The governance of London-listed racing technology and betting systems provider Sportech Plc has declared a solid start to 2017 (Q1: January – March) in-line with corporate expectations.
Updating investors ahead of its annual AGM, Sportech discontinues accounting the performance of its Football Pools division having agreed to sell the asset to London private equity firm OpCapita for £83 million last March.
The transaction is still subject to UK Gambling Commission (UKGC) approval, as Sportech governance expects the deal to be completed by the end of June.
As an industry supplier, Sportech has focused on developing its international footprint through its Racing and Digital division. The company continues to report firm progress within the region, having secured lucrative supplier-side contracts in Macau, Vietnam and Malaysia.
Furthermore, the firm highlights the positive impact of its Racing and Digital ‘Bump 50:50 product’, which allows of the technology provider to service in-stadia electronic lotteries. The company has further secured five new partners for the services including the Atlanta Braves MLB baseball team.
Sportech continues to advance within the US, growing its venue properties. The company expects to open its 20,000 square foot ‘flagship’ sports bar in Danbury Connecticut within the coming weeks.
During the period the company recorded its ‘second-best ever’ Kentucky Derby, noting Internet wagering on MyWinners.com is up 7% compared to the same period last year.
Sportech governance did not comment on the update, but confirmed that the company will release its full group interim results on 24 August.