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Sports Betting Bill forwarded to the governor’s desk by the Vermont House

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Vermont is on the verge of legalizing sports betting, as the state House has approved House Bill 127, which paves the way for online sports wagering. The legislation is now on its way to Governor Phil Scott‘s desk, and he has expressed his intention to sign the bill.

HB 127 underwent a rigorous journey, requiring passage through the House, review by multiple Senate committees, incorporation of Senate amendments, and a subsequent return to the House for further consideration.

The bill was introduced by Representative Matthew Birong and supported by nine other House members. If approved, the Department of Liquor and Lottery would oversee the regulation of betting, issuing a minimum of two and a maximum of six online sports betting licenses. Notably, the bill does not include provisions for brick-and-mortar sportsbooks.

The amendments made by the Senate introduced a clear framework for licensing fees, which are tiered based on the number of operators selected for contracts. Under this structure, if two operators are chosen, each will pay $412,500. For three operators, the fee per operator will be $366,666; for four operators, $343,750; for five operators, $330,000; and for six operators, $320,833.

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To be eligible, operators seeking to establish their presence in the state must commit to allocating at least 20 percent of their gross gaming revenue to the state. This requirement must be met in order for their applications to be considered.

The Senate committee introduced certain provisions to the bill, including a restriction on sportsbooks from advertising during events primarily targeted at individuals under the age of 21. Additionally, sportsbooks are required to submit annual marketing strategies to the state to demonstrate their efforts in preventing advertising materials from reaching minors.

Incorporated into the bill are also provisions that mandate sportsbooks to promote responsible gaming and provide resources for individuals seeking help with controlling their gambling habits. Furthermore, the Senate committee directed the Vermont Department of Liquor and Lottery, the regulatory body for expanded gaming under HB 127, to allocate 5 percent of sports betting receipts to establish a new fund for problem gambling.

The bill outlines a regulatory timeline, aiming to make online offerings accessible to Vermont residents by January 2024.

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Jerome, a valuable addition to the Gamingo.News team, brings with him extensive journalistic experience in the iGaming sector. His interest in the industry was sparked during his college years when he participated in local poker tournaments, eventually leading to his exposure to the burgeoning world of online poker and casino rooms. Jerome now utilizes his accumulated knowledge to fuel his passion for journalism, providing the team with the latest online scoops.

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FDJ’s Acquisition of Kindred Group Shaping the Future of Global Gaming

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FDJ’s acquisition of Kindred Group, facilitated by regulatory approval and strategic shareholder engagement, signifies a transformative moment in the gaming industry. This deal exemplifies the intricate balance between regulatory compliance, shareholder value, and strategic growth ambitions. As the industry stands at the cusp of further consolidation and innovation, the FDJ-Kindred transaction heralds a new era of strategic realignment and competitive positioning in the global gaming landscape.


A Monumental Shift in Gaming Dynamics

The Swedish Financial Market Supervisory Authority (SFSA)‘s approval of Française des Jeux’s (FDJ) offer to acquire Kindred Group marks a pivotal moment in the global gaming and betting sector. This green light not only accelerates FDJ’s strategic expansion but also underscores the evolving landscape of international gaming regulations and corporate alignments.

Navigating Regulatory Waters

The SFSA’s endorsement is a crucial step in FDJ’s ambitious acquisition plan, setting the stage for a public offer slated to commence imminently. This regulatory approval highlights the meticulous scrutiny and compliance standards governing mergers and acquisitions within the sector, ensuring that such transactions align with market stability and shareholder interests.

A Call to Action for Kindred Shareholders

The forthcoming Extraordinary General Meeting (EGM) represents a critical juncture for Kindred Group, with proposed statutory amendments necessary for facilitating the acquisition. This meeting, aimed at achieving the requisite shareholder consensus, signals the importance of shareholder engagement in steering corporate direction and strategy.

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The Path to Acquisition: Shareholder Conviction and Strategic Vision

FDJ’s pursuit of Kindred Group, contingent upon securing 90% of total capital, reflects a strategic maneuver to consolidate its position in the global gaming market. The offer per share, valuing Kindred at approximately €2.6 billion, has garnered unanimous board endorsement and significant shareholder backing, illustrating the alignment of strategic interests and the perceived value of this consolidation.

Activist Influence and Strategic Realignment

The role of activist shareholders, notably Corvex Management, in advocating for Kindred’s sale underscores the dynamic interplay between corporate governance and shareholder activism. Their successful campaign for board representation and strategic evaluation reflects a broader trend of active investor engagement in shaping corporate trajectories.

Implications for the Global Gaming Industry

This acquisition not only exemplifies the financial and strategic considerations underpinning such deals but also highlights the regulatory complexities and shareholder dynamics involved. As the gaming industry continues to evolve, driven by technological advancements and regulatory changes, the FDJ-Kindred merger serves as a case study in strategic growth, market consolidation, and the pursuit of competitive advantage.

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