In a trading update ahead of its annual general meeting being held later today (30 May), Sportech announced that sports betting has experienced a stable rate of growth during the period.
Richard McGuire, executive chairman of Sportech, stated that the operator’s focus on its pari-mutuel license has enabled it to expand into new markets, resulting in a strong start to the year.
McGuire expressed his delight at the success and attributed it to the outstanding efforts of the management team. He emphasized the value of the exclusive pari-mutuel betting license in tapping into a new demographic of sports betting enthusiasts and opening up valuable cross-selling opportunities.
Furthermore, the addition of sports betting to Sportech’s product range has played a pivotal role in ensuring financial stability and paving the way for further growth.
McGuire also mentioned the upcoming collaboration with the new Connecticut sportsbook provider and expressed the team’s commitment to enhancing the business and delivering maximum value to stakeholders.
The trading update revealed that while pari-mutuel handle fell by 5.1% to $32.3m, sports betting handle saw a significant increase of 16.7% to $36.4m. Moreover, Sportech’s US sports betting hold is ahead of budget.
In the previous month, Sportech reported revenue growth of 13.5% to £26.0m.
