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Paysafe Completes Business Combination with Foley Trasimene Acquisition Corp. II

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Paysafe Group Holdings Limited, a leading specialized payments platform, and Foley Trasimene Acquisition Corp. II, a special purpose acquisition company, today announced that they have completed their previously announced merger. The merger was approved at a special meeting of stockholders of Foley Trasimene on March 25, 2021, and closed today, March 30, 2021. The combined company now operates as Paysafe Limited (“Paysafe”) and Paysafe’s common shares and warrants will begin trading on the New York Stock Exchange (NYSE) under the ticker symbols “PSFE” and “PSFE.WS” respectively, starting tomorrow, March 31, 2021.

Paysafe is a leading specialized payments platform, with a two-sided consumer and merchant network, whose core purpose is to enable businesses and consumers around the world to connect and transact seamlessly through payment processing; digital wallets including the Skrill and Neteller brands; and online cash solutions including paysafecard and Paysafecash.

William P. Foley, II, Founder and Chairman of Foley Trasimene will serve as Chairman of Paysafe’s newly formed Board of Directors. Paysafe’s management team headed up by Philip McHugh, CEO, will continue to lead the combined company.1

William P. Foley, II, Founder and Chairman of Foley Trasimene and Chairman of Paysafe, stated, “We are thrilled to complete this business combination with Paysafe and I am personally excited to continue to work with Philip, Blackstone, CVC and the entire board as we continue to execute against our plan for accelerated and profitable growth. Paysafe has the right assets, team and strategy in place to capitalize on a tremendous opportunity for long-term value creation in the payments industry, especially in iGaming which is really beginning to open up across the United States.”

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Philip McHugh, CEO of Paysafe, stated, “The closing of this transaction and our listing on the New York Stock Exchange is a huge milestone for Paysafe and getting to this point today is testament to the hard work and dedication of our team around the world. I would also like to thank Bill and the Foley Trasimene team for their backing and belief in our opportunity, and of course Blackstone and CVC for their continued investment and support. We’re excited to be embarking on the next stage of our growth journey as a public company.”

Eli Nagler, a Senior Managing Director at Blackstone, said: “Today is a significant milestone for Paysafe and a testament to the excellent work of their world-class management team over several years. We believe Paysafe has a long runway for further growth and look forward to remaining part of the team and seeing their continued success as a public company.”

Peter Rutland, a Managing Partner at CVC, said, “We are delighted for Paysafe as they begin their next chapter as a public company. By combining Paysafe’s leading solutions in high-growth, specialized markets with Paysafe’s seasoned management team, now supplemented with Bill Foley’s track record of enhancing organic and inorganic growth, this company is incredibly well-positioned to continue a strong growth trajectory and create value for shareholders and all other stakeholders.”

Advisors

Credit Suisse acted as lead financial advisor and capital markets advisor to Paysafe. Morgan Stanley also acted as financial advisor to Paysafe. BofA Securities, J.P. Morgan Securities LLC, Barclays, Wolfe Capital Markets and Advisory, BMO Capital Markets and Evercore also acted as capital markets advisors. Simpson Thacher & Bartlett LLP acted as legal counsel to Paysafe. Proton Partners acted as strategic advisor to Paysafe.

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RBC Capital Markets LLC., BofA Securities and J.P. Morgan acted as financial advisors to Foley Trasimene. Weil, Gotshal & Manges LLP acted as legal counsel to Foley Trasimene.

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AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor

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The Alcohol and Gaming Commission of Ontario (AGCO) has issued monetary penalties totaling $350,000 against Great Canadian Casino Resort Toronto for multiple violations of provincial gaming standards. The penalties follow an impromptu after-party that was permitted to take place in the pre-dawn hours directly on the casino’s gaming floor.

On September 27, 2024, an electronic dance music event attended by thousands of people was hosted in the theatre adjacent to the casino at Great Canadian Casino Resort Toronto. The event was marked by widespread intoxication, disorderly behavior, and numerous criminal and medical incidents – both inside and outside the venue – including alleged assaults, drug overdoses, and acts of public indecency. Although paid duty officers were present, additional police and emergency services were required to manage the situation.

