Tag Archive : billion

Save the Date: Flutter, Stars Group’s £10 Billion Marriage Set for May 5

Irish gambling powerhouse Flutter Entertainment today announced that it is set to complete its £10 billion tie-up with The Stars Group on May 5.

The announcement comes after both Flutter and The Stars shareholders overwhelmingly approved the deal last week and the two companies secured all the remaining regulatory approvals.

RELATED: Flutter Shareholders Greenlight Stars Group Combination

After the closure of the deal, Flutter will own a 54.64% stake in the enlarged gambling group, while The Stars will hold a 45.36% stake in it. The combined business will be headquartered in Dublin with premium listing on the London Stock Exchange and secondary listing on Euronext Dublin.

In a statement on its official website, Flutter said today that it will continue to employ a federal operating model, which it first adopted in early 2018. The company explained that said model “leverages the teams’ local knowledge and ensures that they have the autonomy to respond to developments in each of their local markets while still having access to the substantial resources that the broader Group has to offer.”

RELATED: Stars Group Investors OK Flutter Mega-Merger

Five Reporting Segments

Once the deal closes later this week, Flutter will initially have five reporting segments, the company pointed out today.

These five are:

  • The Stars Group International, excluding current US operations
  • Paddy Power Betfair, including Paddy Power online, Betfair, Adjarabet, Paddy Power retail and B2B arm
  • Sky Betting & Gaming
  • Australia, including Sportsbet and BetEasy
  • US, including FanDuel and all of The Stars Group’s US-facing operations

Later on, the enlarged group intends to move to a four-divisional management and operational structure that will be adopted in two steps. Firstly, the group will merge the current The Stars Group International division with Paddy Power Betfair’s operations. Secondly, Paddy Power will move into a new UK & Ireland division along with SkyBet.

Flutter said that each of the changes due to be implemented will aim to maintain momentum within each business as the group looks to “achieve the potential revenue and cost benefits of integration.”

RELATED: Flutter-Stars to Pursue Single Brand Strategy in Australia after £10 Billion Tie-Up

A Transformational Combination

Commenting on the approaching finalization of Flutter’s tie-up with The Stars, Peter Jackson, CEO of the Irish operator and future CEO of the enlarged organization, said that the combined group “brings together exceptional brands, products, and businesses, a hugely talented and experienced team, and a diverse global presence.”

Mr. Jackson went on to say that “the strength of our combined portfolio of assets means that we approach the future with confidence in these uncertain times.”

RELATED: Flutter, Stars Group Marriage Gets Informal Approval in Australia

The executive also praised The Stars’ CEO, Rafi Ashkenazi, for “creating the exceptional business that [the group] is today” and that his role in “transforming TSG from a single product operator to a diverse global leader with multiple product offerings” has been instrumental.

As mentioned earlier, the merger can now be completed after both Flutter and The Stars investors blessed the deal at special meetings last week. The tie-up awaited approvals from the gambling regulators of the US states of New Jersey and Pennsylvania, and in Bulgaria as well as approval from Australia’s Foreign Investment Review Board in order to be finalized. All these were obtained this past week.

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The post Save the Date: Flutter, Stars Group’s £10 Billion Marriage Set for May 5 appeared first on Casino News Daily.

Jack Dorsey Starts $1 Billion Fund to Fight the COVID-19 Pandemic

As per the recent reports, Twitter CEO and Square founder, Jack Dorsey has opened a new initiative named Start Small LLC and has funded it with $1 Billion which is approximately 28% of his wealth. Jack confirmed via twitter that the funds raised through this initiative will be used to support the global fight against the COVID-19 pandemic. He clarified that once the crisis is over, the remaining funds will be directed towards girl’s health, education, and universal basic income (UBI) initiatives. 

Explaining his inclination towards UBI and girl’s education, Jack mentioned, “Why UBI and girl’s health and education? I believe they represent the best long-term solutions to the existential problems facing the world. UBI is a great idea needing experimentation. Girl’s health and education is critical to balance”

While assuring that the funding will be completely transparent, Jack added that this initiative is the best long-term solution to the existential problems facing the world.

