News and Analysis
MGM Bids for LeoVegas
MGM Resorts has bid to acquire LeoVegas for approximately $607m. The acquisition would allow MGM to offer online gambling in Europe and elsewhere. If Leo Vegas shareholders accept the deal, it’s expected to be finalized in quarters three and four of 2022.
“Our vision is to be the world’s premier gaming entertainment company, and this strategic opportunity with LeoVegas will allow us to continue to grow our reach throughout the world […] We have achieved remarkable success with BetMGM in the US, and with the acquisition of LeoVegas in Europe we will expand our online gaming presence globally.”Bill Hornbuckle, Chief Executive and President of MGM Resorts.
Scientific Games Changes Name
Scientific Games has officially changed its name to Light & Wonder after announcing the move in March of this year. The change is part of the company’s strategic vision “to become the leading cross-platform global game company.”
Massachusetts Senate Passes New Betting Bill
The Massachusetts Senate has passed SB 2844, which would amend the State’s general laws and legalize online and land-based sports betting. However, the bill includes a ban on most forms of marketing, stating that; “advertising, marketing, and branding through certain identified promotional items that, as determined by the commission, tend to increase the likelihood of problem gambling, which may include giveaways, coupons or promotional gaming credits.”
It also introduced a tax rate of 35% for online revenue and 20% for land-based operators, along with a $5m application fee. There are currently three category one gaming licenses, with each provider can operate one online skin each. The state commission may also issue up to six category two licenses for online-only operators. The house is still yet to approve the final version of the Bill.
Maine Governor Signs Bill to Allow Sports Betting
Governor Janet Mills has this week signed LD 585, which would allow each of the state’s four tribes to apply for online sports betting licenses, with each able to pair with one online operator. Additionally, the state's nine combined racetracks and off-track facilities may also apply for a license to operate online gambling.
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