Sportech 2025 Interim Summary

17th September 2025

Sportech Ltd

(“Sportech” or the “Group” or the “Company”)

 

Interim Results

Sportech, a US-focused entertainment and betting business, is pleased to present its interim results for the seven months ended 31 July 2025 (“2025 YTD” or the “period”).  The following statement highlights key financial metrics compared to the prior year on both a constant currency and restated reported currency basis for the period.

 

Summary

The Company recorded revenue of £12.5 million during the 2025 period, 3.1% below the comparable 2024 period. Gross profit of £6.9 million, was down £0.2m from £7.1 million, maintaining a robust 55% gross profit margin. Contribution remained relatively stable at £6.7 million (2024: £6.9m), demonstrating operational resilience.

 

A key highlight is the significant improvement in Adjusted EBITDA, which rose to £0.9 million from £0.7 million in 2024 YTD (constant currency), driven by operational efficiencies, growth in sports betting commissions in Connecticut, and reduced corporate costs. The Adjusted Loss Before Tax narrowed to £0.4 million from £0.6 million, reflecting better cost management and operational performance. No shareholder distributions were made in 2025 YTD, compared to £3.4 million in the prior year, following the sale and leaseback of certain property assets.

 

Sportech continues to prioritize delivering shareholder value through its focus on expanded gaming in the US and specifically enhancing digital wagering opportunities, with a leaner cost structure. The Board remains confident in achieving full-year forecasts and driving sustainable growth.

£m’s   2025 YTD  

Constant

Currency

 2024 YTD

Restated

Reported

Currency

2024 YTD

Revenue 12.5 12.9 13.1
Gross Profit 6.9 7.1 7.3
Contribution1 6.7 6.9 7.1
Adjusted EBITDA2 0.9 0.7 0.7
Adjusted loss before tax3 (0.4) (0.6) (0.7)
Distributions to shareholders 0.0 3.4 3.4

 

  1. Contribution is defined as gross profit, less marketing and distribution costs.
  2. Adjusted EBITDA is earnings from continuing operations before interest, taxation, depreciation and amortisation, share option charges, impairments and separately disclosed items.
  3. Adjusted loss is the aggregate of Adjusted EBITDA, share option charges, depreciation, amortisation (excluding amortisation of acquired intangibles) and certain finance charges.

As the Group moves through the rest of the financial year, the corporate focus remains on delivering positive shareholder returns, operationally executing the delivery of enhanced digital platforms to key locations and escalating the Group’s digital wagering opportunities across the US and internationally.

 

The business transformation continues with the following objectives:

 

  • Utilise corporate and team reputation to deliver further partnership opportunities
  • Rebrand retail hubs and expand digital platform capabilities
  • Execute market expansion into high growth opportunities beyond Connecticut
  • Evaluate and execute material corporate opportunities, delivering tangible investor returns.

 

 

For further information, please contact:

Sportech Ltd

[email protected]

Richard McGuire, Executive Chairman

 

Operational Review: Sportech Venues

Sportech Venues, the cornerstone of Sportech Ltd.’s operations, manages nine premier gaming venues in Connecticut, operating under an exclusive, perpetual licence for retail, online, and telephone betting on horse racing, greyhound racing, and jai alai. Since 2021, the Group has expanded its offerings to include sports betting, enabled through a strategic partnership with the Connecticut Lottery Corporation (CLC) and their sports betting provider, Fanatics Sportsbook. This diversification has strengthened our position in the rapidly growing U.S. wagering market.

 

Performance Overview

The seven months ended 30 July 2025 (“2025 YTD”) presented initial challenges, particularly in February, when severe weather significantly reduced customer footfall and limited wagering events. As a result, food and beverage (F&B) and pari-mutuel wagering revenues fell markedly compared to the prior year.  However, the business has demonstrated significant resilience since March, delivering above-forecast revenues in the core summer months, bolstered by a strong pari-mutuel performance. During the U.S. Triple Crown season, starting in May, Sportech handled $10.76 million in wagers in Connecticut. By the end of July 2025, total wagering handle across our nine Off-Track Betting (OTB) locations and the MyWinners.com digital platform reached an impressive $52.49 million.

