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Sportech PLC, the international betting technology business, has completed the acquisition of 100 per cent. of LOT.TO Systems Limited (‘LOT.TO’), a leading, UK-based digital gaming technology business. As announced on 16 November 2018, the acquisition is non-material in the context of the Group.
The acquisition provides Sportech with a leading digital gaming platform, iLottery, and a specialist team focused on innovative digital gaming technologies. It will also help solidify the Group’s global gaming capabilities and services position. Importantly, the acquisition also provides Sportech with growth opportunities through broadening the suite of gaming services offered by the Group.
UK-regulated LOT.TO is recognised as a digital specialist in the lottery sector providing turn-key solutions to its B2B client base. Whilst its proprietary ‘Rapid Lotto’ and lotto betting verticals online have been its core consumer products, LOT.TO’s iLottery platform has the capability to operate in any gambling vertical including self-service POS terminals plus online and mobile interfaces.
Richard McGuire, Executive Chairman of Sportech, said: “This acquisition will enhance the digital capabilities across all Group business lines. In addition, it will accelerate a strategy to further develop those growth opportunities, consolidate our sports betting capability, enhance our existing Lottery product capabilities and support the digital development of our global pari-mutuel capabilities in an efficient and effective manner.”
The consideration will be satisfied by way of issuance of two million new Sportech ordinary shares of 20p each to the vendors (the ‘Consideration Shares’). Applications have been made to the UK Listing Authority (‘UKLA’) and London Stock Exchange plc for the Consideration Shares to be admitted to the Official List of the UKLA and to trading on London Stock Exchange plc’s main market for listed securities (‘Admission’) and Admission is expected to occur on 7 February 2019. The vendors are subject to a three-year lock-up arrangement in respect of their Consideration Shares (subject to certain customary exceptions), effective from today’s date. Richard McGuire, Executive Chairman of Sportech, is one of the vendors (holding five per cent. of the issued share capital of LOT.TO) and will receive 100,000 Consideration Shares upon Admission.
About Sportech:
Sportech PLC, the international betting technology business, provides and operates betting technology solutions for some of the world’s best-known gaming companies, sports teams, and horse and greyhound racetracks, as well as owning and operating its own gaming venues in Connecticut under exclusive licences.
The Group focuses on highly regulated markets worldwide. It has more than 27,000 betting terminals deployed to over 400 clients in 37 countries. Its global systems process nearly US$12 billion in betting handle annually. In the US, it operates under 35 licences across 37 states. The Group has invested over US$60 million in the last five years in the successful expansion of its US gaming Venues and in developing its technology services, resulting in its proprietary Quantum
System being the most widely deployed pari-mutuel betting system globally.
About LOT.TO:
Licensed by the UK Gambling Commission, LOT.TO is the trusted B2B lottery partner of some of the biggest regulated gambling companies in the world. Backed by some of Europe’s most successful investors, LOT.TO makes lottery games more appealing, more accessible and more engaging for users. Their aim is to open up online lottery and bet-on-lottery to new partners, enabling companies to offer captivating mobile and online lottery games and lotto jackpots to their customers.
Source: Latest News on European Gaming Media Network
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