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“Standing still was not the responsible choice,” Nally said when the market launched. “Albertans were already gambling. What we’re putting in place is a regulated market that will put player safety and player responsibility first.”

“At the end of the day, this is not about revenue. This is about channelization,” Nally added. “How much of that black market can we channelize into the legal, regulated market?”

According to Nally, approximately 70% of online gambling in Alberta occurred through unregulated operators prior to the July 13 launch, with the remaining 30% flowing through Play Alberta, the province’s sole legal platform at the time.

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At the company’s Capital Markets Day in March, Sun International outlined plans to double SunBet’s share of the South African online market from its 4.5%.

While the company did not comment on how its market share had progressed since then, on Sun International’s post-H1 earnings call on Mondat, Bengtsson reiterated that product was key for its next phase of expansion.

He also hinted at opportunities to expand both within and beyond its core market of South Africa.

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In July, Fertitta’s General Counsel Steven Scheinthal told the Nevada Gaming Control Board that the company had a letter of intent from banks to finance the transaction but was waiting for better borrowing conditions. Fertitta is assuming nearly $12 billion in Caesars’ debt and is committed to a $6.6 billion financing package.

“Our hope is that in the next few months there will be a window of opportunity where the market will be hotter and [it’s] a more interest rate friendly environment where we can go raise the money and then just put it in an escrow account,” Scheinthal said at the time.

That window Scheinthal had hoped for seems to be moving further away. Caesars’ proxy filing showed that even during negotiations in the spring, Fertitta refused to go above its $31-per-share offer “due to higher financing costs and increased macroeconomic risks”. From the end of 2025 to late April of this year, higher borrowing costs had resulted in “approximately $40 million per year in additional costs from when the process started”, the filing said.