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TOUGH TIMES FOR THE TOTE
The glum outlook for the UK economy may force the British government to abandon the sale of the state-owned Tote pool and betting business, the sports minister warned this week.
Minister Gerry Sutcliffe said the government "...will need to be satisfied that it is right to proceed with a sale in the light of current market conditions".
The Tote, which was last year valued for the government at about GBP 400 million according to a Financial Times report, attracted about 40 expressions of interest earlier this year after Sutcliffe said he was considering its sale on the open market.
But the betting industry believes the government will be hard pushed to get anything approaching last year's valuation. "The rumour is that they will be lucky to get GBP 280 million," said an insider at a leading bookmaker.
Sutcliffe maintained that the Tote was "a highly attractive asset which would enjoy significant interest if brought to market in an open auction".
Goldman Sachs, the government's adviser on the Tote, will prepare the groundwork to launch a sale in the autumn, Sutcliffe added.
But it will also provide further data on how the business can realise further value "if, in the light of market conditions, the government decided in the autumn not to proceed to a sale".
The Tote, which has turnover of GBP 2.4 billion, has 540 betting shops and a pool business which could be sold separately.
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PlaySugarHouse To Carry Konami Content -
Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.
ITF TERMINATES BETWAY SPONSORSHIP DEAL -
The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.
GSA To Launch European division -
The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.
Paddy Power Trading Update -
Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.
Tabcorp SunBets project -
The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.
China Lottery Sales Up in 2016 -
The Chinese official news agency Xinghua reports that according to figures from the Ministry of Finance released Monday, Chinese lottery sales in 2016 rose 7.3 percent year-on-year to 394.64 billion yuan (about US$57.53 billion).
New chairman and a new director for 500.com -
Chinese online lottery operator 500.com has announced major executive changes to the company with the apparently amicable departure of director and chairman Man San Law, as well as director Weiguo Zhao from its board of directors, effective January 20, 2017.
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