SG to shed lottery and sports betting

Scientific Games will divest itself of its lottery and sports betting businesses, it was announced yesterday.

The group said that it was “evaluating strategic alternatives to execute the divestitures for each business, including an initial public offering or a combination with a special purpose acquisition company, or a sale or a strategic combination with another business.”

Said Jamie Odell, chairman: “When I joined the board in September, 2020, I told stakeholders that we were focused on rapidly deleveraging the balance sheet, unlocking the value of the company’s products and technologies and creating a flexible, nimble company positioned to deliver above-market returns to investors.

“Today, we have announced major initiatives aimed at achieving each of these key objectives, recognising significant value in each of the businesses and positioning the company for sustainable growth, all as a result of the dedicated work of our teams.”

After divesting the businesses, said Barry Cottle, CEO, the company will take on a new appearance. “The new company will consist of leading gaming, igaming and SciPlay businesses, all of which will have great momentum and will collectively deliver great value.

“We will capitalise on the increasing convergence of these businesses, as players look to play their favourite games wherever and whenever they want.”