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‘Every action disliked by a class may not lead to outrage of religious sentiments’; Bombay HC quashes case against Kailash Kher for hurting religious feelings in Lord Shiva song – SCC Online

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“Every action that might be disliked by a class of people may not necessarily lead to the outraging of religious sentiments because an act without the intention to outrage religious feelings would not be covered under Section 295A.”
Bombay High Court: In a writ petition filed by the famous singer Kailash Kher seeking quashing of a complaint registered against him under Sections 295A1 and 2982 of the Penal Code,1860 (‘IPC’) for singing in a Lord Shiva song with a specific depiction, the Division Bench of Bharati Dangre and Shyam C. Chandak, JJ., allowed the petition holding that merely because Kailash Kher was singing the song being surrounded by a large number of people who independently performed their roles assigned to them, the ingredients of Section 295A of IPC were not made out. Similarly, regarding Section 298 of IPC, the Court held that the complainant failed to make out even a prima facie case of his religious feelings being wounded with a deliberate intention attributed to Kailash Kher.
The complainant, a worshiper of Lord Shiva, bought a CD of Kailash Kher’s new album ‘Kailasa Jhoomo Re’ and watched the video for the song ‘Babam Bam’ wherein Kailash Kher was singing about Lord Shiva and dancing with a girl who was scantily clothes. Allegedly, watching the same hurt the religious feelings of the complainant, and he filed the case before the Court of Ilaka Judicial Magistrate, Ludhiana, against Kailash Kher as well as the producer, Sony Music Entertainment Pvt Ltd (‘Sony’). Aggrieved, Kailash Kher filed the present petition.
On the issue of jurisdiction, the Court agreed with the contention that the Court had jurisdiction since Kailash Kher was a singer located in Bombay, he had a global appeal, and he was required to travel across the length and breadth of the country for his shows and shooting. As far as Sony was concerned, the Court noted that it had its office in Mumbai. Furthermore, except for the filing of the complaint by the complainant in Ludhiana, no cause of action had arisen within the jurisdiction of the said Court.
The Court further noted that the album featuring the petitioner was recorded on CDs available for sale in the entire country, and just because the complainant viewed the song in Ludhiana, he chose to file the complaint in Ludhiana. Since the song was produced by Sony, which was situated in Mumbai, it could not be said that the exclusive cause of action arose in Ludhiana, but instead, it arose in Mumbai. Thus, the Court held that it had jurisdiction to entertain the present petition.
The Court stated that the necessary ingredient of Section 295A of the IPC was the deliberate and malicious intention of outraging the religious feelings of any class of citizens of India by words, either spoken or written, by signs, or by visible representations otherwise, when it amounted to insulting or attempting to insult the religion or religious belief of that class. To attract the offence under Section 295A, what was necessary to be demonstrated was a deliberate attempt by Kailash Kher to hurt religious sentiments. The Court stated that the test to invoke Section 295A is whether the act has the potential to disturb public order or morality.
In this regard, the Court noted that the only accusation against Kailash Kher was that he was dancing with some scantily dressed girls, and a girl and boy were kissing each other in the song. Such picturization was allegedly to hurt the religious feelings and emotions of the complainant. The Court remarked that deliberate and malicious intention was absent on the part of Kailash Kher, who was just singing the song. Additionally, he was neither the producer of the album nor did he direct its filming/recording. The Court held that merely because Kailash Kher was singing the song being surrounded by many people who had independently performed the role assigned to them by the Director, the ingredients of Section 295A of IPC were not made out.
The Court added that every action that might be disliked by a class of people may not necessarily lead to the outraging of religious sentiments because an act without the intention to outrage religious feelings would not be covered under Section 295A.
The Court referred to Ramji Lal Modi v. State of U.P. 1957 SCC OnLine SC 77, wherein the Supreme Court held that Section 295A does not penalise any and every act of insult to or attempt to insult the religion or religious feelings of a class of citizens, which are perpetuated with the deliberate and malicious intention of outraging the religious feelings of that class. Insults to religion offered unwittingly, carelessly, or without any deliberate or malicious intention to outrage the religious feelings of that class are not encompassed within the said provision.
The Court added that the one who alleges a malicious and deliberate act on the part of another has to prove it, and then it would be considered what act could be said to have been done maliciously. A man acts maliciously when he wilfully and without lawful excuse does something that he knows will injure another in person or property. The term ‘malicious’ denotes ill-will, perversion, or incorrigible disposition. It means and implies an intention to do an act which is wrongful to the detriment of another. Whether a person has acted corruptly or maliciously is a question of fact which must be proved.
The Court stated that the alleged act of Kailash Kher, though he had only vocalized the song, would have to be tested against the fundamental right of freedom of speech and expression and liberty of conscience guaranteed to every citizen under the Constitution. Though the Constitution does not guarantee it as an absolute right, reasonable fetters can be imposed by law under Article 19(2) of the Constitution.
The Court mentioned a quote from A.G. Noorani, a famous Supreme Court advocate, scholar, author, and political commentator, which reads, “Intolerance of dissent from the orthodoxy of the day has been the bane of Indian society for centuries. But it is precisely in the ready acceptance of the right to dissent as distinct from the mere tolerance that a free Society distinguishes itself.” The Court stated that this quote aptly described the situation. While safeguarding the freedom of speech, the burden lay on the complainant to prove the ingredients of Section 295A, as it was intended to deal with an offence that was more serious than the one punishable under Section 298 of IPC, which related to words uttered in presence of the person with intention of wounding his religious feelings.
The Court underscored that another important aspect was the requirement for obtaining a sanction under Section 196(1) of the CrPC for prosecuting Kailash Kher under Section 295A, without which the prosecution could not be sustained. Similarly, as far as the offence under Section 298 of IPC was concerned, the Court held that the complainant failed to make out even a prima facie case of his religious feelings being wounded with a deliberate intention attributed to Kailash Kher. The lyrics of the song sung by him were nothing but praise of Lord Shiva and the attributes of his mighty character, nothing else.
Accordingly, the Court allowed the petition holding that it was satisfied that the present case fell within clause (1) of the guidelines issued by the Supreme Court in State of Haryana v. Bhajan Lal 1992 Supp (1) SCC 335 wherein the Supreme Court permitted the High Courts to exercise its powers for quashing a case when the allegations, even on face value and accepted in its entirety, do not prima facie constitute any offence or make out a case against the accused.
Thus, the complaint case was quashed and set aside.
[Kailash Kher v. State of Maharashtra, 2025 SCC OnLine Bom 594, decided on 04-03-2025]
Judgment authored by: Justice Bharati Dangre
Advocates who appeared in this case:
For the petitioner: Ashok M Saraogi, Priti Rao, and Amit Dubey
For the respondent: APP D.S. Krishnaiyar
penal code, 1860
Constitution of India
1. Section 299 of the Bharatiya Nyaya Sanhita, 2023
2. Section 302 of the Bharatiya Nyaya Sanhita, 2023
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Mega Millions: Numbers drawn in $843M Friday jackpot – ABC7 New York

