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Financing News

BetMakers to raise $35m to fund US sports betting expansion

Sydney-listed sportsbook supplier BetMakers Technology Group has received commitments to raise AUD$35m through a new placement of its shares, with proceeds to be used to fund its expansion in the US sports betting market.

The placement will raise $35m via an offer price of $0.37 per share, an 8.6 per cent [...]

1 min read

DraftKings seeks to raise $576m in new share offering

New York-listed sports betting operator and supplier DraftKings has launched an underwritten public offering of 33m shares of its Class A common stock as it looks to raise as much as $576m.

The new offering consists of 14m shares offered by DraftKings and 19m shares offered by certain selling stockholders of [...]

1 min read
William Hill

William Hill improves liquidity with new shares placement

London-listed gaming operator William Hill has placed new shares with institutional and retail investors to raise more than £200m.

William Hill is issuing a total of 174,872,457 new ordinary shares at a price of 128 pence per share for gross proceeds of £224m, which will be used to deliver on the [...]

1 min read
Eldorado Resorts

Eldorado Resorts set to strengthen liquidity by over $1bn

New York-listed gaming operator Eldorado Resorts has agreed a number of transactions that are expected to deliver over $1.2bn in the near term.

The first is for an underwritten public offering of 18m shares in the company with a 30-day option for an additional 2.7m shares, which at Monday’s closing of [...]

1 min read

PAGCOR increases support for COVID-19 fight in the Philippines

The state-owned Philippine Amusement and Gaming Corporation (PAGCOR) has remitted an additional P5bn (€88.7m) in cash dividends to support the government’s fight against the COVID-19 pandemic.

Having turned over P12bn to state coffers in March, the agency’s latest remittance brings the regulator’s total dividend contribution to P17bn.

The additional dividend remittance was [...]

1 min read
Flutter Entertainment

Flutter Entertainment to raise £812.6m to drive continued expansion

London-listed betting and gaming operator Flutter Entertainment is seeking to raise £812.6m from a private placement of more than 8m new shares with institutional investors including US media giant Fox Corporation.

A total of 8,045,995 new ordinary shares in the company have been placed by Goldman Sachs International and J&E Davy [...]

4 mins read

Tabcorp secures debt waiver and scraps final dividend

Sydney-listed gaming operator Tabcorp Holdings will not to pay a final dividend in relation to its 2020 financial year after securing an agreement with its lenders to waive debt covenants until the end of the year.

Tabcorp has secured agreement from its bank lenders under its Syndicated Facility Agreement (SFA), representing [...]

1 min read
Penn National Gaming

Penn National Gaming ready for reopening with strengthened balance sheet

New York-listed casino operator Penn National Gaming has strengthened its balance sheet by $600m with the closing of its common stock and convertible notes offering.

Strong investor demand saw the company increase the size of the offering to $300m common shares and $300m of 2.75% Convertible Senior Notes due 2026, with [...]

1 min read

New Zealand provides racing industry with $72.5m support package

The government of New Zealand has announced a NZ$72.5m (€40.7m) COVID-19 emergency support package for the racing industry.

The support package consists of a $50m relief grant for the Racing Industry Transition Agency (RITA), up to $20m in funding to construct two new All Weather race tracks, and $2.5m for the [...]

1 min read

South Africa’s Phumelela files for bankruptcy protection as COVID-19 bites

South African racecourse owner and betting operator Phumelela Gaming and Leisure is seeking to implement a business rescue plan to ensure the long-term survival of the company and horse racing in South Africa.

Phumelela said that it has experienced adverse economic and trading conditions for some time, which has been exacerbated [...]

1 min read
GVC Holdings

GVC agrees new revolving credit facility to provide greater flexibility

London-listed betting and gaming operator GVC Holdings has agreed a new £535m revolving credit facility (RCF) with its existing lending banks. 

The new RCF is on substantially the same terms as GVC's previous RCF, which has now been cancelled, except for a revised covenant limit. 

As per the previous RCF, the covenant [...]

2 mins read

Small US gaming businesses gain access to Paycheck Protection Program

The American Gaming Association (AGA) has applauded the Small Business Administration’s (SBA) new guidelines that permit small gaming-related businesses to participate in the US government's Paycheck Protection Program.

The Paycheck Protection Program is a loan scheme designed to provide a direct incentive for small businesses to keep their workers on the [...]

2 mins read
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