Super Fortune Dragon

About Super Fortune Dragon

Lottomatica’s agreement to absorb Cirsa, announced on 2 September, brings four Moroccan casinos into one of Europe’s largest listed gambling groups. Morocco accounts for about 2% of Cirsa’s revenue and about 4% of its earnings.

Neither company has announced plans to seek an online betting licence in North Africa. The deal nevertheless highlights the divide in Morocco’s gambling market.

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

About Super Fortune Dragon

Lottomatica will absorb Cirsa though an EU cross-border statutory merger, with Lottomatica continuing as the surviving entity.

Once the deal is completed, current Lottomatica shareholders are expected to own around 67.5% of the share capital, with Cirsa’s shareholders owning the remaining 32.5%.

Cirsa shareholders will receive 0.668 newly issued Lottomatica shares for each of their shares in Cirsa.

What is Super Fortune Dragon?

The case dates back to 2020 when Playtech allegedly engaged Black Cube to conduct an investigation into Evolution’s activities in prohibited and unlicensed markets. 

The investigation, which included secretly recorded interviews and conversations with Evolution staff members and other whistleblowers, was followed up with a damning report accusing the supplier of knowingly providing its services in sanctioned jurisdictions.

In April, court documents showed that Evolution had sought to add Playtech to the case.