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“He steps into the interim role supported by an experienced finance organisation and I am confident that our reporting, controls and capital markets work will continue without disruption.”
Bally’s shares plunged 26% on 17 August despite a solid Q2 in which group revenue rose by 20% year-on-year to €792.2 million.
The share price came under pressure following debt disclosures in Bally’s Q2 10-Q filing, which was submitted to the Securities and Exchange Commission on 14 August.
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“Tax collection is part of the economic game and all sectors contribute,” Durigan said. “The same happens with betting.”
He argued the sector should be treated with the same rigour currently applied to cigarettes.
In an interview with Guilherme Amado’s column in Amado Mundo, Durigan said the government of Brazil and President Luiz Inácio Lula da Silva had fulfilled what was defined in the law that established sports betting.
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It is important to stress that the Commission has not published detailed findings or established that breaches occurred. Customers can still access their accounts and withdraw funds. Following the closures the sites still provided messaging about the suspended licences.
Even so, suspension is an unusually forceful intervention.
“In my experience, where compliance concerns can be satisfactorily addressed without suspending an operator’s licence, the Commission may allow the operator to implement remedial measures or an action plan while continuing to trade,” says Richard Williams, partner at Keystone Law, speaking before the news of the collapse of the businesses.
