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Evolution Malta Holdings Ltd., a subsidiary of Evolution AB, has reached an agreement to acquire Galaxy Gaming, a developer and distributor of casino table games, for roughly $85m, the companies announced Thursday (July 18).

Pursuant to the merger agreement, Evolution has acquired all of the outstanding shares of common stock of Galaxy Gaming for $3.20 per share in cash, which represents a premium of 124 percent to the company’s closing share price on July 17, the last trading day prior to the deal announcement.

Evolution’s deal values Galaxy Gaming at a total equity value of approximately $85m, and approximately $124m including net debt. Evolution will finance the deal with cash on hand.

“This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveraging Evolution's operational and financial strength to facilitate product sharing and drive cutting-edge omni-channel innovation,” Matt Reback, president and CEO of Las Vegas-based Galaxy Gaming, said in a statement.

After a frantic 24 hours of being unable to launch online sports betting in Washington, D.C., three sportsbooks went online Wednesday (July 17) after receiving approval from lottery officials. 

FanDuel, BetMGM and Caesars Entertainment all expected to be able to operate district-wide on Monday after Mayor Muriel Bowser singed the budget into law but had to delay their launch when the mayor sent the fiscal year 2025 budget back to the city council. 

Bowser disagreed with several tax increases that the city council had agreed to. However, a few provisions of the budget have gone into effect, including the sports-betting regulations.

All three operators received permission Wednesday from the Office of Lottery and Gaming (OLG) to launch mobile wagering on a district-wide basis. FanDuel resumed its sports-betting offering as a Class A operator in partnership with DC United at Audi Field to offer their city-wide mobile app to the District of Columbia.

BetMGM, which has a retail sportsbook at Nationals Park, currently offers mobile wagering within a two-block radius of the Washington Nationals facility. BetMGM cancelled an announced event for Monday promoting its expanded launch of mobile wagering in the district.

Caesars Entertainment reportedly has also delayed the city-wide launch of its mobile app until receiving OLG approval. Currently, Caesars operates a retail sportsbook and limited mobile wagering through an agreement with Capital One Arena in downtown Washington, D.C.

The gaming companies all operate district-wide under a Class A sports-betting license, which the DC Council approved in late June as part of the budget. 

Mobile sports betting is now available in Washington, D.C.; Maryland; and Virginia.

The National Council on Problem Gambling (NCPG) has established the Tribal Advisory Council to advise the nonprofit on its culturally specific work and matters related to gaming in Native American communities. 

Although the NCPG already works with tribal gaming entities, the creation of the Tribal Advisory Council seeks to deepen the existing relationship and collaboration with Native American communities on responsible and problem gambling issues. 

Keith Whyte said its work with tribes was based on a “deep respect for tribal sovereignty and our core values of neutrality, collaboration, respect and credibility.”

“We have a responsibility to listen and learn, as well as the opportunity to share our knowledge as we seek to reduce the social costs of gambling addiction,” Whyte said in a statement.

The council is made up of eight founding members including Matthew Morgan, chairman of the Oklahoma Indian Gaming Association, and James Siva, chairman of the California Nations Indian Gaming Association.

The Iowa Racing and Gaming Commission (IRGC) has set an August 15 deadline for applications for those interested in conducting a gambling market study, as part of the process of considering new license applications. 

Applications for those companies interested in receiving a license are due one month later. The commission will hear presentations on potential new casinos in October. 

The market study is due at the end of December with a public hearing in January, according to the IRGC. It is expected the five-member commission could decide on awarding any new gaming licenses in February.

The establishment of a timeline for new applications comes after the Iowa legislature’s two-year moratorium on awarding new licenses ended on June 30. 

The moratorium halted Linn County’s third attempt to gain a license for a casino project in the city of Cedar Rapids, as the IRGC in 2022 had decided to take applications for a Linn County license when the pause took effect.

Currently, Iowa has 19 licensed casinos, as well as a state lottery, charitable gaming, and retail and mobile sports betting.

Bovada has added West Virginia to its list of restricted U.S. states, even as the state gaming regulator confirmed Monday (July 15) that the offshore company had been operating unlawfully in the state. 

“Bovada’s method of gaming violates our state laws by including the three elements of a wager, which is consideration, chance, and prize,” John Myers, director of the West Virginia Lottery, said in a statement. “Any company that operates in this manner without being a licensed operator in the state poses risk to players and licensees.”

Myers made it clear that state gaming laws are designed to protect our players, and we regulate with those individuals in mind. The West Virginia Lottery sent Bovada’s Curaçao-based parent company Harp Media B.V. a cease-and-desist letter on June 27. 

“We are currently investigating other possible violators operating in similar manners,” Myers added.

Bovada’s list of restricted states includes: Nevada, New Jersey, New York, Maryland, Delaware, Michigan, Colorado, and West Virginia. The Connecticut Department of Consumer Protection issued a cease-and-desist to Bovada and Harp Media on June 14, but the state has yet to be added to the company’s restricted list.

Pennsylvania Governor Josh Shapiro, a Democrat, has signed a $47.6bn budget package that provides more money for education and transportation but does not include his proposal to regulate and tax skill-game machines.

Shapiro had tried to lobby lawmakers to include in his 2024-205 budget proposal to tax skill games at 42 percent, which he estimated would raise about $150.4m for the state. The machines found in gas stations, bars and convenience store across the state would have been regulated by the Pennsylvania Gaming Control Board. 

During negotiations, Shapiro’s proposal was removed from the budget. After signing the budget on Thursday (July 11), Shapiro declined to discuss what happened during negotiations over issues that did not make the budget, including skill games.

“Everyone had to compromise, and we all didn’t get what we wanted but we are all going to come back and fight for things that we believe in,” Shapiro told reporters.

The fate of the estimated 80,000 skill-game machines remains unclear as two bills to legalize the terminals and one measure banning the games are stalled in the state legislature. However, the Pennsylvania Supreme Court announced in June it will decide if skill games are legal or unlicensed gambling machines and therefore must be banned. 

Gaming & Leisure Properties (GLPI) announced Friday (July 12) it is acquiring the real-estate assets of Bally’s Corp. casinos in Kansas City, Missouri and Shreveport, Louisiana, as well as the land under Bally’s permanent Chicago casino.

GLPI will also provide financing for the construction of the casino in Chicago. The real-estate investment trust (REIT) is providing $1.6bn to Bally’s for initial rent of $132m.

The agreement includes rent escalations based on the consumer price index with a minimum of 1 percent or 2 percent ceiling on rent increases. GLPI intends to fund the transaction over time with cash on hand, cash flow, revolver capacity and potential future capital markets activity.

Bally’s confirmed the deal on Friday, noting that the GLPI funding closes an $800m shortfall the company faced on the $1.8bn casino-resort project in Chicago.

“The deal gives GLPI, predominantly a regional casino REIT, a flagship asset in the highly sought after downtown Chicago area,” wrote Chad Beynon, an analyst with Macquarie Group, in a research note. “It also expands its relationship with Bally’s to ten properties in nine states.”

Bally’s also agreed to alter the terms of an agreement under which GLPI can acquire the property assets of Twin River casino in Lincoln, Rhode Island, before the end of 2026 for $735m, down from $771m, with an initial rent payment of $58.8m.