In just a few days, more than USD 6.3m was wagered on the outcome of the contest between Harris and Trump.
United States.- Just weeks after a U.S. court allowed betting on the presidential election outcome between Kamala Harris and Donald Trump, scheduled for November 5, millions of dollars are being bet on who will be the next president.
Bets in favor of Harris ranged from 48 percent to 50 percent on Friday on the Interactive Brokers platform, which took advantage of the legalization of this market, allowed on October 2, in a country where regulatory authorities have fought a long battle against electoral markets.
It is worth noting that before the October 2 ruling, there were only two legal betting markets in the United States, which had obtained exemptions due to their linkage with research projects and strict limits on betting participants.
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Following the ruling, the betting market was activated after a Washington court's decision, allowing Kalshi, a startup that has been trying to introduce political betting in the U.S. for years, to capture bets while appeals against regulators are resolved.
In just a few days, more than USD6.3m was wagered in the contest between Harris and Trump, and users were also betting on which party will take control of the House of Representatives and the Senate.
The rating agency assigns new corporate ratings among which stands out the Caa2 condition for Codere society.
Spain.- This week, Moody’s announced that it has assigned a Caa2 rating for its corporate credit rating (CFR) and a Caa2-PD with default probability (PDR) to Codere Group Topco. The rating was granted after the multinational gambling company announced the completion of the global recapitalization process.
Also, according to Europa Press, the C from CFR and the C-PD/LD from PDR were removed from Codere Luxembourg 2 S.A.R.L. Moody’s removed the Caa1 rating from the super senior secured bonds due in 2025 issued by Codere Finance 2 (Luxembourg), S.A.; as well as the C rating from the super senior secured bonds due in 2026 issued by Codere Finance 2; and the C note from the subordinated PIK secured bonds due in 2027 issued by Codere New Holdco S.A.
It is worth remembering that in mid-October, Codere reported that it had “successfully” completed its global recapitalization process, which led it to start a new stage of financial stability and strategic growth for the company, after reducing its gross corporate debt by 86 percent, to EUR190m.
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Following this, the company highlighted that this operation provided a comprehensive and definitive solution to strengthen its capital structure, ensuring long-term stability and securing the viability and growth of the group under its new strategic plan.
With this recapitalization, Codere reduced its gross corporate debt from about EUR1.400m to approximately EUR190m. This resulted in a consolidated net debt of about EUR65m, equivalent to 0.5 times the adjusted gross operating result (Ebitda) of 2023, before IFRS16.
Additionally, the company received a near EUR60m injection of new liquidity that will contribute to driving the business plan and reinforcing financial solvency and health.
The recapitalization, effective from October 15, 2024, had the unanimous support of Codere's creditors, with more than 99 percent backing in most of the key financial instruments.
