Scientific Games has announced the intention to divest its sports betting and lottery businesses to become a content-driven growth company with a particular focus on digital markets and to drive long-term sustainable value.
Scientific Games has explained through a press release that it evaluates strategic alternatives to execute divestments in lottery and sports betting. In this regard, it considers the possibilities of an initial public offering, a combination with a special purpose acquisition company (SPAC), a sale, or a strategic combination with another business.
On this new strategy announced by the company, Jamie Odell, Executive Chair of Scientific Games, highlighted that it has the purpose of “unlocking the value of the Company's products and technologies and creating a flexible, nimble company positioned to deliver above-market returns to investors”.
Along the same lines, Barry Cottle, president and CEO of Scientific Games, mentions the importance of focusing on those investments with “largest growth opportunities”. Likewise, he commented that the strategy will allow SC to capitalize “the high growth potential of each of our businesses, including their expanding digital content offerings and platforms, unlocking value for shareholders, customers, and employees”.
On the other hand, Cottle ensures that thanks to its leadership in multiplatform games, the company is in a unique position "to take advantage of the incredible industry transition that is underway" and achieve that within three years its "digital businesses to be comparable in size to the land-based gaming business”.
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