Watch Mega Millions drawings streamed on ABC 7 New York on Tuesday and Friday at 11:00 p.m.
NEW YORK (WABC) — Numbers were drawn in Friday's $843 Mega Millions jackpot.
The numbers were: 16-21-23-48-70 Mega Ball: 5
Tuesday's winning numbers were: 11-17-57-50-14 Mega Ball: 6
Friday's drawing will be the 38th drawing since the jackpot was last won in Virginia on June 27.
It's the longest streak without a jackpot winner since the game began in 2002; the previous record of 37 drawings was set January 22, 2021, when a $1.050 billion jackpot was won in Michigan.
It has been a while since the Mega Millions jackpot was won during November; the last time was in 2016. Since the game began in 2002, though, there have been 16 jackpots won during the month; the largest to date was a $326 million prize won in New York on November 4, 2014.
Tickets are $5 each and include a randomly assigned multiplier, multiplying the base prize levels by 2X, 3X, 4X, 5X or 10X. Half of the proceeds from the sale of each Mega Millions ticket remains in the state where the ticket was sold, where the money supports designated good causes and retailer commissions.
The overall odds of winning any Mega Millions prize are 1 in 23; the odds of winning the jackpot are 1 in 290,472,336.
Mega Millions is available in 45 states, plus Washington, D.C. and the U.S. Virgin Islands.
1. $1.602 billion, Aug. 8, 2023 (one ticket in Florida)
2. $1.537 billion, Oct. 23, 2018 (one ticket in South Carolina)
3. $1.348 billion, Jan. 13, 2023 (one ticket in Maine)
4. $1.337 billion, July 29, 2022 (one ticket in Illinois)
5. $1.22 billion, Dec. 27, 2024 (one ticket in California)
6. $1.128 billion, March 26, 2024 (one ticket in New Jersey)
7. $1.050 billion, Jan. 22, 2021 (one ticket in Michigan)
8. $810 million, Sept. 10, 2024 (one ticket in Texas)
9. $656 million, March 30, 2012 (three tickets in Illinois, Kansas, and Maryland)
10. $648 million, Dec. 17, 2013 (two tickets sold in California, Georgia)
1. $2.040 billion, Powerball, Nov. 7, 2022 (one ticket: California)
2. $1.787 billion. Powerball. Sept. 6, 2025 (two tickets: Missouri and Texas)
2. $1.765 billion, Powerball, Oct. 11, 2023 (one ticket: California)
3. $1.602 billion, Mega Millions, Aug. 8, 2023 (one ticket: Florida)
4. $1.586 billion, Powerball, Jan. 13, 2016 (three tickets: California, Florida and Tennessee)
5. $1.537 billion, Mega Millions, Oct. 23, 2018 (one ticket: South Carolina)
6. $1.348 billion, Mega Millions, Jan. 13, 2023 (one ticket: Maine)
7. $1.337 billion, Mega Millions, July 29, 2022 (one ticket: Illinois)
8. $1.269 billion, Mega Millions, Dec. 27, 2024 (one ticket: California)
9.$1.128 billion Mega Millions, March 26, 2024 (one ticket, from New Jersey)
10. $1.08 billion, Powerball, July, 19, 2023 (one ticket: California)
You can watch the New York state lottery drawings live daily at 2:30 p.m. and 10:30 p.m. and Wednesdays and Saturdays at 8:15 p.m. on ABC 7 New York.
Powerball drawings are also streamed here on Monday, Wednesday, and Saturday at 10:59 p.m.
Mega Millions drawings are streamed on Tuesday and Friday at 11:00 p.m.
The New York Lottery continues to be North America's largest and most profitable Lottery, contributing $3.7 billion in Lottery Aid to Education for FY2022-2023 to help support education in New York State.
New York Lottery revenue is distributed to local school districts by the same statutory formula used to distribute other state aid to education. It takes into account both a school district's size and its income level; larger, lower-income school districts receive proportionately larger shares of Lottery school funding.
For more information about the New York lottery and to see lottery results, please visit nylottery.ny.gov..
New Yorkers struggling with a gambling addiction, or who know someone who is, can find help by calling the State's toll-free, confidential HOPEline at 1-877-8-HOPENY (1-877-846-7369) or by texting HOPENY (467369). Standard text rates may apply.
(The Associated Press contributed to this report.)
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No Tickets Sold With All Six Mega Millions Numbers; Jackpot at $800 Million – MyNewsLA.com

