SOFTSWISS report: Growth seen in live, mobile betting in Q1 2024 

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

Two influential New York State lawmakers have voiced strong opposition to the ambitious plans of Wynn Resorts and Related Companies for a casino at Hudson Yards on Manhattan’s West Side. This opposition is particularly significant as one of these lawmakers sits on the panel that will ultimately award the three downstate casino licences.

Assemblyman Tony Simone,(photo top right) representing the neighbourhood, has been vocal about his objections. He is opposing to a casino in the area. Simone’s role on the six-member panel that will vote on whether to recommend the proposed casino to the state Facility Location Board adds weight to his objections. “I’ve been clear: I’m philosophically opposed to a casino on the West Side of Manhattan,” he explained. “The community has been against it and, unless that changes, I’m a no.”

CEO of Related Companies Jeff Blau (photo top left) has been a key figure in promoting and defending the project, highlighting its potential benefits such as job creation, increased tax revenue, and community investments. He has also addressed concerns from local lawmakers and community members regarding the impact on the High Line and the surrounding area.

Assemblymember Deborah Glick, who represents the southern portion of the High Line and chairs the assembly’s environmental conservation committee, echoed similar concerns. In a statement published by the New York Post, Glick highlighted the potential negative impact on the High Line pedestrian park. “The High Line is a unique and beloved park intended to get New Yorkers and visitors outside and above the congested streets and sidewalks,” Glick said. “Any plans that block views from this distinctive vantage point or allow for building closer to the High Line run counter to the High Line Special District and would significantly alter the experience.”

In response to these objections, a spokesperson for Related Companies defended the project in a statement to the Commercial Observer. The spokesperson said that the benefits of the proposal, which includes a massive new park, hundreds of units of affordable housing, and development that will generate tens of thousands of jobs, billions in new taxes, and community investments. “Our proposal to transform the western yards has not even been formally submitted yet, so we would hope our government leaders would wait to read it before forming a judgment,” the spokesperson added.

The proposed Wynn New York City complex is a $12 billion development that would include multiple skyscrapers, 1,500 apartments, two million square feet of office space, a 750-seat public school, a daycare centre, and a hotel and casino operated by Wynn. Despite the opposition, the project is one of 11 vying for the three available downstate licenses in the New York metropolitan area.

As the debate continues, the future of the Hudson Yards casino project remains uncertain, with significant implications for the community and the iconic High Line park.

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

Renowned sports bettor Gadoon "Spanky" Kyrollos, who is facing extortion allegations and has admitted to illegal proxy betting, has launched a charity, American Bettors' Voice (ABV), to "eliminate friction" in withdrawal processes for gamblers.

American Bettors’ Voice

Kyrollos, alongside sports bettor Billy Walters, has now announced the formation of a non-profit organisation named American Bettors’ Voice (ABV). Based in Nevada, USA, the organisation aims to advocate for sports bettors and address several pressing issues within the industry - including the withdrawal process.

Kyrollos will serve as ABV's chairman, with industry professional Richard Schuetz as CEO.

One of ABV’s key focuses is the delay in fund withdrawals—a major complaint among gamblers, according to the UK Gambling Commission. The commission has criticised operators for introducing unnecessary friction during the withdrawal process, often requesting additional documentation at the point of withdrawal rather than during the deposit stage. Operators “should not continue to accept deposits indefinitely and then seek to rely on their AML procedures to frustrate a withdrawal request”, the commission declared.

The controversy began in March 2023 when an anonymous New York resident alleged that his personal information had been leaked by DraftKings employees. According to the plaintiff, this breach of privacy led to an unpleasant experience in which he was confronted and threatened with extortion for $500,000 by an assailant. The assailant allegedly demanded that the money be sent to the well-known sports bettor Gadoon "Spanky" Kyrollos.

In response to the lawsuit, "Spanky" Kyrollos publicly addressed the situation, arguing that the legal action stemmed from his past disputes with Steve Jacobs. Jacobs, recruited by Kyrollos to place illegal proxy bets, allegedly refused to share the winnings, claiming that operators would not allow him to withdraw the money.

The partnership recorded around $350,000 in winning bets and $14,000 in bonuses. Kyrollos expected payment once Jacobs withdrew $200,000 from his DraftKings account. However, Jacobs faced delays because DraftKings required him to sign an "affidavit of eligibility" before processing the withdrawal. Kyrollos suggested that Jacobs file a claim with the New York State Gaming Commission, which Jacobs reportedly did on February 6, 2023.

