Sports betting and gaming company Sportech PLC provided today trading update for the period between January 1, 2016 and May 16, 2016. The gaming group said that it has enjoyed a positive start to the year, following the introduction of several important operational improvements. Sportech also said that it is trading in line with initial management expectations.
Sportech Racing and Digital, the company’s digital and racing division, has had an encouraging start to the year. The gaming group pointed out in its latest update that the significant investment made over the past several years and the technology upgrade implemented resulted in the creation of a new business. In addition, Sportech Racing and Digital opened its Singapore office and it has started delivering positive results in a region the company had not had many customers before.
It was announced just recently that Sportech Racing and Digital would supply wagering systems to the Macau Jockey Club and would also sell systems in Vietnam and Malaysia. As many as 400 terminals have been shipped to Australia’s Tabcorp during the period.
Commenting on the performance of its venues, Sportech noted that the business has progressed in several areas. In the first place, its MyWinners brand reported a 17% increase in Internet wagering as compared to the same period of 2015.
The company said that a considerable improvement has been seen in food and beverage, and wagering revenue at its flagship property in Bradley, Connecticut. Other venues also reported excellent performance during the reviewed period.
Similarly to Sportech’s other divisions, its Football Pools one also performed according to expectations during the period in review. The company said that the modernization project that has been under implementation over the past several years is on schedule to be finalized within the next six weeks. A mobile app was launched in March as part of the group’s strategy to turn its Football Pools business from a paper-based operational oriented one into a “marketing and technology driven” one.
Earlier in May, it was announced that the UK Court of Appeal Judges ruled in favor of Sportech in its long-standing £97-million VAT repayment court battle with Her Majesty’s Revenue and Customs. The latter, however, recently revealed that it would appeal the latest decision to the Supreme Court.
