Original source:
Globe Newswire

Cohn Robbins shares Allwyn's enthusiasm for the UK National Lottery transition after Camelot withdraws legal appeal




September 8, 2022
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Cohn Robbins Holdings Corp. (NYSE: CRHC), a publicly traded special purpose acquisition company, has commented on the news that Camelot UK Lotteries Ltd. (the incumbent operating company of the UK National Lottery) will retract its appeal of a key June 2022 ruling by the UK's High Court.

The withdrawal of the Camelot Appeal by leading multinational lottery operator Allwyn AG removes an important impediment to the UK Gambling Commission (UKGC) signing the enabling contract that will permit the transition process to begin. Allwyn stated that it looks forward to collaborating with Camelot and the UKGC on this transition process which will allow Allwyn UK to run Europe's largest lottery. The UKGC chose Allwyn UK as the preferred candidate in the competition for the fourth license to conduct the UK National Lottery in March 2022. The existing license will expire on the 31st of January 2024.

The High Court of the United Kingdom removed a stay that had stopped the UKGC from going into agreements with Allwyn UK to officially award the fourth license to administer the UK National Lottery to Allwyn UK and begin the process of transition from the Camelot Entities to Allwyn UK in June 2022. The Camelot Appeal has prompted the stay to be extended awaiting the result of the Camelot Appeal hearing.

"As Allwyn's partners in our proposed merger, Cohn Robbins shares Allwyn's excitement about the UK National Lottery," Cohn Robbins stated. Allwyn's selection as the selected candidate to administer Europe's biggest lottery, after one of the most competitive lottery license tenders ever held, is a testament to the Allwyn team's strength and track record. We are particularly thrilled that Allwyn will be bidding for future lottery contracts, including those in the $100 billion US market, with the credentials of successfully operating lotteries in numerous locations."

The worldwide lottery sector, according to CRHC, offers appealing attributes such as significant customer involvement across a broad demographic range, robustness across market cycles, and upside potential from expanding internet penetration. Allwyn is a market leader in the $300 billion worldwide lottery sector, running lotteries in the Czech Republic, Austria, Greece, Cyprus, and Italy via both retail and online platforms. Furthermore, CRHC feels Allwyn is well-positioned to develop organically as well as inorganically.


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(Endi Corp and its affiliated Registered Investment Advisors own a position in Cohn Robbins Holdings Corp. as of September 8, 2022.)

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