely with iGaming Academy for many years now. I love what Jaime and the Conexus Group have built and look forward to supporting this growth with new initiatives and a wider offering of educational programs globally. The industry is crying out for more talent and regulatory insight, with new markets continuing to regulate. As a result, we want to be very active in this business."

Robert Dowling from Conexus Group commented that, “Conexus will remain actively involved in the iGaming Academy and our clients will continue to receive the outstanding training they expect from this brand,” said Rob Dowling, CEO of The Conexus Group. “We are confident that this strategic acquisition by SiGMA will allow the iGaming Academy to expand and improve its services offering to better serve the evolving training needs of the iGaming industry.”

Jaime Debono went on to elaborate, “This acquisition marks a major milestone for iGaming Academy – our mission has also been to educate the industry – both on key regulatory compliance topics as well as vocational training for existing and new markets. With the support of SiGMA Group, we will be able to accelerate this strategy through their global event calendar, enrich both training and event content and reach a much wider audience than ever before"

“The acquisition of IGA is another important milestone for SiGMA's vision. IGA's extensive training library rounds up our offer of services for the igaming industry by allowing us to be at the forefront of educational and regulatory tools for the market. We have strong confidence in Jaime and his team and are thrilled about the next chapters,” added Vinicius Moraes de Carvalho, Investment Partner at Ikigai Ventures.

iGaming Academy will continue to work in their current organisational structure with Jaime Debono remaining as company CEO and continuing to work alongside his team. 

The deal will continue to see the management at iGaming Academy at the helm, with SiGMA's corporate governance and marketing arm supporting the business to go from strength to strength. 

Following the acquisition, the iGaming Academy is setting up an office in Cyprus to build its online offering and content development. In addition, its revenue streams will also be bolstered through new affiliate partner deals. More courses will also be made available in multiple languages, thus meeting the global demand for training.

Meet in person with the iGaming Academy team at or get in touch with them online.

The United Kingdom’s Competition and Markets Authority (CMA) has launched a comprehensive investigation into the acquisition of Sporting Index by Spreadex, both of which are major players in the sports-betting industry. This move comes after Spreadex declined to address the regulator’s concerns about the deal.

The acquisition and its implications

Spreadex, a leading sports spread-betting firm, acquired its rival Sporting Index  The details of the acquisition, which was completed last year, have not been disclosed.. However, the deal has raised eyebrows in the regulatory community due to its potential implications for competition in the UK sports spread-betting market.

The CMA’s initial investigation (Phase 1) found that the deal could potentially create a monopoly in the UK This is because Sporting Index and Spreadex are the only two licensed operators of sports spread betting in the UK. The removal of Sporting Index from the market could therefore leave Spreadex as the sole provider, raising concerns about reduced competition,

Regulatory scrutiny and need for remedies

Regulators in the UK and across the Atlantic have been increasing their scrutiny of acquisitions, particularly those involving companies with access to large volumes of user data. Such deals are typically approved only after the companies involved offer remedies to address any competition concerns.

In this case, the CMA gave Spreadex and Sporting Index five working days from 4 April to propose meaningful solutions to the concerns raised. However, Spreadex stated that it would not be submitting any undertakings to address these concerns.

In response to the CMA’s decision to launch a Phase 2 investigation, Spreadex has stated that it will continue to assist and cooperate with the ongoing review. Sporting Index, on the other hand, has not yet responded to requests for comment.

The outcome of the CMA’s in-depth investigation into the Spreadex-Sporting Index deal will be closely watched by industry stakeholders and regulators alike. It serves as a reminder of the importance of competition in the marketplace and the role of regulatory bodies in ensuring that acquisitions do not lead to monopolies or reduced competition. This situation highlights the importance of businesses actively and openly addressing any issues raised by regulators.

La Française des Jeux (FDJ),, has reported a solid start to the year 2024. The company’s total group revenue for Q1 2024 was €710 million ($755.6 million), marking a 7 percent increase from the €662 million reported in the same period last year. However, on a like-for-like basis, this reflects a marginal growth of 1.1 percent.

The gaming revenue in France rose by 3% to €645 million. A significant portion of FDJ’s total quarterly earnings came from online games, which accounted for €100 million, representing 15 percent of its total gaming revenue.

