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Scientific Games considers IPO for social gaming business

Scientific Games has revealed plans for a possible initial public offering (IPO) for a minority interest in its social gaming business, while the company has cited its acquisition of NYX Gaming Group as one of the main reasons behind a 7% year-on-year jump in revenue during the third quarter.

The company said the IPO could take place next year in order to “provide greater flexibility to pursue additional growth initiatives” and “unlock additional value” for its stakeholders.

Scientific Games added that it intends to use the proceeds from the IPO primarily to repay debt.

Barry Cottle, CEO and president of Scientific Games, said: “For our rapidly growing social business, an IPO would give us greater flexibility to pursue growth for the business and drive value for stakeholders.”

“We remain focused on delivering for our customers and running our business efficiently and effectively to drive revenue, reduce costs and continue to build momentum across the company,” he added.

Meanwhile, Scientific Games has reported its financial results for the three months through to the end of September, during which revenue amounted to US$821 million. This 7% year-on-year growth was driven by a US$6.5 million contribution from NYX.

Scientific Games finalised its acquisition of NYX in January of this year in a deal worth around US$587.9 million, a move it said would create a “global digital gaming and lottery powerhouse”.

Cottle concluded: “We are very pleased with the growth we are seeing across our businesses as we continue to lead our industry into the future. Our investments in digital, sports betting, and new games are producing the most innovative and engaging products in the market and we are excited about the customer response in the US and around the world.”

Source: GMB / iGaming Business