Pools and sports betting operator Sportech has cited the success of its Racing and Digital division as one of the main driving forces behind a year-on-year increase in revenue during the six months to June 30, 2014.
The company reported revenue of £52.6 million (€65.7 million/$87.2 million), which is up 1.7% on the £51.7 million the firm achieved in the corresponding period last year.
Adjusted profit before tax remained level at £6.3 million, but earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 0.8% from £12.1 million to £12 million in the first six months of 2014.
EBTIDA from Sportech Racing and Digital amounted to £3.7 million, which represents an increase of £600,000 on the previous year.
The division helped offset a £600,000 drop in the Sportech Venues operation while the firm’s Football Pools business was in line with the previous year at £8.2 million.
Ian Penrose, chief executive of Sportech, said: “We are pleased with the progress we have made in the first half, and in particular with the strategic momentum we have continued to build in our US business.
“We are expanding our retail betting estate, developing an online betting offer on horseracing and rolling out iGaming products as regulation allows.
“This series of initiatives complements our existing Racing and Digital business that currently processes $13 billion of bets annually, and following significant investment in new technology and products over the last couple of years, the division has secured new contracts, most notably to replace the entire betting system for the UK Tote.”
source : www.igamingbusiness.com