Sports betting continues to be a key growth driver. Revenue from sports betting commissions grew by 17.6% during the period, reflecting growing demand and our successful collaboration with CLC and Fanatics Sportsbook. Sportech earns a share of net gross gaming revenue (GGR) and provides additional services to Fanatics’ online sportsbook for a fee. The sports betting handle across our nine venues totalled $46 million, underscoring the strong adoption of our expanded product suite.

The average monthly betting handle across our nine OTB venues was $12.2 million, comprising $5.6 million from pari-mutuel betting and $6.6 million from sports betting. This balanced contribution highlights the complementary nature of our traditional and emerging wagering channels.

 

Sportech Ltd: Strategic Transformation Update for 2025

Sportech Ltd is undergoing a transformative phase in 2025, focusing on reinvestment to drive growth and establish the company as a leading entertainment-tech platform in the U.S. wagering market. Strategic initiatives prioritize enhanced customer experiences, operational efficiency, and digital innovation.

 

Key Strategic Initiatives

 

  • Enhancing Customer Experience: Increased capital expenditure (capex) across the retail estate aims to deliver a superior betting and entertainment environment. The “Home of Live” theme underpins efforts to create vibrant, immersive venues, serving as a catalyst for differentiating the digital channel, MyWinners.com, and capturing rising demand in the U.S. wagering market.
  • Relocation to Innovation Hub: In July 2025, Sportech Ltd relocated its corporate headquarters to a state-of-the-art Innovation Hub in Hamden, Connecticut. This move reflects a commitment to fostering innovation, attracting top talent, and aligning operations with a tech-driven vision for the future.
  • Optimizing Retail Footprint: In October 2025, Sportech Ltd will exit a high-cost, outdated retail location and open a modern betting venue. This new facility will elevate the customer experience while achieving annual cost savings of approximately $450,000, reinforcing operational efficiency.

 

Strategic Growth and Market Positioning

The U.S. wagering market continues to expand rapidly, with industry forecasts projecting $30 billion in wagers on the NFL this season and $3.1 billion on the NCAA basketball tournament (March Madness). Against this backdrop, Sportech is strategically evolving from a niche, single-state retail operator into a dynamic entertainment-tech and affiliate platform. While merger and acquisition activity remain active in the U.S. gaming sector, Sportech’s robust legacy, exclusive Connecticut licence, and growing sports betting footprint position us uniquely for growth.

The Group’s ongoing transformation is driven by the recruitment of top-tier talent to identify and execute high-impact opportunities. The company is focused on advancing its digital wagering capabilities, strengthening strategic partnerships, and pursuing new licensing opportunities. By leveraging operational expertise, global reach, and cutting-edge technology, Sportech Ltd aims to deliver superior entertainment experiences and generate sustainable, long-term value for shareholders.

 

Outlook

Sportech Venues is well-positioned to capitalize on the growing U.S. consumer demand for wagering. Our focus remains on optimizing our Connecticut operations, expanding our sports betting offerings, and enhancing our digital platform, MyWinners.com.  We are confident that these efforts, combined with our strategic partnerships and operational efficiencies, will continue to drive growth and strengthen our reputation as a leader in the entertainment-tech space.

 

Sportech Venues

 Venues

$’000

2025 YTD   2024 YTD
Pari-mutuel revenue 10,678 11,068
Sports commission 1,649 1,367
F&B Revenue 2,267 2,297
Ancillary revenue streams 946 977
Total revenue 15,540 15,709
Track Fees (3,426) (3,518)
Handle Tax (1,837) (1,913)
Tote Fee, etc. (738) (655)
F&B COGS (752) (741)
Cost of Sales (6,753) (6,827)
   
Marketing & distribution costs (176) (202)
   
Contribution 8,610 8,680
Contribution margin 55.4% 55.3%
Adjusted operating expenses (6,579) (6,714)
Adjusted EBITDA 2,032   1,965
   
Total capex 114   132

 

Interim consolidated income statement
For the seven months ended 31 July 2025

 

Seven months ended
31 July
2025
(Unaudited)

Seven months ended
31 July
2024
(Unaudited)
  £000 £000
Revenue 12,511 13,276
Cost of sales (5,658) (6,006)
Gross profit 6,853 7,270
Marketing and distribution costs (131) (186)
Contribution 6,722 7,084
Other income
Operating costs (6,922) (7,586)
Operating (loss)/profit (200) (502)
Finance costs (254) (156)
Finance income
(Loss)/profit before taxation from continuing operations (454) (658)
Taxation – continuing operations
(Loss)/profit for the period from continuing operations (454) (658)
Profit after taxation from discontinued operations
(Loss)/profit for the period (454) (658)
   

