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Key casino locations include Megève, Granville and Mimizan. Additionally, Casigrangi controls SFC, which itself operates casinos in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle.

Under the terms of the agreement, Merkur will acquire 95% of Casigrangi, while DOFA will retain a 5% interest, subject to reciprocal put and call options exercisable in the future.

Casigrangi currently holds approximately 4,135,434 shares in SFC, amounting to 81.2% of its capital and voting rights based on figures from 31 October 2025.

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The Brazil betting industry has faced increasing scrutiny of late over claims that families are falling into debt because of gambling.

The president is not seeking to introduce the measures through a full bill, as the legislative process in Congress could reduce their immediate political impact ahead of the elections.

Some factions within the government, especially the Ministry of Finance, are resisting more drastic measures. The Ministry of Finance, responsible for regulating sports betting and online gaming, understands the sector’s importance to the economy. Finance Minister Dario Durigan’s difficulty lies in convincing Lula that a well-regulated activity is important for public finances. Lula has said, in line with critics of the sector, that if it were up to him, he would end betting in Brazil.

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A contract purchased on Kalshi cannot simply be transferred and sold on Polymarket, even where the two markets appear to cover the same outcome. Each exchange may also define and resolve its contracts differently, creating an additional risk for firms trading across venues.

Liquidity can consequently become self-reinforcing. Market makers gravitate towards platforms offering dependable technology and substantial order flow, while their participation improves pricing and execution for consumers.

Sahil Patel, founder of competitive intelligence provider Aldrin AI, said those relationships help explain Kalshi’s position.