Scientific Games intending to divest Lottery and Sports Betting businesses

Scientific Games will divest its Lottery and Sports Betting businesses, with the decision backed by the company’s Board of Directors, including Executive Chair Jamie Odell and Executive Vice Chair Toni Korsanos

Scientific Games will disinvest its Lottery and Sports Betting businesses, with the decision backed by the company’s Board of Directors, including Executive Chair Jamie Odell and Executive Vice Chair Toni Korsanos.

Scientific Games said it is “evaluating strategic alternatives to execute the divestitures for to each one business,” which includes an initial public offering or a combining with a special design acquisition company, or so a cut-rate sale or strategical compounding with another business.

The determination comes as piece of the group’s Strategic Review, with Scientific Games aiming to accelerate its path to becoming a content-led growth fellowship focussed on both land-based and digital markets.

“When I joined the gameboard inward September 2020, I told stakeholders that we were focused on rapidly de-leveraging the equilibrise sheet, unlocking the value of the company’s products and technologies and creating a flexible, nimble companion positioned to redeem above-market returns to investors,” said Jamie Odell, Executive Chair of Scientific Games.

“Today, we have got announced major initiatives aimed at achieving to each one of these tonality objectives, recognizing substantial economic value inward for each one of the businesses and positioning the companion for sustainable growth, all as a outcome of the dedicated process of our teams.”

The companionship added that on that point put up live no more assurances that the decision will final result inwards any transactions, and that it does not destine to farther commentary on the affair until it is necessary to manage so.

Barry Cottle, President and CEO of Scientific Games, commented: “Today’s announcement reflects tonality steps to optimize our portfolio and beef up our equilibrise weather sheet past significantly de-levering while also targeting investments inwards our largest growing opportunities.

“These steps will speed our course to turn a content-led growing society focussed on leading inward both land-based and digital markets. Our companion testament follow positioned to build great games that delineate the hereafter of gaming, supported by platforms that power the best operators inward the world.”

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