French gaming operator La Française des Jeux (FDJ) has secured approval from the country’s stock market regulator to proceed with its initial public offering (IPO), in a move that marks the first step towards the privatisation of the business.
The Tennis Integrity Supervisory Board has appointed Jonathan Gray as the first chief executive of the Tennis Integrity Unit (TIU), the professional sport’s anti-corruption body. Gray will take up his new role in February 2020.
Board members at Flutter and The Stars Group further outlined the details of the synergies from the companies’ mega-merger, while also assuring stakeholders that the deal would pass any competition-related hurdles.
Flutter Entertainment, the parent company of Paddy Power Betfair, has agreed a deal to acquire all of the shares in The Stars Group and merge with the operator to form a combined business with annual revenue of £3.8bn (€4.3bn/$4.7bn).
The Tennis Integrity Supervisory Board has approved plans to merge the anti-corruption and anti-doping divisions within a single organisation as part of an effort to enhance the integrity of the professional sport.
New Zealand’s Minister for Racing, Winston Peters, has outlined his expectations for the country’s new Racing Industry Transition Agency (RITA), saying that he anticipates the body leading the national horse racing industry to sustainable growth.
Austrian gaming giant Novomatic has reported a 1.8% year-on-year fall in revenue for the first half of its financial year, with changes to gaming regulations in core markets such as Germany and Italy blamed for the decline. This led to significant increases in depreciation and amortisation, which drove down profit for the period.
PlanetWin365 operator SKS365 has been issued with a tax inspection report claiming that it owes €124m to the Italian authorities, having failed to declare significant revenue generated in the country's regulated gambling market.
A new study into the potential risks and rewards that would arise from Norway’s current gambling monopoly being replaced by a regime allowing offshore operators into the market has concluded that such a move could see problem gambling rise. This could also result in funds generated by Norsk Tipping for Norwegian society fall by as much as NOK1.3bn.
GVC Holdings remains confident that the business will be able to withstand potential regulatory headwinds across a number of its key and emerging markets, and believes it will see little change to German operating conditions.
GVC Holdings has revised its full year profit projections upwards for the second time this year after the operator’s online and European retail growth helped offset a weaker performance from its UK retail arm.