In the midst of this high-risk environment, casino management approved an unscheduled request by the performing artist to host an after-party on the active gaming floor. The artist and more than 400 guests were permitted onto the gaming floor where the artist was allowed to perform amidst operational table games and gaming machines – without any prior risk assessment or planning.

As a result, security personnel were unable to effectively control the casino floor, including witness reports that an attendee was seen climbing onto slot machines. Failure to maintain appropriate control compromises the security, safety, and integrity of the casino floor. Following the conclusion of the event, the operator failed to promptly report these incidents to the AGCO as required.

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Based on the findings of its review, the AGCO’s Registrar has issued an Order of Monetary Penalty (OMP) totaling $350,000 against Great Canadian Casino Resort Toronto. These penalties address critical failures in their operations, incident reporting, employee training, and the management of disturbances.

A gaming operator served with an OMP has 15 days to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.

“Casino operators have a fundamental duty to control their gaming environment. Great Canadian Casino Resort Toronto’s lapses in this incident compromised the safety of patrons and the security and integrity of the gaming floor,” Dr. Karin Schnarr, Chief Executive Officer and Registrar of AGCO, said.

The post AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor appeared first on Gaming and Gambling Industry in the Americas.

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IGT and Atlantic Lottery Sign Eight-Year Video Lottery Central System Technology Agreement

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International Game Technology PLC announced that its subsidiary, IGT Canada Solutions ULC (hereinafter “IGT”), signed an eight-year agreement with Atlantic Lottery to supply its IntelligenEVO video lottery central system technology across Atlantic Canada. The agreement includes the option for multiple extensions and positions the Atlantic Lottery to become the first World Lottery Association (WLA)-affiliated lottery operator to deploy IGT’s next-generation central management system in a game-to-system (G2S) distributed market.

“By leveraging IGT’s IntelligenEVO technology, Atlantic Lottery will power its video lottery network with the industry’s best-in-class central system and position itself to maximize future contributions to good causes. As an organization that prioritizes system security and exceptional player experiences, Atlantic Lottery believes that IGT’s IntelliegnEVO solution will help generate high player satisfaction and optimal network performance,” said Michael MacKinnon, Atlantic Lottery VP, Product.

“As a long-time supplier to Atlantic Lottery, IGT looks forward to helping the Lottery achieve its growth and player engagement goals with our leading-edge IntelligenEVO video lottery central system. IGT’s IntelligenEVO is a scalable technology for the WLA market that is backed by decades of experience and operator feedback, and maximizes the benefits of real-time data, cloud-based technologies and in-depth analytics,” said David Flinn, IGT SVP Canada, EMEA and LATAM, Gaming Sales.

With peak system security, network availability and responsible gaming functionalities, IntelligenEVO is a reliable, scalable solution that can meet the needs of today and in the future. The solution will accelerate time-to-market and enables the Atlantic Lottery to benefit from the system’s suite of player-focused functionality. The technology’s G2S and open API design optimizes data collection and delivery and will enable Atlantic Lottery to customize their program for evolving player needs.

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NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform

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NetGaming, a fast-growing online casino content supplier, is proud to announce its launch in Ontario with Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States, Canada and Latin America. This strategic collaboration marks a significant milestone for NetGaming as it continues to expand its footprint across regulated North American markets.

As part of the launch, Ontario players on BetRivers can now enjoy a diverse portfolio of NetGaming titles, known for their high-quality graphics, immersive gameplay, and unique themes. Standout games such as Zeus’s Thunderbolt, Bison Gold, and Fireball Inferno are among the first to go live, with additional titles set to follow soon.

This partnership is just the beginning. NetGaming plans to extend its collaboration with Rush Street Interactive into Michigan, New Jersey, Pennsylvania, Delaware, and Mexico over the coming months.

Pallavi Deshmukh, CEO of NetGaming, commented: “We are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our
North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region.”

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Richard Schwartz, CEO of Rush Street Interactive, commented: “We are pleased to partner with NetGaming to bring innovative, premium games to our players in Ontario. This collaboration aligns with our strategy to offer world-class
entertainment through engaging, action-packed online casino games. We look forward to expanding this partnership into additional regulated markets in the months ahead.”

This strategic partnership highlights both companies’ dedication to providing high- quality, innovative, and responsible entertainment to players in regulated markets.

The post NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform appeared first on Gaming and Gambling Industry in the Americas.

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