‘Even when you have some conversions, the payout can take 1 to 3 months’ – Niek van Alphen

International Game Technology PLC (IGT) and Everi Holdings Inc. have announced a definitive agreement for their simultaneous acquisition by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. The all-cash transaction values the acquired businesses at approximately $6.3 billion.

In February this year, IGT and Everi had entered into agreements for IGT to separate its Gaming & Digital business (IGT Gaming) via a taxable spin-off to IGT shareholders, and then immediately combine this business with Everi. Under the new agreements, the Apollo Funds will acquire IGT Gaming and Everi. Following the closing, IGT Gaming and Everi will be privately owned companies that are part of one combined enterprise.

Apollo Global Management has plans to integrate IGT and Everi by forming a combined enterprise under its management. The deal involves the acquisition of IGT’s Gaming & Digital business and Everi in an all-cash transaction.

The integration process will see Apollo spin off IGT’s gaming business and merge it with Everi, a casino technology and payments specialist supplier. This strategic move aims to create a stronger player in the global gaming, FinTech, and digital industry.

The transaction, subject to regulatory approvals and approval by Everi stockholders, is expected to be completed by the end of the third quarter of 2025. It’s important to note that IGT shareholders’ approval is not required for the transaction.

This integration is expected to enhance the core segments of IGT Gaming, providing customers with a more comprehensive portfolio of offerings. It also aims to provide significant value to Everi’s stockholders as they move forward with Apollo Funds as their partner.

Everi stockholders will receive $14.25 per share in cash, a 56 percent premium over Everi’s closing share price on 25 July, 2024. IGT will receive $4.05 billion of gross cash proceeds for IGT Gaming, with significant portions of the cash proceeds expected to be used to repay debt and returned to shareholders.

De Agostini S.p.A., the majority shareholder of IGT, has committed to make a minority equity investment in the combined enterprise at the closing of the transaction. Upon completion of the sale of IGT Gaming to the Apollo Funds, IGT will change its name and stock ticker symbol, becoming a premier pure play lottery business.

The transaction with the Apollo Funds has been unanimously approved by a special committee of the IGT Board of Directors and unanimously approved by all members of the Everi Board of Directors. The previous transaction agreements between IGT and Everi entered into on 28 February 2024 have been terminated.

Vince Sadusky, IGT PLC CEO, (pictured above), said, “Our new agreement represents a positive evolution of our previously announced transaction with Everi and a successful culmination of the strategic review process that IGT launched last year. This transaction will allow IGT Gaming to continue to invest in and enhance its growing core segments while providing customers with a more comprehensive portfolio of offerings."

Randy Taylor, Everi President and CEO, added, “We believe this transaction maintains the integrity and strong strategic rationale of our original agreement with IGT, but now also provides significant and certain value to our stockholders as we move forward with the Apollo Funds as our partner. By joining forces with IGT Gaming, we expect to continue to lead, innovate, and provide unparalleled value to our customers as a stronger player in the global gaming, FinTech, and digital industry."

SiGMA East Europe Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024

Global betting operator Betsson has made a significant splash in the world of sports marketing by signing legendary Colombian goalkeeper René Higuita (pictured above) as its newest brand ambassador. Known worldwide for his daring and innovative playing style, including the iconic “scorpion kick” save, Higuita joins a roster of South American football stars representing the Betsson brand.

The Betsson Group expressed excitement about its family’s new addition through its LinkedIn account.

“We are proud to collaborate with a football legend like René Higuita, who embodies our passion for football and entertainment,” said Andrea Rossi, Betsson’s Commercial Director for Latin America. “This partnership reinforces our commitment to the Colombian market and strengthens our leading position in Latin America.”

Higuita, a revered figure in Colombian football, expressed his enthusiasm for the collaboration. “This alliance began as a bold idea and has now become a reality. I’m proud to join Betsson to make a difference and bring the passion of football closer to the fans.”

With a career marked by exceptional athleticism and showmanship, Higuita played a pivotal role in Colombia’s resurgence of international football. His trophy cabinet boasts two Colombian league titles, a Copa Libertadores, and two Inter-American Cups, all with Atlético Nacional. His extraordinary abilities even led FIFA to introduce the “Higuita Law” to define the role of the attacking goalkeeper.

Betsson’s partnership with Higuita follows its recent sponsorship of top Latin American football clubs Boca Juniors, Racing Club, and Atlético Nacional. The company also sponsors Italian Serie A champions Inter Milan.

As Betsson continues to expand its presence in Latin America, the collaboration with René Higuita is expected to elevate the brand’s profile further and engage with football fans across the region.

