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His bankruptcy was discharged a year later, though he remained subject to bankruptcy restrictions until March 2009. MFS was incorporated in November 2006 by Pratibha Dewan, who later became Raja’s wife.
Raja, who has publicly described himself as the company’s founder, did not formally become a registered director until 2017.
Raja has characterized the allegations and media reporting against him as a “personal vilification campaign.”
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On Wednesday, the Science and Technology Committee (CCT) approved a project furthering restrictions on advertising and sponsorship of betting.
The proposal also established criteria for risk classification of products and clarifying the obligations of operators and platforms. The measure would likely grant the illegal market the opportunity to continue expanding, as it would be unaffected by the new rules. The committee approved a request for urgency for analysis by the Senate Plenary.
Authored by Senator Damares Alves and six other senators, Bill 2.470/2026 amends the Betting Law, which regulates fixed-odds betting, with measures aimed at protecting mental health, consumers, and the family economy. The bill received a favourable opinion, in the form of a substitute from Senator Alessandro Vieira.
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Angelozzi is set to serve as the combined company’s chairman and CEO, while Lottomatica’s deputy CEO and CFO Laurence Van Lancker will assume the same role.
Hostench and Cirsa CFO Antonio Grau will also continue to lead the teams at Cirsa.
Following the deal’s completion and approval by Lottomatica’s general shareholder’s meeting, the combined company’s board would consist of the existing 11 Lottomatica directors, as well as two new directors nominated upon designation by Blackstone.
