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Sportech PLC (SPO)

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Friday 13 August, 2021

Sportech PLC

Connecticut Sports Betting Update

RNS Number : 5214I
Sportech PLC
13 August 2021
 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)- ACT 2018

FOR IMMEDIATE RELEASE

 

13 August 2021

SPORTECH PLC

("Sportech", the "Group" or the "Company")

Connecticut Sports Betting Update

In May 2018, the US Supreme Court struck down the Professional and Amateur Sports Protection Act ("PASPA"), providing each US State with the option to introduce Sports Betting legislation.  Since that time Sportech have been engaged in pursuing various opportunities and specifically a Sports Betting licence in Connecticut, where Sportech Venues Inc. have an exclusive pari-mutuel (tote) betting licence.  In May 2021, the Connecticut General Assembly passed legislation to authorise sports betting in Connecticut.  Governor Ned Lamont signed the Bill on 27 May  2021.

As previously announced, unfortunately Sportech was not awarded a sports betting licence.  The Group considered two options: to legally challenge the decision or construct a mutually beneficial relationship with one of the three parties awarded a sports betting licence.

Sportech are today delighted to announce an exclusive 10-year commercial arrangement with the Connecticut Lottery Corporation ("CLC") which, subject to required regulatory consents, provides Sportech Venues Inc., in conjunction with CLC's sports book provider Rush Street Interactive (RSI), an ability to deliver Sports Betting across its retail estate and promotes CLC's online and mobile channel.

Rob Simmelkjaer, Chairman of CLC, said: "We are very excited to partner with Sportech to bring retail sports betting to all corners of the state of Connecticut.  Their existing locations and licensed staff will allow us to get to market quickly with RSI's retail offering, and we look forward to working with them as we ramp up retail Sports Betting around the state."

Richard McGuire, Sportech CEO, added: "Our customers have been demanding Sports Betting for many years and we are delighted to be part of the CLC team, bringing our proven locations, expertise and licensed betting professionals to support CLC in delivering an exciting Sports Betting product across the retail network and promoting their online and mobile channel."

Sportech is scheduled to announce its interim results for the six months ended 30 June 2021 on Thursday, 9 September 2021 and the Group will provide a further update at that time.

- Ends -

 

Contacts:

 

Sportech PLC

Giles Vardey, Chairman

Richard McGuire, Chief Executive Officer

Tom Hearne, Chief Financial Officer

Tel: +1 203 946 3100 

Peel Hunt (Nominated Adviser & Broker)

George Sellar

Andrew Clark

Will Bell

Tel: +44 (0) 20 7418 8900

Buchanan (Financial Communications)

Henry Harrison-Topham

Jamie Hooper

George Beale

Tel: +44 (0) 20 7466 5000

[email protected]

 

Notes to Editors:

About Sportech

Sportech PLC, an international betting technology business, delivers solutions and services for gaming companies and lottery clients in highly regulated markets. Sportech also owns and operates gaming venues and digital betting platforms in Connecticut under exclusive licences.

About the Connecticut Lottery Corporation:

The Connecticut Lottery Corporation (CLC) is a quasi-public state agency with the mission to generate revenue for Connecticut consistent with the highest standards of good public policy and social responsibility. In fiscal year 2021, players won more than US$925 million in prize money and Retailers earned more than US$83 million in commissions. At the same time, the CLC provided US$418 million to support the valuable services and programs funded by the state's General Fund including public health, libraries, public safety, education and more.  Since the Lottery began in 1972, its contributions to the General Fund have exceeded US$10.6 billion.

About RSI

RSI is a trusted online gaming and sports entertainment company focused on regulated markets in the United States and Latin America. Through its brands, BetRivers.com and PlaySugarHouse.com, RSI was an early entrant in many regulated jurisdictions and is currently live with real-money mobile, online and/or retail operations in ten US states: Pennsylvania, Illinois, New Jersey, New York, Michigan, Indiana, Virginia, Colorado, Iowa and West Virginia. RSI is also active internationally, offering its online casino and sportsbook in the regulated gaming market of Colombia on RushBet.co. RSI offers, through its proprietary online gaming platform, some of the most popular online casino games and sports betting options in the United States. Founded in 2012 in Chicago by gaming industry veterans, RSI was named the 2020 Global Gaming Awards Digital Operator of the Year and the 2020 EGR North America Awards Casino Operator of the Year and Customer Service Operator of the Year. RSI is committed to industry-leading responsible gaming practices and seeks to provide its customers with the resources and services they need to play responsibly. For more information, visit www.rushstreetinteractive.com

 

 

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