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Breaking news for Los Angeles, Orange and Riverside counties
There were no tickets sold with all six numbers in Friday evening’s drawing of the multi-state Mega Millions lottery, pushing the estimated jackpot for Tuesday’s drawing to $900 million, the 15th-largest lottery jackpot in U.S. history..
There were also no tickets sold with five numbers, but missing the Mega number, the Mega Millions Consortium, which conducts the game, announced.
The numbers drawn Friday were 16, 21, 23, 48, 70 and the Mega number was 5. The estimated jackpot was $843 million.
The drawing was the 38th since the last time a ticket with all six numbers was sold.
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The odds of matching all five numbers and the Mega number is 1 in 290,472,336, according to the Mega Millions Consortium. The overall chance of winning a prize is 1 in 23.
Tuesday’s jackpot will be the eighth-largest in the history of the Mega Millions game, which began in 1996 as The Big Game and was given the new name Mega Millions in 2002.
There have been six Powerball drawings with larger jackpots, according to the Multi-State Lottery Association, which conducts the Powerball game
The Mega Millions game is played in 45 states, the District of Columbia and U.S. Virgin Islands.
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Crypto News: Finland to Launch Crypto Reporting Framework by 2026 – Live Bitcoin News

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We participate in marketing programs, our editorial content is not influenced by any commissions. To find out more, please visit our Term and Conditions page.