Talking about Start Small LLC, he clarified that all grants will be made from the foundation directly to the beneficiary organization. Furthermore, all financial transactions in this regard including sales and grants will be available publicly through a tracking sheet. 

Interestingly, Jack has extracted the entire funding amount from Square. He reasoned that he owns a lot more of Square than he does of Twitter. Hence it makes more sense to draw the funds from his Square shares. However, he acknowledged the fact that this initiative will benefit both Square and Twitter in the long run. He stated, “The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”

Dorsey’s support for Bitcoin is well-known. BTC has been one of the most prominent revenue generators for Square’s CashApp. He recently offered the USE OF Square’s CashApp to distribute the U.S. stimulus package. 

We hope Jack’s initiative to donate and fund the fight against COVID-19 will be an example for others to come up and do their bit. 

Eldorado to Pay Ticking Fee to Caesars as $17.3 Billion Tie-Up Lingers

Eldorado Resorts must start paying Caesars Entertainment Corp. nearly $2.3 million in daily ticking fees after failing to complete its planned tie-up with the Las Vegas casino and hospitality powerhouse before a previously set deadline.

After months of negotiations, the transaction was announced last June. Eldorado, a smaller regional casino operator headquartered in Reno, Nevada, agreed to pay Caesars 10 cents per share per month if the deal did not close nine months after first announced. The deadline passed this past Wednesday.

Eldorado initially looked to finalize the deal sometime in the second quarter of the year, but according to recent reports, it was on track to close by mid-April.

The Reno-based company offered to pay cash and stock worth $12.75 per each Caesars share last June when the mega-merger was announced. The deal is thus set to create a $17.3 billion gambling powerhouse with around 60 casinos around the US.

Eldorado’s proposed takeover needs approval from regulators in all states where the two companies operate. A number of regulatory bodies have given the green light to the combination over the past several months.

The transaction also needs approval from the Federal Trade Commission, which many believe it would get as soon as April.

Coronavirus Could Derail Deal?

According to a regulatory filing, Eldorado is set to be charged a pro-rated share of the ticking fee each day.

A 2018 analysis by law firm Paul Hastings argues that ticking fees in mega-mergers are rare and that even though such penalty fees can push a buyer to progress at a quicker pace, they are somewhat redundant as most such transactions have a penalty clause for not closing. Eldorado would have to pay $836.8 million if it fails to close.

However, Eldorado’s CEO, Tom Reeg, is reportedly pressing to close the tie-up. Mr. Reeg will step in as Chief of the combined entity when and if the combination happens.

The unprecedented economic situation created by the spread of the coronavirus has prompted discussions and speculations about whether the transaction would be finalized. Under the terms of the deal, Eldorado cannot use “public health emergencies” to walk out of the tie-up unless such emergencies hit Caesars harder than any other casino operator.

The coronavirus has had a massive impact on casino stocks and the situation has got even worse when almost all casinos around the US closed to help contain the spread of the highly contagious virus.

However, it seems that Eldorado is determined to press forward with the combination. According to insiders, the company held a board meeting in early March, when there were just a handful of confirmed Covid-19 cases in Nevada, and directors agreed to close on the transaction as soon as April 11.

On the other hand, reports emerged at around the same time that banks that had previously agreed to provide more than $7 billion of loans to Eldorado to complete the takeover were faced with an uphill battle to offload that debt to investors as the coronavirus outbreak wreaked havoc in the hospitality industry.

Last June, JPMorgan, Credit Suisse, and Macquarie agreed to provide finances for the mega-merger, but they are now said to be grappling to convince bond and loan buyers to lend to a highly leveraged casino and hospitality company in the current situation.

And if the banks fail to secure takers, they might have to offer the $7 billion debt at a steep discount or event produce the cash themselves, which would burn a big holes in their balance sheets.

Source: As Caesars Deal Lingers, Buyer Faces $2.3 Million a Day in Fees

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London’s Fintech Darling PayQ hits $1.2 Billion in Market Capitalization

The total market capitalization for PayQ, a company known for implementing block chain for Frictionless Payments, based at London has surged almost 50% this year to around $1.2 billion. That’s about that same valuation for the Silicon Valley-based giant Maverick, another darling of the Fintech world.