 

Interim consolidated balance sheet

As at 31 July 2025

 

As at

31 July
2025 (Unaudited)

As at

31 December
2024
(Audited)

  £000 £000
ASSETS  
Non-current assets  
Goodwill
Intangible fixed assets 5,539 6,140
Property, plant and equipment 525 732
Right-of-use assets 6,280 7,847
Trade and other receivables 170 187
Total non-current assets 12,514 14,906
Current assets  
Trade and other receivables 1,038 532
Inventories 99 121
Cash and cash equivalents 2,666 3,570
Total current assets 3,803 4,223
TOTAL ASSETS 16,317 19,129
LIABILITIES  
Current liabilities  
Trade and other payables (3,837) (3,754)
Lease liabilities (625) (998)
Total current liabilities (4,462) (4,752)
Net current assets (659) (530)
Non-current liabilities  
Lease liabilities (7,163) (8,461)
 
TOTAL LIABILITIES (11,625) (13,213)
NET ASSETS 4,693 5,916
   
EQUITY  
Ordinary shares 971 971
Other reserves 3,830 4,461
Retained earnings/(accumulated losses) (107) 484
TOTAL EQUITY 4,693 5,916

 

 Interim consolidated statement of cash flows
For the seven months ended 31 July 2025

 

Seven months

ended
30 July
2025
(Unaudited)

 

Year

ended

31 December 2024
(Audited)

  £000 £000
Cash flows (used in)/from operating activities  
Cash (used in)/generated from operations, before separately disclosed items 547 1,439
Tax paid (30) 11
Net cash generated (used in)/from operating activities before separately disclosed items 517 1,451
Cash outflows – separately disclosed items (11) (253)
Cash generated (used in)/from operations 506 1,198
Cash flows (used in)/from investing activities  
Disposal of Windsor Locks, Bradley (net of transaction costs) 3,566
Purchase of property, plant and equipment (114) (133)
Net cash generated from/(used in) investing activities (114) 3,434
Cash flows used in financing activities  
Principal paid on lease liabilities (779) (1,246)
Interest paid on lease liabilities (254) (334)
Dividend paid   (3,399)
Interest received 13
Cash used in financing activities (1,032) (4,966)
Net (decrease)/increase in cash and cash equivalents (640) (335)
Effect of foreign exchange on cash and cash equivalents (256) 61
Cash and cash equivalents at the beginning of the year 3922 4,196
Group cash and cash equivalents at the end of the period 3,027 3,922
Represented by:  
Cash and cash equivalents 3.027 3,922
Less customer funds (361) (353)
Adjusted net cash at the end of the period 2,666 3,569

 

Sportech Directorate change 4th September 2025

 

 

4th September 2025

Sportech Ltd

(‘Sportech’ or the ‘Group’)

Directorate Change

Sportech Ltd, a US-focused entertainment and betting business, announces that Clive Whiley has decided to resign from his role as a Non-Executive Director.

Clive joined the Sportech Board in April 2022 during a transformative period for the company. His strategic insight has been pivotal in guiding Sportech through significant milestones, including its delisting from the AIM market and the successful return of substantial capital to shareholders. Clive’s decision to resign reflects the increasing demand for his expertise in the UK, as Sportech continues to focus exclusively on its US operations.

Richard McGuire, Executive Chairman of Sportech, stated: ” On behalf of the Board and our shareholders, I extend heartfelt gratitude to Clive for his outstanding contributions over the years. His expertise has been instrumental in shaping Group strategy and strengthening the business foundation during a critical phase. We wish him every success in his future endeavours.”

Clive Whiley, remarked: “For more than three years with Sportech, I have been part of a profound shift, returning significant capital to investors and driving numerous strategic successful partnerships. As I turn my attention to fresh opportunities in the UK, I am confident in the company’s future path and anticipate ongoing developments.”

Sportech Ltd remains committed delivering increased value to its stakeholders in the dynamic US entertainment and betting market.