The most notable growth metric was reported from other activities, which include payment and services and international operations. This segment grew 77.4 percent from Q1 2023’s €37 million to this year’s €65 million. However, on a like-for-like basis, €65 million reflects a decline of 3.7 percent.

Sports betting and competitive online gaming saw a 9.5 million year-on-year increase at €141 million. However, when excluding Zeturf, which was acquired in October and later integrated, the growth was 0.9 million.

Lottery remained the largest contributor to overall group revenue at €504 million, up 1.4 percent from last year’s €497 million. Part of this growth was attributed to the €5 ticket (Ticket d’Or) which was launched in January. However, it was also noted that, were Amigo to be excluded from the results, lottery revenue would be up 4 percent.

went live on 20 February. The operator announced its intention to acquire the company in a €2.6 billion buyout in late January. It published its intention to acquire the company later in February, with Kindred’s shareholders approving amendments to facilitate the acquisition in March.

During Q1, FDJ acquired 2.4 million Kindred shares for SEK 294 million ($26.7 million). The operator now holds 1.1 million of Kindred’s outstanding shares. Irrevocable commitments, including New York-based investment firm Eminence Capital, now represent 26.8 million of outstanding Kindred shares.

FDJ’s Chairwoman and CEO, Stéphane Pallez, (pictured above), has expressed confidence in the company’s growth and the ongoing acquisition of Kindred. This strategic move is expected to further strengthen FDJ’s position in the gaming industry.

In conclusion, FDJ’s Q1 2024 financial results reflect a promising start to the year, with significant revenue growth and strategic acquisitions. The company’s focus on expanding its online gaming business and other activities demonstrates its commitment to diversification and growth in the gaming industry. The acquisition of Kindred shares is a clear indication of FDJ’s strategic direction and ambition to become a leading player in the international gaming market.

Few topics have dominated recent conversations in the betting and iGaming industry as much as the search for the next CEO of Entain, the FTSE-100 conglomerate that owns Ladbrokes, Coral, Gala Bingo, Bwin, and BetMGM.

The position was left vacant when Jette Nygaard-Andersen, the former CEO, unexpectedly resigned 11 days before Christmas. Since then, the role has been filled on

One of the favourites for the role, Richard Flint, (pictured above), has ruled himself out. Flint, who had a successful stint as the CEO of Sky Betting and Gaming, recently stepped down as a non-executive director of Flutter Entertainment. Despite speculation, Flint has stated that he is not seeking another executive position. He is currently Chair of the dog food subscription service Butternut Box and the premium ticket and hospitality platform Seat Unique.

The search for a new CEO comes at a pivotal time for Entain. The company is working its way through the changes in the betting and gaming industry, with increasing regulatory scrutiny and the need for innovation and digital transformation.

Entain's incoming CEO will be stepping into a chess game of strategic foresight and operational acumen. And the task would be to balance these changes and deliver shareholder value whilst maintaining as an industry lead. The gaming industry’s ever-changing rules demand a leader who can stay ahead of the curve, ensuring Entain’s success. Entain is contending with a substantial debt burden and the necessity for successful strategies in key markets such as Brazil and the US, where challenges have arisen in its joint venture with MGM. Insiders suggest that Entain may even need to streamline operations and potentially reduce headcount to enhance efficiency and performance..

This necessitates a departure from Nygaard-Andersen’s M&A-centric approach, shifting towards asset sales in mature markets like Australia to generate capital.

She was known for her deal-thirsty approach. Her leadership was marked by an insatiable appetite for Mergers and Acquisitions, reflecting a strategic vision focused on growth and expansion. However, this aggressive M&A strategy also brought its share of challenges, leaving a legacy that the new CEO will need to examine carefully. Her approach elicited mixed reactions from investors and stakeholders

Nygaard-Andersen’s departure was unexpected and left a significant gap, however it was a timely exit prior to the situation turning significantly challenging. Her tenure was marked by a 35 percent decline in the company’s market value. Despite a less-than-ideal track record during her tenure, Nygaard-Andersen's exit raises concerns about the group’s susceptibility to a takeover.

