28 Jun 2019 07:00
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
This announcement contains inside information
For immediate release | 28 June 2019 |
SPORTECH PLC
('Sportech' or the 'Group')
Exclusive Off-Track Betting Licence Protections Secured
Sportech PLC (LSE: SPO), the international betting technology business, announced that the Connecticut State Budget signed by Governor Lamont on 26 June 2019 included legislation that clarifies and strengthens Sportech's exclusive licence to conduct off-track pari-mutuel betting in the State of Connecticut.
Sportech Venues, Inc. holds the exclusive licence to offer off-track betting in the State of Connecticut and does so through its 15 venues and online betting services.
This budget legislation closes a loophole and thus legally prohibits unlicensed online operators from taking wagers from Connecticut residents. This law becomes effective as of 1 October 2019.
Richard McGuire, Executive Chairman of Sportech, said: "The State of Connecticut have clarified and strengthened Sportech's exclusive licence with this legislation to close a previous loophole. Our online business in Connecticut is pivotal to growth and value.
"It is estimated that Connecticut residents wagered as high as US$60 million to US$80 million annually with unlicensed operators. Our Connecticut online betting platform, MyWinners.com, averages approximately 9% margin. Therefore, we are understandably focused on seeking to convert those customers and will update the market with progress on customer acquisition going forward."
Publication on website
A copy of this announcement is also available on the Group's website at www.sportechplc.com.
- Ends -
Contacts:
Sportech PLC | |
Richard McGuire, Executive Chairman | Tel: +1 203 361 3419 |
Peel Hunt | Tel: +44 (0) 20 7418 8900 |
(Corporate Broker to Sportech) Dan Webster / George Sellar / Guy Pengelley | |
Buchanan | Tel: +44 (0) 20 7466 5000 |
(Financial PR adviser to Sportech) Henry Harrison-Topham / Mark Court / Tilly Abraham | sportech@buchanan.uk.com |
Notes to Editors:
About Sportech
Sportech PLC, the international betting technology business, provides and operates betting technology solutions for some of the world's best-known gaming companies, sports teams, lotteries, and horse and greyhound racetracks, as well as owning and operating its own gaming venues in Connecticut under exclusive licences.
The Group focuses on highly regulated markets worldwide. It has more than 27,000 betting terminals deployed to over 400 clients in 37 countries. Its global systems process US$12 billion in betting handle annually. In the US, it operates under 35 licences across 37 states. The Group has invested over US$60 million in the last five years in the successful expansion of its US gaming Venues and in developing its technology services, resulting in its proprietary Quantum™ System being the most widely deployed pari-mutuel betting system globally.