Finland will implement its domestic crypto-asset reporting framework by 2026. This crucial move enhances tax fairness and global financial compliance efforts.
Finland is rapidly moving forward with new crypto tax regulations. The Nordic nation plans to launch a domestic reporting framework by 2026. According to Bloomberg, this action makes Finland an obvious leader among the European Union member states. The main objective is the clarification of taxes on all digital assets.
This momentous Finnish action is in perfect agreement with a major worldwide push for transparency. The Organisation for Economic Co-operation and Development (OECD) developed the Crypto-Asset Reporting Framework (CARF). Therefore, CARF standards will support automatic international data exchange in the near future. Over 50 nations worldwide will eventually join this important undertaking.
Related Reading: South Korea to Join OECD’s Global Crypto Reporting System | Live Bitcoin News
The new rules are quickly being introduced into Finnish domestic law. Furthermore, they are definitely set to come into force on January 1, 2026. Crypto-asset service providers (CASPs) are required to start a detailed data collection process in 2026. In addition, the first annual reports are formally due to be submitted in January 2027.
Finnish tax officials have confirmed that they are in full readiness for this implementation. Juho Hasa, a senior adviser, said that all legislative preparations are now almost complete. He presented these key updates at the recent Digital Accord London event. In essence, Finland demonstrates an enormous commitment to any global rollout concerns.
Some other countries are still significantly postponing their implementation of the framework. For example, the United Kingdom has recently raised certain implementation issues. On the contrary, Finland blazes ahead with its firm and clear legislative pathway. This proactive approach quite clearly speaks volumes about its commitment to effective fiscal oversight.
The Finnish proposal differs from the minimum standard requirements in that it goes beyond them. Indeed, it goes beyond both the CARF of the Organization for Economic Cooperation and Development and the EU’s DAC8 directive. The plan requires increased reporting requirements for CASPs. This action will go a long way towards the ability of officials to calculate capital gains and losses for Finnish residents.
This strong national regulatory action is absolutely not an isolated incident. Many other countries are quickly joining this major tax transparency movement. Specifically, the United Kingdom plans to have its own additional legislation by the start of 2026. This is widespread confirmation of a digital asset clarity regulatory shift on a large scale, global context.
Other key European Union member countries are also busy bringing CARF into their systems. This large-scale adoption ensures smooth cross-border reporting protocols. Similarly, countries such as India and the UAE are planning to apply these powerful recommendations of the Organization for Economic Cooperation and Development (OECD). These steps directly facilitate the automatic international exchange of crypto tax data.
The global consensus for standardizing reporting on digital assets is progressing very fast. This is a common international emphasis on the fairness of taxation and total compliance. Consequently, the automatic exchange of crypto transaction data is also quickly becoming a fundamental reality. Finland is clearly showing itself to be a strong leader in this important financial sector reform.
Crypto exchanges and other platforms are also extremely late in preparing for this fundamental change in the industry. They need to rapidly update all their internal systems to cope with the intense new reporting demands. In conclusion, Finland’s bold step sets a very high bar for all other jurisdictions to follow. The new era of global crypto tax transparency has now begun.
LiveBitcoinNews is a leading online platform dedicated to providing the latest news and insights about Bitcoin and the broader cryptocurrency market. It offers timely updates on market trends, regulatory developments, technological advancements, and expert analyses, catering to both seasoned investors and newcomers in the digital currency space. The site features a variety of content, including articles, guides, interviews, and opinion pieces, making it a comprehensive resource for anyone interested in staying informed about the rapidly evolving world of cryptocurrencies.
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Prep football roundup: ’Jackets close regular season with win – mariettatimes.com

