Sportech pushes forward on its ‘America First’ growth strategy

The governance of London-listed betting and racing systems provider, Sportech Plc, has detailed that it will prioritise expanding its US commercial pipeline and stateside projects as the firm’s principal objectives for 2018 trading.

Updating investors at Sportech’s Annual General Meeting (AGM), Group Chief Executive Andrew Gaughan detailed 2018 corporate priorities.

Having an established presence within 37 US states, Sportech governance welcomes the repeal of PASPA’s federal mandate. Looking forward, the racing systems provider believes that Connecticut, where it operates a network of off-track betting facilities, will likely be an early adopter of state-licensed sports betting.

Highlighting the vast potential of the US betting market, Gaughan points to May’s Kentucky Derby which was a great success for Sportech systems.

“Sportech technology effectively processing approximately 93 million transactions through 280 North American locations on behalf of end-user customers. We recorded record turnover, with total handle up 4 percent on last year with internet wagering leading the growth, while food and beverage sales delivered solid gains on the previous year.  We are now looking forward to heightened interest in the Belmont Stakes on 9 June 2018 due to the potential for a triple crown winner.”

Beyond racing systems, Gaughan details that in-stadia lottery product Bump 50:50 continues its strong commercial momentum, adding a ‘further seven professional sports teams; its first PGA tour event, and three NASCAR race tracks to its roster this year’.

Prioritising US growth above all other corporate components, Sportech governance has moved to migrate its leadership to a new Toronto HQ.

This May, Sportech confirmed the appointment of US sports finance and funding expert Thomas Hearne as new CFO.

In 2018, the London-listed enterprise continues to offload its European properties as it pursues its ‘America first strategy’.