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“The combined entity will be able to deliver the same rate of growth and the same rate of shareholder distribution, but with a larger pro forma free float and liquidity,” Angelozzi outlined.

“So you get the same stable and predictable growth and you get the capital returns. You get no additional risk, and you get the benefits of the new markets and the online opportunities on top of the synergies, which are also pretty significant. So that’s why this makes a lot of sense to us.”

Cirsa CEO Antonio Hostench echoed Angelozzi’s confidence, adding: “On our side, we see this as a great opportunity because as Guglielmo said, there is no overlap between the companies, almost no overlap.

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More relevant to DraftKings is the fact that under his leadership, the patent office has moved to significantly limit access to the Patent Trial and Appeal Board (PTAB) – the very board to which the gaming company is appealing in an effort to have the Cantor patent annulled.

Both Squires and his predecessor, Coke Morgan Stewart, made it harder for filers to get in front of the PTAB, typically citing patent ages or court rulings.

In April, Interactive Games LLC, a unit of Cantor, sued DraftKings and Flutter Entertainment’s FanDuel, alleging the two largest domestic online sportsbook operators infringed on its patents. That suit arrived a decade after Interactive Games brought similar litigation against the sports wagering giants, which was challenged by both companies.

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George Papanier has taken on Mircheva’s role as CFO on an interim basis. Papanier will continue in his current roles as Bally’s president and a member of its board of directors.

Papanier has over 40 years of experience in the gaming industry, previously serving as CEO between February 2011 and October 2021 having first joined the company as COO in 2004.

Bally’s CEO Robeson Reeves thanked Mircheva for her contribution and expressed confidence in Papanier’s ability to ensure continuity during the transition.