Business By The Books: Tekkorp SPAC Scraps Sports Betting Plans

Tekkorp SPAC is no longer looking for a sports betting company to acquire and take public through a SPac. TekkORP was targeting a gaming business with a $1-$2 billion enterprise value. The company ended with $251.3 million held in trust and will redeem 100% of shares at $10.05.

Tekkorp SPAC has cancelled its plans to get an online sports betting license. Tekkorp won one of the three $20 million standalone Illinois sports betting licenses this April.

The application listed Mexican sportsbook brand Caliente as its DBA. Playtech, which has a stake in Calientse's interactive business, said in July that a SPAC transaction was no longer happening as expected.

Capital market conditions have deteriorated since the transaction was initially contemplated. The Company continues to explore alternative opportunities with Caliplay management to build a standalone US gaming business under the Caliente brand focused on the Hispanic community in the US.

Sportradar must stop all unofficial data scouting at matches for soccer leagues including the English Premier League under the settlement of a Genius Sports lawsuit. Genius sold a sublicense for a delayed feed of betting data to Sportradars through 2024.

PointsBet is jumping into the online horse racing betting business with Stronach Group. The product will focus on traditional pari-mutuel betting instead of fixed-odds horse betting.

BetMGM will launch Evolution-developed iCasino games featuring NHL teams in Michigan, New Jersey, Ontario and Pennsylvania.

PENN Entertainment is investing $850 million into four casino projects. The owner of all four properties that PENN leases will provide up to $575 million in financing for the projects, which is not all from available cash. Penn had $1.71 billion in cash and equivalents and $ 1.55 billion debt as of June 30.

Caesars refinances its debt. Caesar's will prepay $750 million in existing term B loans due December 2024.