Nov 8, 2025
Williamstown’s Jenner Burge carries the ball during Friday’s 41-21 win over Scott. (Photo by Nikki Allen)
WILLIAMSTOWN — Jackson Kerr ran for three touchdowns to help Williamstown close the regular season with a 41-21 win over Scott Friday.
Jack Moore got the scoring started for the Yellowjackets, who at 5-5 will wait to see if they earn a Class AA postseason bid. Moore ran in from 5 yards out at the 5:59 mark of the first to make it 6-0.
A Jackson Fulton 36-yard touchdown pass to Breck Allen, followed by Kerr’s first score from 42 yards out, made it 20-0 at halftime.
In the third, Christian Hoosier had a 90-yard scoop-and-score before Kerr rushed for a 51-yard touchdown to make it 35-0 Williamstown.
Scott got on the board with 4:22 left in the third thanks to Mason Brown’s 2-yard TD run.
Williamstown answered with 4:52 remaining in the fourth when Kerr found the end zone from 4 yards out.
SHS, which added a pair of inconsequential touchdowns in the final minute, finished the season 2-8.
Ohio playoffs: Wheelersburg 43, Morgan 3
WHEELERSBURG — Morgan’s historic season came to a close Friday as the Raiders fell to top-seeded Wheelersburg 43-3 in the Region 19 quarterfinals Friday night.
Jude Garber’s 31-yard field goal got Morgan within 7-3 in the first quarter, but the Pirates closed the game on a 36-0 run.
Morgan, which won its first postseason game in program history last week, finished the season 8-4.
COLLEGEVILLE, Pa. — Marietta College started off the Andy Bucheit era with an 89-81 victory over Misericordia …

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Missouri Lottery Mega Millions, Pick 3 winning numbers for Nov. 7, 2025 – Springfield News-Leader

The Missouri Lottery offers several draw games for those aiming to win big. Here’s a look at Nov. 7, 2025, results for each game:
16-21-23-48-70, Mega Ball: 05
Check Mega Millions payouts and previous drawings here.
Midday: 6-7-9
Midday Wild: 9
Evening: 5-3-2
Evening Wild: 6
Check Pick 3 payouts and previous drawings here.
Midday: 4-8-0-0
Midday Wild: 2
Evening: 4-7-2-7
Evening Wild: 7
Check Pick 4 payouts and previous drawings here.
05-23-34-36-48, Cash Ball: 02
Check Cash4Life payouts and previous drawings here.
Early Bird: 06
Morning: 04
Matinee: 05
Prime Time: 11
Night Owl: 09
Check Cash Pop payouts and previous drawings here.
19-27-28-35-36
Check Show Me Cash payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
All Missouri Lottery retailers can redeem prizes up to $600. For prizes over $600, winners have the option to submit their claim by mail or in person at one of Missouri Lottery’s regional offices, by appointment only.
To claim by mail, complete a Missouri Lottery winner claim form, sign your winning ticket, and include a copy of your government-issued photo ID along with a completed IRS Form W-9. Ensure your name, address, telephone number and signature are on the back of your ticket. Claims should be mailed to:
Ticket Redemption
Missouri Lottery
P.O. Box 7777
Jefferson City, MO 65102-7777
For in-person claims, visit the Missouri Lottery Headquarters in Jefferson City or one of the regional offices in Kansas City, Springfield or St. Louis. Be sure to call ahead to verify hours and check if an appointment is required.
For additional instructions or to download the claim form, visit the Missouri Lottery prize claim page.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Missouri editor. You can send feedback using this form.

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Idaho Lottery results: See winning numbers for Mega Millions, Pick 3 on Nov. 7, 2025 – USA Today

Looking to win big? The Idaho Lottery offers several games if you think it’s your lucky day.
Lottery players in Idaho can chose from popular national games like the Powerball and Mega Millions, which are available in the vast majority of states. Other games include Lotto America, Lucky For Life, 5 Star Draw, Idaho Cash, Pick 3 and Pick 4.
Big lottery wins around the U.S. include a lucky lottery ticketholder in California who won a $1.27 billion Mega Millions jackpot in December 2024. See more big winners here. And if you do end up cashing a jackpot, here’s what experts say to do first.
Here’s a look at Friday, Nov. 7, 2025 results for each game:
16-21-23-48-70, Mega Ball: 05
Check Mega Millions payouts and previous drawings here.
Day: 5-7-9
Night: 9-0-6
Check Pick 3 payouts and previous drawings here.
Day: 0-5-6-2
Night: 7-4-1-1
Check Pick 4 payouts and previous drawings here.
05-09-16-30-41, Lucky Ball: 02
Check Lucky For Life payouts and previous drawings here.
03-20-28-33-42
Check Idaho Cash payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
Winning lottery numbers are sponsored by Jackpocket, the official digital lottery courier of the USA TODAY Network.
Tickets can be purchased in person at gas stations, convenience stores and grocery stores. Some airport terminals may also sell lottery tickets.
You can also order tickets online through Jackpocket, the official digital lottery courier of the USA TODAY Network, in these U.S. states and territories: Arizona, Arkansas, Colorado, Idaho, Maine, Massachusetts, Minnesota, Montana, Nebraska, New Hampshire, New Jersey, New York, Ohio, Oregon, Puerto Rico, Washington D.C., and West Virginia. The Jackpocket app allows you to pick your lottery game and numbers, place your order, see your ticket and collect your winnings all using your phone or home computer.
Jackpocket is the official digital lottery courier of the USA TODAY Network. Gannett may earn revenue for audience referrals to Jackpocket services. GAMBLING PROBLEM? CALL 1-800-GAMBLER, Call 877-8-HOPENY/text HOPENY (467369) (NY). 18+ (19+ in NE, 21+ in AZ). Physically present where Jackpocket operates. Jackpocket is not affiliated with any State Lottery. Eligibility Restrictions apply. Void where prohibited. Terms: jackpocket.com/tos.
This results page was generated automatically using information from TinBu and a template written and reviewed by a USA Today editor. You can send feedback using this form.

