s
For the latest bingo offers and reviews... Sign up

(PRESS RELEASE) — NYX Gaming Group Limited today announced a change in the previously set date for the special meeting of shareholders of NYX to consider and approve the proposed acquisition of NYX by Scientific Games Corporation. The shareholder meeting will now be held in Las Vegas, Nevada, on 20 December 2017 and the record date and time for voting at the meeting will be 18 December 2017 at 5 p.m. Pacific time.

NYX also announced that it has filed an action in the Chancery Division of the Superior Court of New Jersey, Atlantic County against William Hill Steeplechase Limited and William Hill Plc and certain of William Hill’s officers and directors. NYX alleges that its shareholder William Hill has engaged in wrongful conduct in violation of the New Jersey Antitrust Act in attempting to block the Acquisition, which will bring great benefits to the nascent regulated sports betting industry. The complaint seeks injunctive relief, treble damages and attorney’s fees for violations of the New Jersey Antitrust Act, and also alleges tortious interference with economic advantage and tortious interference with contract and seeks punitive damages.

In addition, NYX announced today that it has entered into an exclusive agreement with Scientific Games regarding the development and distribution of a new sports betting platform in the U.S. The agreement sets forth, on a legally binding basis, the key terms of a proposed commercial partnership to be agreed between NYX and Scientific Games to be incorporated into a new commercial agreement between the parties.

Pursuant to the terms of the Commercial Agreement, Scientific Games will commit to make an investment of US$30 million in the aggregate (of which $1 million is immediately due and payable to NYX, with the remaining sums to be paid on a timetable to be mutually agreed by the parties) to fund the development of a new sports betting platform by NYX for use in the U.S. The U.S. Platform would include the betting engine, trading tools and other features to be mutually agreed upon.

Scientific Games will be granted the right to be the exclusive third-party distributor with respect to the U.S. Platform in all territories within the U.S. where sports betting is legalized for a term of ten years, commencing upon the first commercial deployment of the U.S. Platform in the U.S. NYX would continue to own all of its existing and newly developed technology under the terms of Commercial Agreement. Given that Scientific Games is the largest lottery and gaming supplier in the U.S., is licensed in every significant jurisdiction in the U.S. and has relationships with virtually every major operator, partnering with NYX on a mutually exclusive basis will enhance and accelerate NYX’s distribution capability in the U.S. and would represent a highly value-creating opportunity for both parties.

“This agreement represents an important step forward for NYX as we continue to position ourselves for greater expansion in the North American market,” said Matt Davey, Chief Executive Officer of NYX. “As evidenced by the recent positive legislation for online gaming in Pennsylvania, the market potential continues to grow and Scientific Games provides a fantastic partner to take advantage of these opportunities. We are excited to move forward at pace in this market.”

Source: Online.CasinoCity.com

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NEWSLETTER