Light & Wonder, previously known as Scientific Games Corp, a flagship developer of land-based and digital games based in Las Vegas, Nevada, has reported its latest proposal to purchase the remaining 17% stake in digital gaming company, SciPlay Corp.
Light & Wonder’s offer:
“SciPlay’s board has received an offer from the company in which Light & Wonder proposes to pay US$20.00 per SciPlay share, in an all-cash contract valued at US$422 million,” according to a Thursday press release. In addition, if the deal closes, SciPlay would officially become a wholly owned subsidiary of Light & Wonder. In this regard, the suitor stated that “the transaction would unify Light & Wonder businesses and balance sheet, accelerating the company’s cross-platform strategy, and optimizing investment of capital.”
“The proposed consideration would imply an enterprise value of US$2.1 billion for SciPlay, and a premium of 28.5 percent based on the SciPlay stock price as of the close of business on May 17,” according to the announcement. Furthermore, in a letter to SciPlay’s board, Light & Wonder’s president and chief executive, Matthew Wilson, said: “The proposed transaction offers SciPlay’s public shareholders a compelling combination of value, speed and certainty.” Additionally, he stated that “his company would not require any third-party financing to fully fund the deal. The firm does not expect the deal to require any regulatory approvals or the approval of Light & Wonder’s shareholders.”
Second attempt to buy the remaining shares:
Right now, Light & Wonder possess around 83% of the economic interest and 98% of the voting interest in SciPlay. On that note, Light & Wonder’s CEO also said: “The company would not expect to vote in favor of any alternative sale, merger or other corporate transaction involving SciPlay, nor divest or sell any portion of our ownership interest.” However, this is Light & Wonder’s second attempt to purchase the remaining shares in SciPlay. During December 2021, the company removed its all-shares offer to purchase what was at the time a 19% remaining stake in SciPlay. Additionally, SciPlay was previously a wholly owned subsidiary of the then Scientific Games, and operated as its social gaming arm. But, during 2019, the parent directed an initial public offering of a minority interest in SciPlay.
Light & Wonder said on Wednesday that “it had received conditional approval from the Australian Securities Exchange for the company’s secondary listing on that bourse.” Furthermore, the company disclosed a net profit of US$27 million in the three months to March 31, compared with a loss of US$67 million a year earlier.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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