FDJ Tables $2.67bn Kindred Offer
La Française des Jeux has tabled an offer to buy Kindred Group for 27.95bn Swedish kronor.
Across its portfolio of brands, Kindred boasts 1.6 million active customers, employs over 2,400 people and is listed on Nasdaq Stockholm Large Cap.
FRANCE OPERATOR NEWS
UK - Gamesys, which operates 16 websites including
ballycasino.co.uk,
doublebubblebingo.com,
jackpotjoy.com and
megawayscasino.com will pay a £6m penalty after a Gambling Commission investigation revealed social responsibility and Anti- Money Laundering (AML) failings. Gamesys will also have to undergo a third-party audit to ensure it is effectively implementing its anti-money laundering and safer gambling policies, procedures and controls. The failures were revealed during a Commission compliance assessment in May 2022.
Social responsibility failures included not always identifying customers at risk of experiencing harms associated with gambling by not always interacting with customers who may be at risk of or experiencing harms associated with gambling. Records of interactions, considerations, and rationale for decisions were not always recorded in sufficient detail, despite this being specified in the Licensee’s responsible gambling procedures.
The company conducted inadequate customer due diligence and was over-reliant on third party information or the customer’s verbal assurances for a number of customers, including one who deposited over £25,000 in three months and another who deposited over £58,000 in six.
UK – Full-service betting and gaming platform provider Sportingtech has announced Tom Ustunel as its new CEO, entrusting him to spearhead its further expansion in 2024.
Ustunel has been working with Sportingtech for the last two years, supporting strategic initiatives, embedding himself in the company’s ethos, and familiarising himself with the brand’s products and solutions. Ustunel’s career has seen him lead teams in companies across the industry, including a previous position as Chief of Gaming Operations at GameAccount Network (GAN).
UK – 888, owner of William Hill, 888 and Mr Green, saw its full year revenue for 2023 fall by eight per cent to £1,711m driven primarily by a proactive mix shift away from dotcom markets, which impacted revenues by approximately £80m during FY23.
Revenue was further impacted by customer mix changes in the UK as a result of additional safer gambling measures, alongside the change in the Group's marketing approach to focus more on sustainable revenue and profitability. Taken together, the Group said these changes have created a higher quality and more sustainable business mix with approximately 95 per cent of revenue generated from regulated markets.
P22 WIRE / PULSE / INSIGHT / REPORTS
La Française des Jeux has tabled an offer to buy Kindred Group for 27.95bn Swedish kronor, equivalent to US$2.67bn, designed to create a ‘European gaming champion with increased scale, technology and content capabilities and greater diversification'.
FDJ has said that the potential acquisition of Kindred, whose brands include 32Red and Unibet, fits its ambition to expand internationally as an online betting and gaming operator, and to develop its activities in the French online and betting markets opened to competition.
Across its portfolio of brands, Kindred boasts 1.6 million active customers, employs over 2,400 people and is listed on Nasdaq Stockholm Large Cap. FDJ believes the combined group will benefit from operating at higher scale in the European gaming markets – with combined 2023 GGR of €8bn with coverage of all four online betting and gaming verticals - to create a top three online betting and gaming player in France on markets opened to competition, stronger challenger to incumbents.
As the offeror is not in a position to operate in locally unregulated markets without an ongoing path to regulation, Kindred will exit from the Norwegian market and those other non- regulated markets with no ongoing path to
UK SIS pens Chelmsford City Racecourse deal
Chelmsford City Racecourse in the UK has completed new long-term media rights extensions with Sports Information Services and Racecourse Media Group.
Te Essex racecourse has welcomed multi-year extensions to the existing arrangements with SIS and RMG. Te deal covers all betting and media rights across retail and digital channels and means racing will continue to be shown on the Racing TV channel and in betting shops via the SIS service. Furthermore, Chelmsford City will join as a member racecourse of RMG.
In addition, Chelmsford City will be rolling out the Coursetrack system in order to provide live, in-race
timing information, which will be broadcast on-screen and published online.
Chelmsford City Racecourse hosts a number of key flat races throughout the year, including Listed contests, the Chelmer Fillies’ Stakes and the Queen Charlotte Fillies’ Stakes, and is set to become the first track in Britain to stage both turf and all-weather racing under floodlights.
Te deal will enable Chelmsford City to plan for the future with certainty, advancing plans to include a new £85m multipurpose grandstand, which will serve as a thriving entertainment destination for the area including a 2,500-seat theatre and, potentially, a casino.
regulation after completion.
Stéphane Pallez, Chairwoman and CEO of FDJ Group, said: “I am pleased to announce today the proposed acquisition of Kindred. Fully aligned with our strategy, it will give the Group a diversified and balanced profile, based on several pillars: the monopoly activities, mainly the lottery, on our French historical market and, since November, in Ireland, with the acquisition of the Irish lottery operator PLI; and online sports betting and gaming activities open to competition in Europe.
“In this market, Kindred is one of the leading operators, combining strong brands, best-in- class technology platforms, an attractive growth profile and a committed approach to responsible gaming. Given their respective histories, strategic strengths and core values, FDJ and Kindred are highly complementary, and I will be delighted to welcome Kindred’s management team and many talented individuals into the combined Group following this transaction.
“Te combination will result in a stronger strategic positioning and significant value creation for the benefit of our shareholders and broader stakeholders.”
Te acceptance period is expected to commence on 20 February and expire on 19 November.
Germany
Merkur Casino has decided to close its arcade on the Westring in Wildeshausen on January 31, citing an increase in the municipal entertainment tax from 24 to 26 per cent by 2023.
Together with the closure of the Big Star arcade on the corner of Dr.-Eckener-Straße and Reepmoorsweg, a total of 12 jobs will be lost in Wildeshausen. Te other location was closed last year due to the high tax burden, specifically the rising entertainment tax in the district town.
Benjamin Bredenkamp, Managing Director of National Sales at Merkur Casino, expressed his regret for long- standing employees.
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