How an operator decides to enter a jurisdiction, gets licensed, builds for it and survives the first year. The course covers the four states a market can be in and why "grey" and "unregulated" are not the same thing, how to assess a market in the order that matters, why turnover taxation is a structurally different proposition from GGR taxation, what a regulator is actually assessing in a licence application and why applications are refused, the certification and reporting build that decides the timeline, the advertising and affiliate conduct rules that trip new entrants in their first quarter, the first compliance review, and the operating model that makes an eighth market cheaper than a second.
Written for the people who run these projects: strategy and corporate development, compliance and legal, finance modelling the case, and the product and engineering leads who discover late that regulator reporting is on the critical path.
No jurisdiction's tax rates, fees or timelines are stated as fact, because they change. What the course teaches is the structure of the decision, the arithmetic that decides it, and the failures that recur.
The boards have signed the common merger plan that fixes the terms first announced in September: 0.668 Lottomatica shares per CIRSA share, a €262m CIRSA dividend before completion and a €744m capital return after it. With Blackstone committed, the votes are close to a formality. The regulators are not.
The Iris Capital vehicle that took 85.77% of the owner of Cairns' Reef Hotel Casino at A$3.87 a unit is now offering the holdouts A$4.67 and saying it will delist the trust if it can. On the bidder's own share count, one investor with 9.84% decides whether it can force the rest out.
Sportradar is selling the team-facing half of a business it bought for €192.2 million in 2021 and keeping the cameras and graphics it says underpin its core products. It says the price beats the multiple its own shares trade on, which says as much about the shares as the deal.