Sportech has recently announced new board changes. With the departure of former CEO Richard McGuire and CFO Tom Hearne, Isabella Aslam speaks to the company’s new leadership, CEO Andrew Lindley, and CFO Nicola Rowlands, to discuss innovative strategies and the company’s next steps.
“The main strategy of the business leading up to now has been to tidy up the whole Sportech model with a view to reducing the size of the business. This also includes reducing the cost base and getting it to a set of manageable businesses with good potential for growth, rather than necessarily nursing some of the older businesses which require significant investment,” Lindly, CEO of Sportech, tells Gambling Insider.
Aside from any complications the company faced during the global pandemic, Sportech still managed to boost its revenue by 70%, compared to 2019 revenue levels.
Naturally, the increase was due to the “covid-stricken” industry; however, Rowlands explained: “We are getting back toward 2019 levels; we are not quite there yet but the recovery is definitely almost there."
Discussing the challenges the company has endured, Lindley touched on the organisation's road to recovery and how Sportech aims to overcome its hurdles: “We obviously had a disappointment in the middle of the year when we were told we wouldn't be getting a sports betting licence of our own, but we have worked very hard with the third licensee in the state and the three licensees are the two enormous tribal casinos in Connecticut.
“We've managed to partner with the equally enormous Connecticut Lottery Corporation (which is a very, very pleasing result for us) to offer their sports betting product in our venues, which will give our venues the opportunity for growth and sustainability for the long term. So, one of our key aims is getting that right and making that a functioning beacon across America.
“The core message is a move into a period of operational focus, that is the mantra for the business now.”
The full interview will be included in the November/December edition of Gambling Insider magazine, out in early November; you can read the September/October edition here.