The incoming CEO of Entain must confront a substantial £3 billion debt burden, exceeding three times next year’s projected EBITDA. Stella David, who stepped in as the interim CEO, brings a wealth of experience to the role She has held senior roles in several large consumer-facing businesses and currently holds non-executive and independent director roles at several companies, including Entain. Her leadership during this transitional period has been crucial in calming the troubled waters and steering Entain towards stability and growth.

On one hand, her aggressive M&A strategy was seen as a key driver of Entain’s growth. Under her leadership, Entain acquired several brands in regulated territories, allowing the company to quickly gain a presence and scale in new or growing markets2. This strategy was in line with the company’s target of generating 100 percent of revenue from locally regulated markets. On the other hand, some investors and stakeholders expressed concerns about this approach. Criticism centred on slow revenue growth at Entain, as well as the increasing regulatory obligations. which acquired a 4.4 percent stake in Entain, labelled Nygaard-Andersen’s departure a “necessary” first step to recovery. While Nygaard-Andersen’s M&A strategy contributed to Entain’s expansion, it also raised concerns among some investors and stakeholders about the company’s growth and regulatory compliance.

Nygaard-Andersen is currently on the board of several companies, including Coloplast A/S, a Danish multinational company that develops, manufactures and markets medical devices and services related to ostomy, urology, continence, and wound care. Nordic Entertainment Group Denmark A/S, an investment company with interests in trading and marketing of goods, financing of satellite receivers, leasing, and distribution of TV programmes. In addition, she was the Chief Executive Officer for MTG Broadcasting AB, a part of Modern Times Group MTG AB, which is a Swedish pure-play gaming entertainment investment company.

The search for Entain’s new CEO is more than just a game of chance. It’s a strategic move that will not only shape the future of the company but that of the betting and gaming industry. Whoever steps into the role will have a significant task ahead, steering Entain through a period of change and uncertainty. Establishing a path for the company's successful future has now become a prerequisite.

The hunt for an exceptional CEO is far from over.

The long-anticipated merger between ASX-listed BlueBet and Matthew Tripp’s in the Australian wagering landscape. The merger, which has been under negotiation for several months, was confirmed by BlueBet on the ASX recently.

The merger is expected to triple BlueBet’s customer base under the age of 35 and equip Betr with superior technology. The two companies are yet to decide on a unified brand name for their joint venture, which is set to launch ahead of the spring racing carnival. Matthew Tripp, the chairman of Betr (pictured above), who also chairs the Melbourne Storm, will see his consortium, the Tripp Group, receive a majority of shares in BlueBet. The two companies are projected to turn a profit in the 2025 financial year.

The merger has been a topic of speculation for nearly a year, with rumours intensifying over the past month. This speculation was reflected in BlueBet’s share price, which surged 20 percent to 30¢ before entering a trading halt.

Michael Sullivan, the head of BlueBet, believes that the merger will enable the company to compete more effectively with larger competitors such as Sportsbet, Entain, and Pointsbet. Sullivan, who sold SportingBet to William Hill for $660 million in 2013, expressed excitement about the growth opportunities and synergies that the merger will unlock.

The merger brings together two pioneers of online wagering in Australia, combining a wealth of experience and innovation. Andrew Menz, the CEO of Betr, echoed Sullivan’s sentiments, highlighting the heavy investment BlueBet has made in its technology and the potential benefits for customers of both companies.

Despite the promising outlook,by more than 80 percent since its ASX launch in 2021. The company has been impacted by the maturing industry, increased taxes, and rising costs.

The two entities are expected to integrate into the BlueBet platform ahead of this year’s spring racing carnival. Sullivan will remain as executive chairman until January 2025, at which point Tripp will assume the role of chairman. Menz will become the CEO of the new business, while BlueBet’s Bill Richmond will take on the role of COO.

To fund the transaction costs and growth of the merged business, BlueBet announced a $20 million equity raising at 21¢ a share. The merger, dubbed “the worst kept secret in wagering history” by Taylor Collison’s Andrew Orbach, marks a new era in the Australian wagering market. The focus of the new entity is expected to be on Australian operations, with a strategic review to be conducted on US operations.

Golden Matrix, a rapidly growing company, has finally completed a significant event that was approved by the Golden Matrix Board of Directors and shareholders on 19 March, 2024. The agreement for this acquisition was first signed over a year ago, on 12 January 2023, with the deal valued at $300m. This amount was paid through a combination of cash, debt, and stock transactions.

