Intralot's Sports Betting Failures in D.C. Under Investigation

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00:00Okay, so a story that was out last week, we didn't talk about it a ton here on Newswire,

00:09is this company called Intralot.

00:11Now, Matt, I think we should catch people up with who this company is.

00:14They're being investigated right now.

00:17I know that they're based out of Washington, D.C., and they were prominent in the sports

00:21betting market there.

00:22So before I go any further, I'm going to turn this one over to you.

00:24Who is Intralot, and what are they under investigation for?

00:28Yeah, well, Intralot, Craig, actually, they're a Greek company that is a lottery provider,

00:35and they also offer sports betting as well.

00:38So Intralot works with a lot of the U.S. lotteries, providing their draw-based games and their

00:44lottery systems and all that kind of stuff.

00:47Intralot was also the provider of sports betting in Washington, D.C., and that happened because

00:54a certain congressman, council member, excuse me, pushed for there to be a no-bid contract

01:00in D.C., and he basically just said, look, let's give the deal to Intralot.

01:05They're already our lottery provider.

01:08If we don't get this up and running as fast as we can, we could lose, I believe he said

01:14something like $60 million over a little over two years, as council member Jack Evans did.

01:21And you know what, Craig?

01:22It turned out that Jack Evans was a little dirty, and he was in bed with people that

01:26were getting kickbacks from Intralot, and he was removed from the council.

01:31Now Intralot just did a terrible job with D.C. sports betting and was kicked out.

01:37They now have a different way to do sports betting in D.C., with the market being open

01:42to the DraftKings, the FanDuels, the Caesars, the MGMs.

01:46And now the attorney general of the District of Columbia wants to look into these Intralot

01:52compacts and wants to look into what exactly was promised, what happened, and why it didn't

01:58work out the way it was supposed to.

02:01And basically the way that this is going down is the Washington City paper says that they

02:08talk about false claim violations, which is basically what happens when contractors or

02:13companies say that they are owed money by the district for work that was not fully or

02:19completely or correctly performed.

02:22So the attorney general, it seems like, is coming out and saying, look, you guys promised

02:27a whole heck of a lot for sports betting, and it didn't even come close to what it should

02:32have. We know Intralot and their Gambit D.C.

02:35platform missed their expected earnings year after year after year.

02:41And it was cut and cut and cut.

02:45So it's going to be really fun to see what happens with that.

02:47You know, Intralot is still in the U.S.

02:49sports betting business.

02:51They're up in Montana.

02:53They have a book in Maryland.

02:56And, you know, their odds all across the country, from what we've seen, they've all been

03:02really highly juiced.

03:03And that was Intralot's plan, basically.

03:07They wanted to get the people that maybe weren't, you know, great sports bettors or

03:12learned sports bettors.

03:14They just wanted people that wanted to get down.

03:17And so they weren't necessarily line shopping.

03:19And it didn't work out for Intralot.

03:21It got them kicked out of D.C.

03:22and now it could be getting them sued.

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