30 May 2023 07:00
30 May 2023
SPORTECH PLC
('Sportech' or the 'Group')
AGM Trading Update
Strong start to the year
Sportech, an international betting and technology business, announces a trading update ahead of its Annual General Meeting ('AGM') to be held at 12.00 p.m. today at Shakespeare Martineau, 6th Floor, 60 Gracechurch Street, London, EC3V 0HR.
Trading Update
In the first four months of the year, trading has been in line with the Board's expectations. Sports betting continues to experience a stable rate of growth, supporting the operational cost base of the business.
Betting Handle was +5.28% at US$68.7m (2022: $65.2m). Telebetting and online Pari-Mutuel betting eased from pandemic record levels, resulting in aggregate Pari Mutuel handle easing 5.15% to $32.3m (2022: $34.0m), despite betting handle growth from the physical locations. Sports Betting handle grew an impressive +16.7% to $36.4m (2022: $31.2m). In addition, US Sports Betting hold is ahead of budget to date.
The above underpins the Board's optimism for achieving full year expectations, which includes generating positive Group EBITDA.
The Board are evaluating numerous opportunities presently with regard to Group cash and will update the investors and the market in due course.
The results of the AGM voting will be released today, following the AGM and posted to the Company website: https://www.sportechplc.com/investors/shareholder-information/meetings-and-voting/
Richard McGuire, Executive Chairman, said:
"We are delighted to share the news of our strong start to the year, which can be attributed to the outstanding efforts of our management team. By capitalizing on our exclusive pari-mutuel betting license, we have successfully tapped into a new demographic of sports betting enthusiasts, opening up valuable cross-selling opportunities. The addition of sports betting as part of our product range has played a pivotal role in ensuring the financial stability of our Venues and paving the way for fresh avenues of growth.
Our entire team is unwavering in our commitment to enhancing our business and delivering maximum value to all stakeholders involved. With great anticipation, we look forward to collaborating with the new Connecticut sportsbook provider as we approach an exciting period brimming with potential for collective success."
Contacts:
Sportech PLC | |
Richard McGuire, Executive Chairman Clive Whiley, Senior Independent Director | ir@sportech.net |
Peel Hunt (Corporate Broker and NOMAD to Sportech) George Sellar / Andrew Clark / Lalit Bose | Tel: +44 (0) 20 7418 8900 |
Notes to Editors:
About Sportech
Sportech operates in the gaming market and has two main businesses. Firstly, it runs Sports Bars and other betting venues in Connecticut, USA, where it has an exclusive license to offer pari-mutuel wagering, it also has a distribution agreement with the Connecticut Lottery Corporation to provide retail sports betting. Secondly, Sportech provides online gaming through two separate lines of business. Mywinners.com operates under an exclusive license to offer pari-mutuel betting online in Connecticut, while 123bet.com offers pari-mutuel betting online across the wider USA.