The governance of London-listed betting and racing systems provider Sportech Plc has told investors at its recent annual general meeting that expansion of its US commercial pipeline and stateside projects will be prioritised as part of principal objectives for 2018 trading.
The announcement was made by group chief executive Andrew Gaughan who told the gathering that having established a presence within 37 US states, Sportech governance welcomes the repeal of PASPA’s federal mandate. Looking forward, the racing systems provider believes that Connecticut, where it operates a network of off-track betting facilities, will likely be an early adopter of state-licensed sports betting.
Emphasising the vast potential of the US betting market, Gaughan pointed to May’s Kentucky Derby which was a hailed as a great success for the company. He said: “Sportech technology effectively processes approximately 93 million transactions through 280 North American locations on behalf of end-user customers. We recorded record turnover, with total handle up four per cent on last year with internet wagering leading the growth, while food and beverage sales delivered solid gains on the previous year. We are now looking forward to heightened interest in the Belmont Stakes on 9 June 2018 due to the potential for a triple crown winner.”
Beyond racing systems, Gaughan revealed that in-stadia lottery product Bump 50:50 continues its strong commercial momentum, adding a ‘further seven professional sports teams; its first PGA tour event, and three NASCAR race tracks to its roster this year’.
Prioritising US growth above all other corporate components, Sportech governance has moved to migrate its leadership to a new Toronto HQ. While in May, the company confirmed the appointment of US sports finance and funding expert Thomas Hearne as new CFO. In 2018, the enterprise continues to offload its European properties as it pursues its ‘America first strategy’.