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National Lottery operator sees sales boosted by record EuroMillions draws – The Independent

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A record haul from EuroMillions jackpot draws has helped The National Lottery operator notch up a sales surge in the UK.
Czech-based Allwyn – which took over the 10-year licence to run the lottery from Camelot in February last year – reported a 14% jump in UK underlying constant currency sales for the three months to the end of June.
Sales lifted 7% on a reported basis, helping UK underlying earnings lift 20% to six million euros (£5.2 million).
The National Lottery sold 18,600 tickets a minute on June 6 at the peak of the record £208 million EuroMillions jackpot draws.
The most recent run of EuroMillions draws lasted more than 10 weeks and generated both the highest ever UK sales of more than £550 million and the biggest ever returns to good causes in the history of the game.
The series of 21 draws – the second-longest in EuroMillions history – raised £190 million for good causes.
They started on April 8 and ended on June 17 when a single winner in Ireland scooped the £208 million jackpot.
Allwyn said online instant-win games also saw strong growth in the quarter, thanks to new launches and as the mammoth EuroMillions jackpots boosted interest in games more widely.
Over the half-year as a whole, UK underlying earnings fell more than a third, down 35% at 15 million euros (£13 million) despite revenues lifting 7% to 2.11 billion euros (£1.83 billion).
The National Lottery recently hailed the biggest technology upgrade in its 31-year history.
Allwyn paused sales and payouts in shops for around 36 hours to make way for the overhaul over the first weekend in August, while The National Lottery website and app were also down over the same period.
During the pause, Allwyn transferred and upgraded The National Lottery’s gaming and retail systems to new platforms.
The new Wave lottery in-store terminals will help speed up transactions for players and retailers alike, while also paving the way for new lottery-based games, according to Allwyn.
Robert Chvatal, chief executive of Allwyn, said: “We are delighted to have reached a key milestone in our strategy to transform The National Lottery in the UK, successfully bringing over 30 new systems online, including transitioning to a new central lottery system, as well as activating new terminals for around 8,000 retail partners.
“This was one of the largest lottery transitions ever delivered.”
Allwyn said at the time of the refresh that the systems and in-store terminals powering The National Lottery dated back to 2009, “before iPads, Uber and Instagram”, which now needed to be modernised to deliver on “ambitious” plans for a National Lottery “fit for the future”.
The switchover had been beset by delays after Allwyn took over the licence, which has held back the launch of new draw-based games.
It was unable to switch to a new technology provider after agreeing to extend the contract for the existing supplier, International Games Technology (IGT).
IGT had challenged the Gambling Commission’s decision to award Allwyn the 10-year licence in court, but later dropped the legal action.
Allwyn has previously admitted that delays to the new games it had hoped to introduce in 2024 would hold back the amount of money it could give to good causes in the early part of its 10-year licence.
But the group remained committed to its long-term goal to double money for good causes, despite falling short of early targets.
Figures showed the wider Allwyn business, which runs lotteries across Europe, delivered a 6% rise in underlying earnings to 362 million euros (£314 million) as total revenues rose 6% to 2.27 billion euros (£1.97 billion) in its second quarter.
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Ripple leads $666m funding bonanza as crypto startups double amounts raised in 2025 – dlnews.com

