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Heavy focus on Connecticut as Sportech reports revenue growth for 2021

The interim financial results of Sportech (AIM: SPO) for the first half of 2021 have been released.

report

The results show a significant increase in wagering handle compared to the pandemic-impacted 2020 period. Online wagering showed a 16% increase compared to 2020 and a 45% increase compared to 2019.

The Lotteries unit generated a 75% revenue growth compared to 2020, yet a 9% decrease compared to 2019, which is explained by the domestic and international travel difficulties.

The group’s current focus is completing the proposed share capital reduction and shareholder capital return, and operationally executing the delivery of sports betting across Connecticut, as it announced in August 2021, and escalating its digital lottery opportunities.

Even though things are uncertain on the timing of when Connecticut sports betting will be launched, the group considers its products and management strategy to play an important role in supporting future investment and growth.

Sportech announced discussions had commenced relating to a potential sale of a terrestrial lottery contract and will update the market in due course.

Richard McGuire, departing CEO of Sportech, commented: “The first half of 2021 marked a notably successful period of restructuring as Sportech completed business disposals, secured the move to the AIM market and built further on the online revenue gains from 2020.

"In recent weeks we also secured shareholder support for a proposed capital reduction and a significant capital return to shareholders, and were delighted to announce a 10-year business relationship with the Connecticut Lottery Corporation to support their sports betting initiative.”

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