None of the winnings ever made their way back to Kyrollos. The famous sports bettor posted documents and theories on Twitter, speculating that Jacobs might have gambled away the funds, stolen them, or used another betting site. Kyrollos also claims that Jacobs anonymously sued him for extortion to avoid sharing the winnings.

In the world of philanthropy, there are a number of unsung heroes who dedicate their efforts to bring about significant change. Among these individuals are Michelle Debono and Patrick Meli, who stand out as beacons of hope through their ongoing commitment to the SiGMA Foundation's mission.

Michelle and Patrick recently celebrated their marriage, marking an important milestone in their journey together. They first met during the weekly hikes organized by SiGMA Foundation where they bonded over the shared interests in adventure and giving back.  Their relationship flourished through these incredible journeys, both personal and charitable.

Patrick Meli and Michelle De Bono at their wedding ceremony.

Michelle first got involved with the SiGMA Foundation in 2022 when she took part in the Camino de Santiago challenge. She showcased her passion for fundraising and her dedication to making a difference, playing a pivotal role in raising funds for the 3-in-1 School project in Ethiopia. Her deep commitment to uplifting those less fortunate has been evident since then. Reflecting on her journey, Michelle shared, “I started trekking because of the SiGMA Foundation. The group's growth and the increasing participation in expeditions inspired me to integrate trekking and charity into my life. I've taken on other physical challenges and donated the funds to various charities, always looking for ways to give back.”

SiGMA Foundation's second Camino de Santiago challenge group.

Earlier this year, two years after completing the Camino de Santiago challenge, Michelle, now alongside Patrick, took on a new challenge: the first edition of the Lost City Trail expedition, which was held in conjunction with the Cleft Lip and Palate project in Colombia. 

Patrick Meli and Michelle De Bono at the Premium Care Kids Clinic in Cartagena, Colombia

Their fundraising efforts were remarkable, exceeding the set goal of raising enough funds for one operation per participant, they managed to raise enough to conduct an impressive 14 reconstructive surgeries, offering renewed hope and smiles to children suffering from this condition in Colombia. Patrick reflected on his involvements, stating;

 “One vital factor that stood out for me, having been with the SiGMA Foundation for two years, was the proximity of the trek to the clinic in Cartagena. Knowing that the funds were going directly to a nearby clinic and actually visiting it to see the impact first-hand was very important to me.”

Their contributions extend beyond raising money. Both Michelle and Patrick actively engaged in the training and preparation for the challenging Lost City Trail, demonstrating exceptional teamwork and endurance. Their dedication to the cleft lip and palate project reflects their commitment not just to raising funds, but also to being hands-on in their support.

Their generosity continued with their recent wedding gifts. Instead of traditional presents, they donated the monetary value of their wedding gifts to the Dreams of Horses Farm in Xaghra, Gozo. This farm, long supported by the SiGMA Foundation, provides therapeutic and educational experiences for children and adults with special needs. It serves as a sanctuary of healing and learning, where Michelle and Patrick's contributions will make a lasting difference.

Patrick Meli and Michelle De Bono at the Dreams of Horses Farm in Xagħra, Gozo.

The success of their efforts would not have been possible without the support of various groups and individuals. Their journey exemplifies the profound impact that love, dedication, and collective efforts can achieve in the world. Michelle and Patrick's story is an example of the power of compassion and the lasting change that can be achieved when individuals come together for a common cause.

With the world in dire need of philanthropy, the SiGMA Foundation is leading the charge. As the philanthropic arm of the SiGMA Group, the Foundation is dedicated to supporting those who are most in need.

The SiGMA Foundation was founded in 2019 by Keith Marshall, Austin Cachia and Eman Pulis, Founder of SiGMA Group, with a mission to make philanthropy more participatory and engaging. Keith, who is known for his boundless energy, has dedicated his life to making a difference in the lives of thousands of people through various expeditions across the globe. With a fun and engaging approach to fundraising, the Foundation prioritises supporting underprivileged communities through active giving and aims to create meaningful impact in the world.

If you would like to get involved in any of the Foundation’s upcoming projects visit the website for more information.

Interview with SiGMA Group Founder, Eman Pulis on the SiGMA Foundation