Latest news with #ItalianLotto
Irish Times
20-05-2025
- Business
- Irish Times
Flutter loses out to rival in race to run Italy's main lotto franchise
Irish-based gaming giant Flutter has narrowly lost out to rival IGT (International Game Technology) in the race to operate Italy's main lottery licence, one of the most lucrative lotto franchises in the world. IGT, the current incumbent, confirmed it had won the tender process with a bid of €2.23 billion for the nine-year licence. It confirmed the winning bid will be paid in three instalments between the date of the award and April 2026 with the first two instalments of €500 million and €300 million made this year. A spokesman for Paddy Power owner Flutter said the company was not commenting on IGT's victory. READ MORE As part of a trading update earlier this month, chief executive Peter Jackson confirmed Flutter had submitted a tender for the Italian lotto 'with a majority position in a consortium with (tech company) Scientific Games.' While advertising online gambling is banned in Italy, Flutter could have, under the current rules, cross-sold its other products by allowing lottery customers to scan the back of their tickets. [ Flutter talks up dominance in spite of falling short on earnings Opens in new window ] This was seen by the company as a big opportunity to bolster online revenues and a prerequisite for entering the race. Flutter is in the process of buying Italy's third-largest online gambling company Snaitech from Isle of Man-based Playtech for $2.6 billion (€2.3 billion). Combined with its existing Italian lotto business Sisal, acquired two years ago for €1.9 billion, this will give Flutter a 30 per cent share of online betting in Europe's biggest gambling market. 'I've entrepreneurial spirit in my veins' – Apprentice star Jordan Dargan Listen | 44:45 According to sources, IGT and Flutter's bid for the country's main licence are both understood to have passed the technical part of the bid process. 'The €2.23 billion investments in upfront fees reflect the significant value of the new license and IGT is confident that the investment will enhance our revenue and profit potential,' IGT chief executive Vince Sadusky said. 'The exciting innovation pipeline with fresh launches planned for commencement of the new license will drive Lotto wager growth,' he said. 'In addition, we plan to significantly grow our iLottery sales and leverage that momentum to expand into the Italian B2C iCasino, sports betting, and other digital gaming business,' Mr Sadusky said. Flutter moved its main stock market listing to Wall Street earlier this year, cancelling its Iseq quotation in the process.
Yahoo
19-05-2025
- Business
- Yahoo
IGT-Led Consortium Secures the Italy Lotto License
International Game Technology PLC (NYSE:IGT) announced on Monday, May 19, on its website, that the Judging Commission has recommended LottoItalia (a consortium led by IGT that includes Allwyn, Arianna 2001, and Novomatic Italia) for the Italy Lotto License. The final approval from the Agenzia delle Dogane e dei Monopoli (ADM) is expected within the next 35 days. A digital kiosk showing the diverse range of sports betting options available. Marco Sala, Executive Chair of IGT's Board, emphasized the significance of the concession, stating: 'The Italian Lotto is one of the most prestigious lottery contracts worldwide. IGT and its predecessor companies have successfully managed this license for over 30 years, continuously innovating and integrating cutting-edge technology.' The consortium's financial proposal includes a €2,230 million upfront license fee, structured across three installments. IGT anticipates payments of €500 million and €300 million in 2025, with the remaining balance to be settled in 2026. International Game Technology PLC (NYSE:IGT) will retain operational control of the business, while Allwyn Entertainment will remain committed to the consortium, contributing a proportionate share of the license fees and capital expenditures. IGT CEO, Vince Sadusky, emphasized the strategic importance of this event, stating: 'The €2,230 million upfront investment underscores the immense value of this opportunity, and we are confident that it will drive our revenue and profit growth.' While we acknowledge the potential of IGT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IGT and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure: None.
Yahoo
19-05-2025
- Business
- Yahoo
IGT-Led Consortium Secures the Italy Lotto License
International Game Technology PLC (NYSE:IGT) announced on Monday, May 19, on its website, that the Judging Commission has recommended LottoItalia (a consortium led by IGT that includes Allwyn, Arianna 2001, and Novomatic Italia) for the Italy Lotto License. The final approval from the Agenzia delle Dogane e dei Monopoli (ADM) is expected within the next 35 days. A digital kiosk showing the diverse range of sports betting options available. Marco Sala, Executive Chair of IGT's Board, emphasized the significance of the concession, stating: 'The Italian Lotto is one of the most prestigious lottery contracts worldwide. IGT and its predecessor companies have successfully managed this license for over 30 years, continuously innovating and integrating cutting-edge technology.' The consortium's financial proposal includes a €2,230 million upfront license fee, structured across three installments. IGT anticipates payments of €500 million and €300 million in 2025, with the remaining balance to be settled in 2026. International Game Technology PLC (NYSE:IGT) will retain operational control of the business, while Allwyn Entertainment will remain committed to the consortium, contributing a proportionate share of the license fees and capital expenditures. IGT CEO, Vince Sadusky, emphasized the strategic importance of this event, stating: 'The €2,230 million upfront investment underscores the immense value of this opportunity, and we are confident that it will drive our revenue and profit growth.' While we acknowledge the potential of IGT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IGT and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: and Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