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Venture capital investors are ploughing billions into crypto startups and not even October’s $500 billion market wipeout is scaring them off. In fact, they’re likely to accelerate their backing of the industry in 2026.
That’s according to Eva Oberholzer, chief investment officer at VC firm Ajna Capital, who told DL News that investors are now shopping for “real revenue, unit economics, and risk controls across treasury, counterparty, and leverage.”
The October flush forced many venture investors into diligence mode, Oberholzer said, but good teams will still be funded, especially in areas like blockchain infrastructure and real-world assets.
“Base case is a quieter Q4 as diligence bites, then a gradual pickup if markets stabilise,” Oberholzer said. “Real-money allocators typically act after a reset and two stable quarters, pointing to late Q4 2025 into Q1 2026 for larger allocations.”
Oberholzer’s comments come as 12 crypto companies raised over $666 million in the first week of November, according to DefiLlama data.
That brings the total funding for crypto companies to $22 billion so far in 2025, doubling 2024’s total. Codebase and Galaxy Ventures are among investors who expect $25 billion to be doled out to crypto startups this year.
And analysts say investment into crypto ventures will accelerate in 2026. The argument? That the regulatory windfalls in the US will fuel investors’ bullishness into next year.
Those victories include industry supporters in key government positions, a smattering of pro-sector executive orders, the signing of a landmark stablecoin law, an inbound markets bill, and President Donald Trump’s continued backing of the industry.
For Oberholzer, this will translate into a a “funding resurgence” by mid-2026. She expects more institutional commitments to crypto-native managers, direct institutional involvement in protocols, and continued community participation.
Here are the crypto companies that raised the most money so far in November.
Ripple tripled its valuation to $40 billion following a $500 million strategic funding round announced on November 5, its largest capital raise since 2019.
Major Wall Street heavyweights backed the round. Backers included Citadel Securities, Fortress Investment Group, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
Ripple said the move would deepen its ties to financial partners and support expansion into new business lines.
The blockbuster raise underscores financial institutions’ broader rush into crypto, spurred by new stablecoin regulations.
Kraken’s secured a $15 billion valuation earlier this year when it raised money for an acquisition. A person familiar with the matter has told The Information that the crypto exchange is now raising money at a $20 billion valuation.
Coinbase, Circle and Gemini now respectively trade at $78 billion, $25 billion and $1.8 billion market caps.
Founded in 2012, Ripple uses the XRP Ledger to offer blockchain-powered cross-border payments. But the firm is expanding its remit.
In the past year, it acquired GTreasury for $1 billion, and non-bank prime broker Hidden Road for $1.25 billion, moves aimed at treasury and institutional finance.
The company aims to compete with established leaders including Circle, Stripe, and Western Union as the industry embraces stablecoin-based payment rails.
Canaan Inc., the Nasdaq-listed crypto mining and high-performance computing company, announced on November 4 that it landed $72 million in strategic equity investment from top-tier institutional investors Brevan Howard’s BH Digital, Galaxy Digital, and Weiss Asset Management.
The deal, structured as a direct purchase of 63.7 million American depositary shares at $1.13 each, involves no warrants, derivatives or other complex instruments, a move the company says reflects investor confidence in its fundamentals and long-term strategy.
“This straightforward equity deal marks a significant turning point in our capital strategy,” said Canaan CEO Nangeng Zhang. “It aligns us with fundamentals-driven investors and reinforces our commitment to growing the Bitcoin ecosystem through every market cycle.”
Swiss Bitcoin treasury firm Future Holdings secured over $34 million in a strategic funding round to develop what it calls “Europe’s premier Bitcoin treasury company,” the company announced November 5.
Backed by investors Fulgur Ventures, Nakamoto, and TOBAM, the raise signals growing institutional appetite for Bitcoin-native financial infrastructure in Europe.
The firm holds Bitcoin on its balance sheet and offers treasury management, custody infrastructure, institutional research, and advisory services, aiming to connect Bitcoin with global capital markets through a regulated, Swiss-based gateway.
You’re reading the latest installment of The Weekly Raise, our column covering fundraising deals across the crypto and DeFi spaces, powered by DefiLlama.
Lance Datskoluo is DL News’ Europe-based markets correspondent. Got a tip? Email at lance@dlnews.com.

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