The CEO and Founder of PayQ, Shibabrata Bhaumik announced in a recent TEDx to expand its horizon of cashless payments for global merchants who are dealing with high-risk industries and assured that PayQ aims to go beyond the traditional payment method to revolutionize the e-commerce industry.

He added, “Innovativeness is crucial and it is the cornerstone of PayQ business.” At the early start of 2020, PayQ has scooped up customers like Big Airline companies from Russia, the early proving ground for PayPal and Stripe.

The jockeying between PayQ and Mavrick in market valuations is a bright spot for European entrepreneurship. Investors are also betting heavily on these Fintech companies as they grow in leap and bounds due to exponential digital payments.

Today digital transactions and end to end encryption is huge thing for both companies and it’s the essential thing when it comes to online payments, which is security! And that’s where PayQ impresses its users with a brilliant multi layered security system that is advanced enough to ensure that customer’s vital data stays safe and highly secure and encrypted by Tokenization.
Right now, PayQ operates in 196 countries with promising e-commerce opportunities globally and with persistence and resilience; PayQ overcame the challenges and now it is providing integrated local payments along with credit and debit card payments.

Based on the interview, the tech innovator Shibabrata Bhaumik is no stranger to challenges or roadblocks, but has always found a way to rise to the occasion and reach success. The key to success in the online payments business is mastering interrelated issues such as cyber security, the banking industry, and the interface between public policy and global trade.

Bhamik seems adept in all.

Strategy: Shift to Alternative Payment Methods

PayQ aims to enter the Asian market early this year, starting from Malaysia, followed by Singapore, Thailand and India. This will ripe for a shift to clean and fast electronic transactions and extended to embrace the technical requirements of multicurrency payment systems and diversify the need and requirement of every merchant as well as considering the affordability of the merchant from the new ecosystem.

“It might appear that with new connectivity of Asian Market and integration of third-party features along with onboarding more Asian banking partners might climb the price however it will be the other way round,” he says.

“We’ll continue to go the other way. We already offer rates starting as less 1.5% with guaranteed freedom of mobility and no hefty commission or penalty of discontinuing from PayQ if the merchant is not satisfied with our services. This will create a constructive and tangible impact on the payment eco system where the current providers are charging anywhere in between 2.5% to 3.5% and a huge set up cost from every merchant. Our innovative digital payment services will revolutionize access to digital commerce, will boost up new merchant to sell their services or goods globally, will improve cashless payments and reduce reliance on paper currency.”

About Shibabrata:

Shibabrata Bhaumik is a philanthropist, an angel investor and an entrepreneur whose brainchild is PayQ. Being a pioneer in the world of digital payment, he is also renowned as a startup coach. PayQ aims to connect entrepreneurs with their clients no matter where they are, and make payments instantly without many hassles. The instant sign up, dynamic descriptor along with their simple & transparent pricing system makes them the perfect option for entrepreneurs worldwide.

Contact Details:

Name: Liliana Summers

Email: [email protected]

Website: www.payq.eu

Contact No: +441213680164

California passes $1 billion in cannabis tax revenue two years after launching legal market

California has raised $1 billion in cannabis tax revenue since the industry kicked into gear in January 2018, according to figures recently released by the state.

The bulk of that $1.03 billion in tax money, after covering regulatory costs, has been spent on programs such as child care for low income families, cannabis research, public safety grants and cleaning up public lands harmed by illegal marijuana grows.

While industry insiders and advocates are celebrating those numbers, they’re also raising a flag about stagnating revenues and ongoing layoffs. Those hurdles, many say, can be fixed if regulators make key changes, including a seemingly counter intuitive push to lower the state’s cannabis tax rate.

Read the rest of this story on ocregister.com.

Colorado marijuana sales hit a record $1.75 billion in 2019

Last year was the most lucrative 12 months for cannabis sales in Colorado since the state’s voters legalized recreational marijuana.

Medical and recreational cannabis sales hit a record $1.75 billion in 2019, up 13% from 2018, according to data from the Department of Revenue’s Marijuana Enforcement Division. Marijuana tax collections also hit an all-time high, at more than $302 million in 2019.

RELATED: “Where’s all that marijuana money?” Colorado’s pot dollars help schools, but maybe not as much as you think

Read the rest of this story on DenverPost.com.