Sportech sells its Dutch business

Sportech PLC the sports betting firm announced on Monday the planned sale of its Dutch based business Sportech Racing BV, to RBP Luxembourg for the sum of €3.25m ($3.97m).

Sportech Racing BV presently enjoys a monopoly over tote betting and horseracing gambling markets in the Netherlands, with services available to bettors in 47 land-based venues around the country and via the firm’s website: runnerz.nl. Their present license was acquired in June 2017 and will last 5 years.

The proposed disposal is subject to local regulatory consent and the transfer of various agreements and licences from certain Sportech group entities to Sportech Racing BV. The firm declared there can be no certainty the sale will complete and a further announcement will be made in the near future.

“The proposed disposal represents an attractive opportunity to realise value following the successful licence extension and restructuring of the business by management as we increase focus on US growth opportunities. 

“Sportech will continue to provide RBP, under a long term contract, its ongoing tote services and also has a strong working relationship with them focused on developing and selling their French racing pools into our vast footprint of global customers.” – commented Andrew Gaughan Chief executive officer.

At 1030 BST, the shares were down 2.2% to 63.58p.

Source: lse.co.uk