The acquisition was initially expected to close in the first half of 2023. However, several amendments to the agreement caused a delay. Despite the delay, the completion of this acquisition is seen as a momentous occasion by Brian Goodman, the CEO of Golden Matrix. He believes that this event will result in a fundamental and transformational change for their rapidly growing company.

The consolidated businesses are expected to deliver significant increases in both revenues and profitability. With this acquisition, Golden Matrix believes they are now well-positioned to continue their growth trajectory and deliver incremental value to all their stakeholders. T

MeridianBet Group, founded in 2001, is an online sports betting and gaming group. It has gained licensing to operate across 15 jurisdictions, including those in Europe, Africa, and South America. Prior to the deal closing, MeridanBet Group posted an update on its corporate progress and expectations.

Zoran Milosevic, the CEO of MeridianBet Group, expressed his pleasure with their strong year-on-year operating results and continued expansion into new regulated markets. He is especially excited about the recent legislation for online casino and sportsbook in Brazil, one of the world’s largest gambling markets.

With the completion of the acquisition by Golden Matrix, now expected in the first quarter of 2024, the combined company is anticipated to offer state-of-the-art B2B and B2C gaming platforms in multiple jurisdictions worldwide. This acquisition signifies a significant milestone in the growth and expansion of both Golden Matrix and MeridianBet Group.

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.

There is likely to be an increase in M&A activity focused on the Brazil's iGaming market over the next few years. Investor appetite has been replenished by the launch of Brazil’s sports betting market. Operators are demonstrating a keen interest that is expected to trigger a wave of mergers and acquisitions (M&A) in Brazil. This interest is particularly directed towards the acquisition of thriving local companies within the iGaming sector.

The launch of marks a significant milestone in the country’s gambling industry. With a diverse population of 214 million and an unregulated market that already engages 42.5 million unique users,This regulated market presents a golden opportunity for operators and suppliers alike, with both local and international giants such as Flutter, Bet365, and Entain competing for market share.

The recent approval of betting regulations by the Brazilian Senate, including provisions for in-play sports betting and online casinos, heralds an exciting era for all stakeholders. This development not only signifies the immense investment potential of Brazil’s sports betting marketplace but also underscores the anticipated competition between local and international operators.

However, the regulatory landscape also poses challenges. For instance, the ban on bonus offers and a tax on player winnings over US$400 could potentially drive consumers towards unregulated operators, thereby reducing revenues for regulated Brazilian operators. Striking a balance in tax regulations is crucial to ensure consumer engagement and a thriving legal online betting environment.

From the government’s perspective, the regulation of the betting industry is expected to generate a significant new source of revenue through the 12 percent GGR tax and other levies. As the market continues to evolve, operators and suppliers should be prepared for ongoing regulatory changes.

The Ministry of Finance reports that over 140 operators have expressed interest in licences, indicating a highly competitive landscape. The attractiveness of Brazil’s market dynamics more than offsets the upfront US$6 million licensing fee. This competition is expected to spur innovation, varied offerings, and an enjoyable playing experience as operators strive to differentiate themselves and capture the attention of Brazilian consumers.

Given the regional complexities and differences across various states in Brazil, the emergence of a local domestic champion is highly probable. Such a development would likely attract the attention of operators like Flutter and Entain, known for their history of acquiring ‘local heroes'.

Brazil's operators are uniquely positioned to leverage their deep understanding of the local culture and consumer behaviour. This cultural insight allows them to craft marketing strategies that resonate with the local audience, a feat that international brands may struggle to achieve without a nuanced understanding of the local culture.

The success of any iGaming campaign hinges on a comprehensive strategy that spans short, medium, and long-term goals. Knowing the target audience, segmenting actions, forging strategic partnerships, and identifying brand ambassadors are all crucial components of a successful campaign.

The complexities and constant changes in Brazil’s sports betting and iGaming regulations present their own set of challenges. However, local operators, with their familiarity with Brazil’s intricate compliance and regulatory requirements, may have an edge over international brands.

While competition with international brands is expected to become more intense, local operators in Brazil’s sports betting market have a range of strategies at their disposal to compete effectively. These strategies could potentially pave the way for them to emerge as ‘local champions’ in the industry.