In a trading update ahead of its annual general meeting being held later today (30 May), Sportech said that sports betting experienced a “stable rate of growth” during the period.
Richard McGuire, executive chairman of Sportech, said that focusing on the operator’s pari-mutuel licence has allowed it to expand its reach across new markets.
“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,” said McGuire. “By capitalising on our exclusive pari-mutuel betting licence, 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.”
McGuire added that Sportech was set to begin its collaboration with the new Connecticut sportsbook provider. Sportech’s Venues business operates across the state.
“Our entire team is unwavering in our commitment to enhancing our business and delivering maximum value to all stakeholders involved,” he continued. “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.”
Pari mutuel handle fell by 5.1% to $32.3m. Sports betting handle increased by a considerable 16.7% to $36.4m. Alongside this, Sportech’s US sports betting hold is ahead of budget to date.
Last month, Sportech reported revenue growth of 13.5% to £26.0m.
Original article: https://igamingbusiness.com/finance/sportech-revenue-up-to-68-7m-in-first-four-months-of-2023/
