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Greg Abel took over as CEO of the $1 trillion organization in early 2026. While Buffett continued to visit the office daily, he indicated he is now ready for a slower pace.

“Recently, I celebrated my 96th birthday with family and friends, including one of my great-grandchildren, who had just turned one. He’s moving a bit faster than I am these days,” Buffett wrote in a letter to shareholders. The billionaire credited Abel with exceeding his “sky-high” expectations, giving him complete confidence in completing the transition.

“The timing is right. I will become chairman emeritus and remain a director. My son, Howard, will succeed me as chairman,” Buffett told investors. “The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”

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The companies delivered a presentation that detailed their plans to create a “global gaming champion”.

Lottomatica generated revenue of €2.26 billion in its FY2025, while Cirsa’s FY2025 group revenue reached €2.34 billion.

The combined company would overtake the likes of Bally’s Intralot, Entain and Allwyn to become the second-largest listed global operator, behind only Flutter Entertainment in terms of combined adjusted EBITDA.

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Prosecutors allege that five suspects had operated internet-based gambling services without the required German licences from at least July 2021. The volume of bets placed on these platforms reportedly exceeded €5.8 billion between mid-2021 and the end of 2023. 

In addition to illegal gambling, investigators suspect extensive tax evasion, with a projected tax shortfall of about €77.6 million for 2024.

The DSWV, representing licensed sports-betting operators, broadly welcomed the law enforcement action as a necessary response to the illegal market’s growth and associated risks.