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Bally’s Corporation is confident in the long-term prospects of Gamesys Group, its gaming division, as it navigates the market-transforming challenges of the UK while being subject to regulatory scrutiny. When the UK government was about halfway through its review of the 2005 Gambling Act and looking to update the country’s betting legal structure to keep up with recent technological advancements, the heritage US gambling operator bought Gamesys back in October 2021. The White Paper’s intended reforms are now in the consultation phase, where stakeholders will assess them. Bally’s CEO Robeson Reeves explained the company’s ambitions to aggressively collaborate with British authorities during a conference call with investors. In order to find a practical solution that ensures that reforms are suitable and provides a secure and sustainable future, he stated, “We continue to review the proposed measures and will work constructively with both the government and Gambling Commission.” We’re in a solid position since we’ve been working on our business strategy and compliance for some time, as we mentioned on our most recent earnings call. Recognizing that gambling is a public-private collaboration, we accept regulation. Roe stressed to investors that although regulatory uncertainty in the UK continues to be a problem, there are still chances for compliant businesses that can gain the necessary competitive edge. As a result, regulatory challenges are driving away rivals, limiting competition and freeing up the market for businesses that remain in the race. Esports Entertainment Group (EEG), for instance, recently shut down its UK-facing SportNation and RedZone Sports brands as part of a larger rollback of its B2C activities to concentrate more on B2B activity, particularly in the US. The CEO went on to say that, at their core, international interactive businesses operate quite well, particularly in the UK, where we keep gaining market share. “The regulatory climate in the UK presents difficulties for smaller rivals, leading to some of them leaving. This enables complying major entities to increase their market share and influence. Bally’s business activities in the UK are mostly focused on online gambling, with its Gamesys subsidiary running sites including Virgin Casino and Monopoly Casino. Bally’s Chief Financial Officer, Marcus Glover, provided a financial perspective while reiterating Roe’s assurance in the group’s sustained UK momentum. The UK White Paper, in particular, “won’t have a material impact on our international interactive financial results,” he said, adding that the company believes. Bally’s, which is confident in its operations across the world, is maintaining its projection for the rest of 2023, projecting revenue of $2.5 billion to $2.6 billion and adjusted EBITDA of $685 million to $700 million by the end of the year....
