Sands is reportedly abandoning its efforts to legalize internet gaming

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  • Less than a year and a half after trying to enter the digital gambling space, Las Vegas Sands appears to have pulled the plug on the online gambling investment sector.

His Substack newsletter, Earnings and More, co-edited by journalists Scott Longley and Jake Pollard, published in his Oct. We were the first to report that we have reassessed and steered our investment in online gaming. He builds his own investments with his partners. Companies focused on digital initiatives.

Chris Krafcik, an analyst at Eilers & Krejcik Gaming, picked up on the news and told readers of his consulting firm’s newsletter last week that Sands’ online efforts had been halted. He said the company has made several investments in the online gaming sector, including funding sports betting monitoring service He US Integrity.

“Existing investments are believed to be largely untouched, but there is speculation that Sands may seek to sell investments to third parties,” Krafcik wrote in the EKG newsletter.

Krafcik said the Sands closure has left several businesses on hold. Krafcik said Sands has withdrawn “several signed terms and conditions” with various companies. He said the startup in the online gaming sector has solicited investment from multiple sources, but Las Vegas Sands has pledged full funding.

Las Vegas Sands spokesman Ron Reese declined to comment on the status of the company’s online business, saying, “We have nothing to offer at this time.”

“When Sands withdrew its term sheet a few months later, none of the previously interested parties were willing to put money into it, and the deal remained unresolved,” Krafcik said. He said the investment was “in the millions,” but the investment in Huddle Tech, backed by Sands, was a merger of two companies that planned to provide betting services to U.S.

Las Vegas Sands executives hinted at an entry into online gaming in January 2021, just weeks after the death of founder Sheldon Adelson, who was adamant about expanding online gaming. Rob Goldstein, who succeeded Adelson as chairman and CEO, said the company is considering various options in the online space.

Six months later, Catlin joined Sands to lead the company’s efforts to become a “strategic investor” focused on the B2B space. Prior to that, he spent 14 years leading investments in public and private companies in the digital games sector at a firm based in Arlington, Virginia. In a July 2021 announcement, Goldstein said, “Digital games and other related products are still in the early stages of development, and we believe there is a great opportunity to invest in the technology under development.

Goldstein wasn’t questioned about the company’s digital take on his game at last month’s earnings call.

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