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The bill legalizing sports betting in Vermont has been passed by the state’s Senate

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After undergoing several amendments to the version passed by the House, House Bill 127, which seeks to legalize online sports betting in Vermont, has passed its third reading in the state Senate.

The bill now awaits confirmation from the House before proceeding to Governor Phil Scott for his signature. The governor has expressed his intention to sign the bill. If approved, Vermont is expected to launch online sports betting by January 2024.

Representative Matthew Birong and nine other House members filed House Bill 127, which aims to legalise online sports betting in Vermont. The Department of Liquor and Lottery will be responsible for regulating the industry and granting between two and six online sports betting licenses. The bill does not include brick-and-mortar sportsbooks.

The Senate made several changes to the original bill, including the addition of a license fee to the 20% gross gaming tax. Initially, the bill proposed different fees for different numbers of operators, ranging from $550,000 for a single operator to $320,833 for six. However, the Senate decided on an upfront payment of $550,000 for any number of operators, with the cost of regulation included.

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The Department of Liquor and Lottery will negotiate the length of the contract with the operator and the timing of the next payment, which cannot be more than once in three years. The bill will now return to the House for approval before heading to Governor Phil Scott for his signature.

An amendment made by the Senate committee included a provision that prohibits sportsbooks from advertising during events aimed at individuals under the age of 21. Additionally, sportsbooks must submit annual marketing strategies to demonstrate their plan to prevent their advertising materials from reaching minors.

The Senate committee also added requirements for sportsbooks to promote responsible gaming and provide resources for those who need help in controlling their play. Finally, the committee included a directive for the Department of Liquor and Lottery to allocate 5 per cent of sports betting receipts to a new problem gambling fund.

The regulatory schedule outlined in the bill indicates that Vermont residents will be able to access online sports betting offerings 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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