Gambling technology giant Scientific Games has announced that it intends to divest its lottery and sports betting businesses in an effort to position the company for “sustainable growth”.
Scientific Games said that it was in the process of exploring a range of options to offload the units, including a sale, a strategic combination with another business, an initial public offering or a combination with a special purpose acquisition company (SPAC).
The supplier’s executive chair Jamie Odell, and president and chief executive Barry Cottle, both highlighted the importance of reducing debt to provide long-term stability.
At the conclusion of the process, Scientific Games will consist of “leading gaming, igaming and SciPlay businesses”.
With this focus, it intends to grow its digital offerings to be “comparable in size to the land-based gaming business within three years,” Cottle said.
He added: “Today’s announcement reflects key steps to optimize our portfolio and strengthen our balance sheet by significantly de-levering while also targeting investments in our largest growth opportunities.
“These steps will accelerate our path to become a content-led growth company focused on leading in both land-based and digital markets,” he explained. “Our company will be positioned to build great games that define the future of gaming, supported by platforms that power the best operators in the world.”