Even as the iGaming market seems to become more complex, with a constant influx of operators and content providers, Scientific Games Corporation (SG) is working to make its business simpler. To that end, the Las Vegas -based company announced yesterday that it reached an agreement to sell its lottery business for more than $6 billion to Brookfield Business Partners , a private equity company headquartered in Bermuda .
SG President and CEO Barry Cottle said of selling SG Lottery : “The significant near-term proceeds from this transaction, as well as our previously announced sale of sports betting, will transform our balance sheet and provide the financial flexibility to invest organically and inorganically to accelerate our strategies. This marks a major milestone and puts us on a clear path to achieve our vision to become the leading cross-platform global game company and unlock our full value for shareholders.” Last month, SG sold its sports betting business , OpenBet , to Endeavor Group Holdings for $1.2 billion. It had indicated earlier this year that it planned on exiting both those areas of business.
SG didn’t immediately respond today to Online Poker Report ‘s request for comment about its iGaming plans.
On its site today, SG still described itself this way: “End-to-End Gaming and Lottery Solutions: Scientific Games is a world leader in entertainment – offering dynamic games, systems and services for casino, lottery, social gaming, online gaming and sports betting.” SG Lottery serves 130 entities in 50 countries
By Q2 2022, about 130 government and “non-government” lottery entities in more than 50 countries will be working with Brookfield.
That’s when the sale closes and SG gets “$6.05 billion, consisting of $5.825 billion in cash and an earn-out of up to $225 million.”
SG said in its announcement: “It provides an innovative suite of turn-key solutions covering the entire lottery ecosystem, including instant and terminal-generated lottery games, sports betting, lottery systems and retail technology and the fast-growing iLottery market. The Lottery business is the market leader in instant games with a broad array of products and services powering approximately 69% of instant product retail sales globally.” It’s […]
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