Stay in the loop with the latest updates and news for the upcoming SiGMA East Europe Summit powered by Soft2Bet. The summit will take place in Budapest from 2-4 September. 

The Paris 2024 Olympics are set to kick off with an unprecedented and ambitious opening ceremony along the iconic River Seine. Billed as the biggest open-air show on Earth, this spectacle will shut down the city centre and its airspace, mobilize 45,000 police officers, several army units, and has taken two years of secret rehearsals to prepare.

This much-awaited for event promises to be unforgettable, showcasing Paris’s rich cultural heritage and spirit of innovation. As the world watches, Paris will once again prove why it is known as the City of Light.

For the first time in Olympic history, the opening ceremony will take place outside a stadium. Instead of the traditional parade around a stadium track, over 8,000 of the world’s top athletes will be transported by boat along a 6km stretch of the River Seine. This sporting armada will be witnessed by more than 300,000 spectators from the bridges and riverbanks, with police, frogmen, and snipers ensuring security.

We decided it was the right moment to deliver this crazy idea and make it real”
- Emmanuel Macron

As the athletes glide down the river, a dazzling array of performances will unfold around them. Dancers, pop stars, tightrope walkers, and acrobats will perform daring feats on water, rooftops, bridges, and artificial islands. The show will feature pontoons, floating pianos, helicopters, and possibly even submarines, culminating in a vast laser show finale beamed from the Eiffel Tower. More than 1 billion people are expected to watch live on TV and social media.

The idea of staging such a grand event along a large stretch of river in a city under its highest terrorism alert was initially met with skepticism. Even French President Emmanuel Macron thought it was “a crazy and not very serious idea” at first. 

The exact details of the nearly four-hour-long show have been kept tightly under wraps. However, as the decor, including floating skateparks, giant replicas of paintings, and oversized gold tinsel, began to be placed in and around the Seine, some clues have emerged.

In the early evening, delegations of athletes from more than 200 countries will be bussed from the Olympic village to a spot at the Seine in the east of Paris. There, they will board boats from specially built pontoons under the guard of the French military. The delegations will then sail side by side down the Seine, past Notre Dame Cathedral and the Louvre, towards the Eiffel Tower. The Greek federation will be first, followed by the Olympic Refugee team, and then other nations, with the French boat coming last.

The Paris Olympics river parade will follow the course of the Seine for 6km, starting from Pont d’Austerlitz and coming to a stop at the Pont d’Iéna before the opening ceremony’s finale at the Trocadéro.

As the athletes sail, a revolutionary and irreverent show will unfurl around them, full of surprises. Historical monuments, rooftops, bridges, the sky, and the water will provide simultaneous settings for overlapping dance, music, acrobatics, and light shows. These performances will explore the history of Paris in all its diversity and its tradition of rebellion. Tightrope walkers will cross the river on high wires, the star French ballet dancer Guillaume Diop will perform on a rooftop, and BMX freestyle bikers will backflip over the water. The French pop star Aya Nakamura, who faced a racist backlash earlier this year over the possibility that she would sing, will also perform.

SiGMA East Europe Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024

The European Court of Justice (ECJ) is set to determine whether German bettors can claim refunds for their losses from operators who offered their services without valid licenses before the German sports betting regulation. This decision follows a referral from Germany's Federal Court of Justice, Bundesgerichtshof (BGH).

From 2012 to 2020, many betting operators applied for German licenses but faced a lengthy bureaucratic process that resulted in no licenses being issued for years. Despite this, operators continued their services under licenses from other EU countries, such as Malta. According to German law, operating without a valid German license is illegal, which could void any contracts issued during this period and entitle consumers to claim refunds.

The case originated when a claim for €3,719.26 worth of losses was presented in front of a German district court. The plaintiff argued that Tipico, being unlicensed during the time of the bets, should pay back the losses. The district court dismissed the case and the appeal. However, a growing number of cases involving reimbursement from operators have been presented to the courts and treated inconsistently, leading the BGH to seek a definitive ruling from the European Court of Justice.

The EU promotes the free movement of services within the union, and this principle could lead the ECJ to rule in favour of the operators. The companies argue that the flawed German licensing process should not be held against them. They believe the EU court might rule against the refunds, aligning with a previous decision that identified the German licensing process as incompatible with EU regulations. If the ECJ sides with the operators, it would validate their operations during the licensing void and potentially limit their financial liabilities.
German Sports Betting Association president Mathias Dahms declared, "We are confident that the ECJ will rule in favour of the providers and the European freedom to provide services, as it has already done in the past."