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All submissions must also now include an exit plan – a new obligation that applies across the board. This requirement, intended to ensure orderly market withdrawal, marked a move toward embedding long-term risk management into the licensing process.

It requires operators to describe in detail how they will responsibly wind down their operations should their licence not be renewed or be revoked. Or if they decide to leave the market midway through the five years between renewals.

The regulator noted that several operators received “additional points for attention”, indicating that while these applicants met minimum legal thresholds, the KSA expected continuous improvements in compliance practices.

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Entain is trying to respond by simplifying itself. It has agreed to sell an initial 20% stake in Entain CEE for €425 million, implying an enterprise value of about €2.1 billion. The company says proceeds from the transaction and any future exit will be used to reduce debt and, subject to leverage objectives, return excess capital to shareholders.

The strategy is less about rapid growth and more about showing that a cash-generating business with falling debt and improving operations is undervalued.

By looking at four major gambling companies – Entain, Flutter, DraftKings and MGM Resorts International – it becomes clear why the sector should not be treated as a single trade.

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On Thursday, Codere Online announced a multi-year partnership as the official betting partner of the National Football League (NFL) in Mexico, as the US’ NFL season kicks off.

The collaboration includes sponsorship rights for significant NFL events such as Super Bowl LXI and the NFL Mexico Game – a regular-season NFL matchup on 22 November 2026 in Mexico City between the San Francisco 49ers and the Minnesota Vikings. 

The deal extends to activations around the 2027 Super Bowl in Los Angeles. The companies have outlined provisions for hospitality programmes, VIP experiences, activations across several Mexican cities and official NFL merchandise opportunities for Codere Online’s customer base.