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Category: Gambling Industry
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Created: Monday, 07 October 2024 08:05
Once again, sports betting development company Playtech is in the news. However, this time around it is not good news for them. This is because Playtech is Facing Shareholder Backlash after a proposal to give its executives a $110 million bonus. Therefore, some Playtech Shareholders are not happy with the decision due to the lack of performance by the company.
The bonuses are a result of the company's recent €2.3 billion divestiture of its Italian sports betting and gaming division, Snaitech, to Flutter Entertainment. Last month, Playtech made an announcement regarding plans to distribute bonuses amounting to €100 million and €34 million for the management teams of Playtech and Snaitech.
This bonus program, revealed concurrently with the sale, positions Weizer as the primary recipient, although Playtech has not specified the precise sum he may obtain.
Additionally, executives will be eligible for 10% of the profits from any future sales, a provision that has raised apprehensions among investors.
Read more: Playtech is Facing Shareholder Backlash of Bonus Plan for Executives
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Category: Gambling Industry
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Created: Tuesday, 03 September 2024 11:44
Betsson, is a leading online gambling company that is better known in the U.S. as the parent company of Betsafe. The Swedish gaming company first came to the U.S. sports betting market in 2022 by opening up shop in Colorado. However, 2 years later they are calling it quit as Betsson is Leaving the US Sports Betting Market.
According to a statement by the Betsson Group, they will be stopping their B2C operation in the U.S. at the end of September 2024.
The operator first introduced its mobile sportsbook application in the United States, specifically in Colorado, under the Betsafe brand in collaboration with Dostal Alley Casino. However, it is now preparing to withdraw from the market.
Upon its launch, Betsson described the sportsbook app as “a significant element of the company’s B2B strategy in the nation.” Although the Betsafe application was designed for consumers, a significant aspect of its launch was to demonstrate the company's capabilities as a B2B provider within the North American market.
"We recognized our strengths as a major operator and understood the requirements for entering this market. Initially, we considered entering as Betsson, but soon realized that approach would be prohibitively expensive. Consequently, we determined that our primary objective was to introduce our technology here for the benefit of other partners and providers," stated Lance Agostino, Betsson U.S. Account Director, during an interview with SBC Americas at the time of the launch.
Read more: Betsson is Leaving the US Sports Betting Market