13th Aug 2021 12:21
(Alliance News) - Sportech PLC on Friday said it has agreed to a deal which will allow it to provide sports betting in Connecticut, after previously missing out on a licence.
Shares were up 5.4% to 36.90 pence in London on Friday afternoon.
The Edinburgh-based company, which owns gambling venues in Connecticut and sells its software to other firms, signed an exclusive 10-year commercial agreement with Connecticut Lottery Corp, allowing it to offer sports betting in stores and online.
Sportech, which already had a licence allowing it to offer a limited form of gambling in the state, had considered taking legal action after it wasn't awarded a sports betting license when regulations were liberalised in May.
But the company instead decided to form the partnership with CLC, which did win a licence.
"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 Chief Executive Richard McGuire said.
By Ivan Edwards; [email protected]
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