Tekkorp SPAC Scraps Sports Betting Plans

tekcorp is no longer looking for a sports betting company to acquire through a SPAC and take it public.

The blank check company announced on Tuesday that the deal was dead after deciding not to seek an extension 26 Oct Meeting.

Tekkorp aimed at a gambling business with a 1-2 billion dollars enterprise value, according to its registration statement Aug 2020. The company ended with $251.3 million held in trust and will redeem 100% of the shares $10.05.

What about IL Sportsbook Online License?

Tekkorp was the only applicant to win one of the three 20 million dollars standalone Illinois Sports betting licenses this April.

The application listed the Mexican sports betting brand Caliente as DBA. playtechwho, as a stake in Caliente’s interactive business, said in July that a SPAC transaction is no longer taking place as expected:

Capital market conditions have deteriorated significantly since the transaction was originally considered and accordingly this transaction is no longer being pursued in the same manner. However, the company continues to explore alternative avenues with Caliplay management to build a standalone US gaming business under the Caliente brand, focused on the US Hispanic community. Both parties continue to be in discussions with SPAC and its staff about this alternative option.

Discussions between the SPAC and Playtech were ongoing 22 Sept.

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A Illinois Gaming Board The spokesman said the board was aware of Tekkorp’s announcement but had no comment at this time.

Genius, Sportradar settles lawsuit

sports radar everything has to stop unofficial data scouting in matches for several football leagues, including the The English Premier League under the accounting of a Brilliant sport Legal action.

Genius may also retain exclusive betting data rights for the leagues in which Sportradar originally sued March 2020.

Genius sold a sub-license to Sportradar for a delayed transmission of betting data 2024.

PBH announces ADW plans for sports betting app

PointsBet jumps into the online horse racing betting business Stronach Group. This will insert PointsBet more than 30 states as the brand focuses on a regional marketing approach.

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The horse racing betting content will be integrated into the PointsBet sports betting app and is slated to launch in early 2023. The product will focus on traditional pari-mutuel betting rather than fixed-odds horse betting.

The five-year contract with Stronach is accompanied by sub-contracts Xpressbet for a B2B betting platform for advanced deposits, Monarch content management for simulcast content and amdead for a tote agreement.

BetMGM launches NHL-branded iCasino games

BetMGM will release iCasino games developed by Evolution featuring NHL teams Michigan, New Jersey, ontario and Pennsylvania.

Included in the introduction are table games that sports bettors are typically drawn to, including roulette and blackjack.

Games will prominently feature the NHL logo with team logos appearing in a rendered arena.

PENN is pumping millions in property changes

PENN Entertainment sets $850 million into four casino projects, but it’s not all coming from the available money.

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gambling and leisure propertiesthe owner of all four properties that PENN leases during the operation of the casinos will provide up to $575 million in financing the projects. had PENN $1.71 billion in cash and cash equivalents and $1.55 billion indebted June 30th.

Further details on the deal and the resulting new master lease agreement can be found in the 8 THOUSAND.

Elsewhere, PENN and Kambi agreed on early termination terms as Barstool Sportsbook transitions to proprietary technology.

CZR refinances debt

Caesars reduced its interest expense and lengthened its debt maturities 3 billion dollars due in senior secured loans 2028.

The new borrowing includes a $750 million secured term loan and a $2.25 billion secured revolving credit facility. Caesars will prepay $750 million due for existing term B loans December 2024.

All details can be found in the 8 THOUSAND.

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