{"id":258,"date":"2024-06-27T07:29:02","date_gmt":"2024-06-27T04:29:02","guid":{"rendered":"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/"},"modified":"2024-06-27T07:29:02","modified_gmt":"2024-06-27T04:29:02","slug":"igt-sells-italian-payment-operations-to-postepay-for-e700-million","status":"publish","type":"post","link":"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/","title":{"rendered":"IGT Sells Italian Payment Operations to PostePay for \u20ac700 Million"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/WW0dsgJBiMo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Global Gaming Technology (GGT) has concluded the transfer of its Italian local payment operations to PostePay &#8211; Designated Assets IMEL for \u20ac700 million ($697.4 million).<\/p>\n<p>The agreement, which was disclosed in February, was finalized through GGT&#8217;s lottery subsidiary and encompassed LIS Holding and LISPAY subsidiaries, which collectively managed GGT&#8217;s local payment operations.<\/p>\n<p>The business offers services through a wholly owned payment technology platform and 54,000 points of sale, including bill payments and prepaid cards, telecom and e-voucher refills, and technical solutions such as merchant and business services.<\/p>\n<p>The negotiated sale price represents a company value of \u20ac630 million and roughly \u20ac70 million of net unrestricted funds. GGT also stated that the business held approximately \u20ac140 million of unrestricted funds at the time of the transaction.<\/p>\n<p>GGT added that it plans to utilize the proceeds from the sale primarily to cover transaction costs and reduce debt.<\/p>\n<p>The sale follows GGT&#8217;s announcement last month that it would allocate $150 million to cover &#8220;potential losses&#8221; related to a lawsuit from its former subsidiary DoubleDown. <\/p>\n<p>In its second-quarter financial statement, IGT documented a $150 million non-operating cost classified as &#8220;potential losses associated with ongoing legal battles and related claims with DoubleDown.&#8221;<\/p>\n<p>DoubleDown&#8217;s former patrons, a social gaming enterprise that was previously a subsidiary of IGT, filed a collective action lawsuit against the company, asserting that its social casino games, where players can opt to buy tokens for gameplay, constitute illicit gambling in Washington state.<\/p>\n<p>The legal action was initially submitted in 2017, the year IGT divested DoubleDown, and has progressed through numerous phases of legal proceedings. Nevertheless, in the second-quarter earnings report, IGT acknowledged that the probability of a loss was greater than the probability of no loss, and consequently recorded a $150 million charge to cover potential losses.<\/p>\n<p>The DoubleDown case is one of several social gaming lawsuits in Washington state, with Big Fish Games establishing a $155 million settlement fund in May 2020 to reimburse players for funds lost playing its games over the preceding year.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global Gaming Technology (GGT) has concluded the transfer of its Italian local payment operations to PostePay &#8211; Designated Assets IMEL for \u20ac700 million ($697.4 million). The agreement, which was disclosed in February, was finalized through GGT&#8217;s lottery subsidiary and encompassed LIS Holding and LISPAY subsidiaries, which collectively managed GGT&#8217;s local payment operations. The business offers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>GGT Sells Italian Payment Operations to PostePay for \u20ac700 Million<\/title>\n<meta name=\"description\" content=\"Global Gaming Technology (GGT) has finalized the sale of its Italian local payment operations to PostePay for \u20ac700 million, encompassing LIS Holding and LISPAY subsidiaries.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"IGT Sells Italian Payment Operations to PostePay for \u20ac700 Million\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Global Gaming Technology (GGT) has finalized the sale of its Italian local payment operations to PostePay for \u20ac700 million, encompassing LIS Holding and LISPAY subsidiaries.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Unleash Your Winning Potential at Our Trusted Online Casino\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T04:29:02+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/\",\"url\":\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/\",\"name\":\"GGT Sells Italian Payment Operations to PostePay for \u20ac700 Million\",\"isPartOf\":{\"@id\":\"https:\/\/thegodofgambling.icu\/#website\"},\"datePublished\":\"2024-06-27T04:29:02+00:00\",\"dateModified\":\"2024-06-27T04:29:02+00:00\",\"author\":{\"@id\":\"https:\/\/thegodofgambling.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Global Gaming Technology (GGT) has finalized the sale of its Italian local payment operations to PostePay for \u20ac700 million, encompassing LIS Holding and LISPAY subsidiaries.\",\"breadcrumb\":{\"@id\":\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thegodofgambling.icu\/2024\/06\/27\/igt-sells-italian-payment-operations-to-postepay-for-e700-million\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/thegodofgambling.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IGT Sells Italian Payment Operations to PostePay for \u20ac700 Million\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thegodofgambling.icu\/#website\",\"url\":\"https:\/\/thegodofgambling.icu\/\",\"name\":\"Unleash Your Winning Potential at Our Trusted Online Casino\",\"description\":\"Stay on top of the latest casino trends and insights with our regularly updated news, honest reviews, and expert articles. 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