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Fantasy Sports Gamble Leaves Banks on Hook for Unsold Loans
MINT· 2025-11-17 18:39
(Bloomberg) -- Wall Street gambled — and lost — on a $1.64 billion loan for a lottery company backed by a Czech billionaire to fund a majority stake in a fantasy sports operator in Atlanta.The loan to Allwyn fell prey to more discriminating credit markets, and after raising just $1 billion from institutional investors, banks including Goldman Sachs Group Inc. and Deutsche Bank AG had to step in to make up the shortfall — and ended up sharing $500 million of the debt on their own balance sheets, according to ...