Mayhem

How to play Mayhem

Land-based gambling can attract international investment. Cirsa expanded its Marrakech presence last November. Private online betting has no equivalent licensing route.

Cirsa’s own IPO prospectus is blunt about it: “Online gaming only exists for betting, which is operated by a state agency,” it says of Morocco, adding that online casino games “are not allowed”.

The same divide exists in Tunisia and Egypt. Governments there have focused on prohibition and enforcement rather than opening online markets to private operators.

About Mayhem

Distributed gaming followed at 27%, then casinos at 25%.

Again highlighting his view that this was a low-risk merger, Angelozzi described Spain and Italy as “among the best globally” in terms of markets.

Angelozzi observed particular opportunity in Spain, where he estimated Cirsa holds 6% of the online market, suggesting it’s more fragmented and less developed than in Italy.

What is Mayhem?

During the lawmaking process, Full House’s exclusivity was stripped in favor of welcoming any company currently licensed as a commercial casino in the US to bid on the possible license. Lawmakers also threw in a one-time $150 million fee for the concession and a mandatory investment minimum of $500 million, all but ending Full House’s interest.

“The bill changed many times. We make money in Rising Sun. We always have, not a lot of money, but we make money. We continue to make money in Rising Sun. And we will continue to do that for our shareholders, as well as for the good of the state,” Full House CEO Daniel Lee said in March.

If any county approves its local casino referendum, the county government would be required to conduct a request for proposals and submit a winning project to the IGC.