The 2026 fiscal and regulatory shock forces a reclassification of the gambling operator. Tax compresses margin, liability concentrates accountability, and mature tooling collapses the case for in-house rebuilding. The operator stops being a vertically integrated software house and becomes a regulated system integrator — owning the brain, renting the muscle, and governing the accountability perimeter. For boards, the question becomes a capital allocation problem: which layers

ADM has signed the 2025 to 2034 Lotto concession with LottoItalia, the long-standing consortium now led by Brightstar Lottery. The group will pay €2.23 billion in licence fees, commit to a multi-year programme of infrastructure and security upgrades, and maintain the operational backbone of a product that generates critical fiscal revenue for Italy. The tender attracted competing interest from groups including Flutter and Sisal, yet the award ultimately followed a familiar lo

Luxembourg is preparing a bill that would centralise online gambling and gaming machines under a state-controlled model. The National Lottery would lead the offer, and the authorised land-based casino could receive an online licence once geoblocking and player-protection systems are proven. The government frames the move as a response to rising harm indicators, and as a way to shut down grey devices in cafés. This runs against Europe’s multi-licensing drift, so the proposal w