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William Hill ends legal fight with US rival Scientific Games

Bookmaker William Hill has ended its legal spat with Scientific Games after agreeing a share sale and commercial deal with its US rival.
The UK gambling company had moved to block Scientific’s CAD$775m (?453m) attempted takeover of fellow American company NYX by beefing up its stake in the latter.
This prompted Scientific, which had gained a 36pc stake in NYX, to launch legal proceedings against William Hill in the American state of New Jersey. Scientific claimed its UK rival had “repeatedly threatened to block the acquisition by purchasing additional shares of NYX stock” as well as “exercising a conversion right” on its existing holding which gave it voting rights on issues such as acquisitions.
But now the two warring factions have put their legal wrangling to bed with Scientific agreeing to acquire William Hill’s stake in NYX, which consists of 6.8m ordinary shares worth CAD$16.3m and ?87m of convertible preference shares.
William Hill ends legal fight with US rival Scientific Games

William Hill chief executive Philip Bowcock has said its deal with Scientific Games will mean it retains access to the US market
William Hill chief Philip Bowcock said the deal ended all legal action between it and Scientific as well as expanding its commercial relationship with them in the US market.
This is important, he added, because the US offers “considerable potential should the Supreme Court ruling on PASPA, which is expected next year, provide states with the power to regulate sports betting”.
The US Supreme Court heard oral evidence on overturning PASPA - the Professional and Amateur Sports Protection Act - this week. The legislation was implemented in 1992 as a federal law which restricts all but a handful of states from legalising sports gambling.
Despite the ban, sports betting in the US is a huge multi-billion dollar black market, which has prompted New Jersey governor Chris Christie, among others, to call for the law to be scrapped to enable states to properly regulate and tax such betting. The Supreme Court is due to issue its ruling in the first half of next year.
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