Gaming giant IGT is to sell its Lottomatica B2C gaming and sports betting units to Gamenet for €950 million.

The deal has valued the Lottomatica B2C business at around €1.1 billion. The assets being transferred generated approximately €207 million in aggregated adjusted EBITDA in 2019.

IGT says proceeds will be used to reduce the firm’s long-term debt, which stands at $7.6 billion.

UK Tote Group has raised a reported £20 million from existing shareholders to diversify beyond the firm’s traditional dependence on racing.

The diversification is regarded as a critical step in the ongoing revitalisation of the Tote, following the 2019 acquisition by Alizeti Capital for £150 million.

Confirming media reports, the Tote stated that its new investment would be utilised within its ‘core platform on which we offer our digital racing pools product, as well as being able to expand into other sports’.

Betting and gaming focused PR and marketing agency Square in the Air has appointed Richard Bloch to the position of Media Director.

Bloch, who has led social media teams at both PokerStars and, most recently, William Hill, joins Square in the Air to help grow outreach services for clients as the industry enters a critical 2021.

That’s all for today, I’ll be back tomorrow for your next SBC News 90.

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SBC News 90: IGT eases debt with €1bn Lottomatica sale