LSE-listed wagering and racing systems provider Sportech Plc has entered a ‘strategic alliance‘ with London-based iLottery systems provider LOT.TO – seeking to ‘broaden its suite of gaming opportunities’.
Sportech has moved to acquire LOT.TO’s enterprise outright on a share-for-share basis. The transaction sees LOT.TO continue to operate as a stand-alone outfit, with Sportech confirming that ‘the acquisition would be non-material in the context of the group’.
Richard McGuire, Executive Chairman of Sportech, explained: “The global gambling market is estimated to reach an annual turnover of US$ 635bn by 2020, with the lottery sector accounting for about 30% of that.
“Our strategic alliance with LOT.TO will enhance our existing successful core lottery product and will help us to capitalise on the worldwide growth of lottery and lottery-style games and reach an ever-expanding digital audience.”
Founded in 2016 by a team of seasoned digital and lottery executives led by Andrew Lindley, LOT.TO seeks to merge lottery, betting and community engagement dynamics, aiming to deliver next-generation lotto games for new audiences, with its inventory supported by best-in-class player account management systems.
Backing Sportech as lead investor, Andrew Lindley, CEO & Co-Founder of LOT.TO, stated: “For a worldwide appeal, no other gambling product comes close to lotteries.
“Our future with Sportech is hugely exciting because our clients can benefit from the combination of Sportech’s proven robust processing technology and hardware and our innovative iLottery platform in a single offering as well as the obvious synergies in sports betting platforms. Together, we can offer clients a truly world-class omni-channel solution that’s incredibly powerful.”