Sci Games closer to NYX acquisition after William Hill nod

Mae Love
December 8, 2017

Scientific Games made a decision to purchase NYX and the deal was estimated to cost as much as C$775 million which resulted in William Hill applying to converse its preference shares in NYX into ordinary shares. Philip Bowcock is the Chief Executive Officer of William Hill, and he stated that the arrangements are providing security to the technology roadmap of the company as well as the future relationship with NYX.

He recommended that other shareholders in NYX support that takeover bid. The ruling is expected to happen next year. The case was called in by the Supreme Court and heard on December 4 following attempts by New Jersey to regulate sports betting which commenced in 2014. If the regulation is voted, it could give each state the individual power to regulate sports betting on their territory. A small number of states have grandfathered rights because they had regulated sports betting to varying degrees prior to PASPA.

As the quote from Bowcock alludes to, all three of the companies above have their sights firmly set on the potential U.S. market for sports betting. Given that the SciGames offer already represented a significant premium over NYX's share price at the time the offer was made, scuttling the offer would have cost William Hill itself at least $50 million, and perhaps even more. Founded in 1934, it is the one of the UK's largest bookmakers with around 2,350 licensed betting offices that provide betting opportunities on a wide range of sporting and non-sporting events, gaming on machines and numbers-based products including lotteries.

Gujarat polls:10% rise in Congress candidates with serious criminal charges
In 2012, 21 candidates from Congress facing criminal charges contested elections. The comparison was made with BJP who at 13 per cent remained the same as 2012.

Stephens Reports That They Have Downgraded PNC Financial (NYSE:PNC) Shares
Texas Permanent School Fund increased Geo Group Inc New (NYSE:GEO) stake by 31,505 shares to 90,848 valued at $2.69M in 2017Q2. The financial services provider reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $2.13 by $0.03.

Turkey pro-Kurdish leader, absent from 'terror' trial, to stay
An Ankara court ruled on Thursday to keep pro-Kurdish Peoples' Democratic Party's co-chair (HDP) Selahattin Demirtaş behind bars. The government alleges the HDP, which remains legal, has links to the outlawed Kurdistan Workers' Party (PKK), an armed group.

Gibraltar-registered entity William Hill Steeplechase had said in a November 8 statement that the William Hill group controlled certain ordinary shares of NYX Gaming and convertible preference shares in a NYX Gaming subsidiary that would in aggregate give William Hill 31.9 percent of the NYX Gaming group's ordinary shares. William Hill Australia is one of the largest online betting businesses in Australia after the Group acquired Sportingbet and tomwaterhouse.com in 2013. NYX is one of the hottest software developers in the online market, offering its services and products to numerous industry's largest operators.

Through its own holdings and convertible options, William Hill controls roughly 32% of NYX Gaming's stock. The Group generates revenues of c£1.6bn a year.

Other reports by

Discuss This Article

FOLLOW OUR NEWSPAPER