About this app
How to play Forest Tale
Lottomatica generated revenue of €2.26 billion in its FY2025, while Cirsa’s FY2025 group revenue reached €2.34 billion.
The combined company would overtake the likes of Bally’s Intralot, Entain and Allwyn to become the second-largest listed global operator, behind only Flutter Entertainment in terms of combined adjusted EBITDA.
Some 80% of its EBITDA is expected to come from Italy and Spain, with 97% of its total EBITDA coming from markets in which it is the market leader.
What is Forest Tale?
The extent of the revisions vary, but most are somewhat significant with regard to language that is being added or omitted. Proposed changes to Standard 9 (digital pari-mutuel systems), for instance, include mostly small additions, whereas Standard 3 (slot metering systems) has entire sections added and subtracted. Explanatory notes for the edits are frequent throughout all of the proposals.
While Nevada is considered the top gaming state in the US, its regulatory framework related to technology has been seen as slow-moving and cluttered in comparison to other up-and-coming jurisdictions around the US. Ever since NGCB Chair Mike Dreitzer took over last June, modernisation has been a top priority, and these latest revisions are an extension of that.
“We finally got to a point where we said, you know what, let’s drop all our other efforts right now and get these over the finish line and get them up for comment so that we can make sure that we’re current with things,” Jeremy Eberwein, chief of the board’s Technology Division, told iGB.
About Forest Tale
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.