 

For further information, please contact:

Richard McGuire, Executive Chairman, Sportech Ltd

Email: [email protected]

www.sporetchplc.com   or   www.jpjenkins.com/company/sportech

Sportech Directorate Change

21st August 2025

Sportech Ltd

(‘Sportech’ or the ‘Group’)

Directorate Change

Sportech Ltd, a US-focused entertainment and betting business, announces that Paul Humphreys has decided to resign from his role as a Non-Executive Director, with his resignation taking effect from 31 August 2025.

Paul Humphreys joined the board in September 2022 and has played a pivotal role in shaping the company’s strategic direction, notably overseeing the delisting from the London Stock Exchange and supporting the subsequent restructuring to align with the operational needs of its exclusively US-based operations. His decision to step down comes at the end of his agreed initial three-year term and stems from a desire to pursue new opportunities, and the departure has been reluctantly accepted by the board.

Richard McGuire, Executive Chairman of Sportech, said: “On behalf of the board and our shareholders, I extend our heartfelt gratitude to Paul for his invaluable contributions to the development of our group strategy over the past three years. His professionalism during a transformative period has strengthened our foundation, and we wish him every success in his future endeavours.”

Paul Humphreys commented: “Since joining Sportech three years ago, I have witnessed and contributed to a significant transformation, establishing a robust platform for future growth. As I shift my focus to potential new opportunities, I am confident in the company’s trajectory and look forward to observing its continued success.”

 

For further information, please contact:

Richard McGuire, Executive Chairman, Sportech Plc

Email: [email protected]

www.sporetchplc.com   or   www.jpjenkins.com/company/sportech

Sportech FY 2024 annual report results

23rd May 2025

Sportech Ltd

(‘Sportech’ or the ‘Group’)

FY 2024 Annual Report Results

Sportech, an international betting and hospitality business is pleased to release its Annual Report and Accounts for thefinancial year ended 31 December 2024 (‘FY 2024’). These can be located on the Sportech website and on JP Jenkins website:

www.sportechplc.com/investors/results/    www.jpjenkins.com/company/Sportech/

 

FY ’24 Financial Overview

Revenue £23.1m (2023 £26.5m )
Gross Profit £12.7m (2023 £14.1m )
Adjusted EBITDA £1.5m (2023 £ 1.6m  )
Loss before Tax £0.1m (2023 £(0.8)m)
Cash £3.6m (2023 £ 3.8m  )

 

Adjusted EBITDA includes exceptional items

Excludes customer balances, note £3.4m returned to shareholders in FY’24

 

Performance Overview

The revenue decline in 2024 was primarily driven by a lower Pari-Mutuel (Tote) betting handle, as competition for discretionary wagering dollars intensified with the continued expansion of Sports Betting, iCasino gaming, and the launch of online lotteries in Connecticut. Additionally, Food and Beverage sales at three locations noted a slight dip, while adverse weather conditions in the early and late parts of the financial year impacted both the quality of available betting products available and customer footfall at physical venues.

Despite these challenges, Sportech was successful in largely mitigating the impact through  growth in Sports Betting net commission, growth in other diversified income streams and aggressively managed costs, resulting in only a modest reduction in reported EBITDA.

Sportech continues to establish new business partnerships, building on its solid foundation, seeking to deliver future shareholder returns.

Sportech remains committed to maximizing shareholder value, fostering growth in the US gaming sector, and leveraging its exclusive licenses to drive innovation and customer engagement.

 

Potential Assets sale

During 2024, the an independent party approached the Company, expressing interest in acquiring significant Group assets. Despite significant work by both parties, these negotiations have now ended without a binding offer being presented.

Corporate Initiatives

Sportech’s strategic initiatives included a successful transition to Fanatics Sportsbook across all locations as its sports betting provider under an agreement with the Connecticut Lottery Corporation (CLC). The Group also entered new commercial arrangements with leading U.S. betting operators, strengthening its market position. The company also completed the sale and leaseback of its Windsor Locks, CT property, contributing to a £3.4 million capital distribution to shareholders, bringing total returns to shareholders of £124.6 million, since 2017.

Financial Position The Groups cash position remains stable at approximately £3.6m at 31 December 2024 (c. 37 pence per share). The Group will continue to balance investment opportunities and capital returns where possible and remains focused on creating tangible increased value for shareholders in 2025.

About Sportech:

Sportech is an international betting and hospitality business, known for its innovative solutions in the sports betting industry. With a strong presence across multiple locations, Sportech is committed to providing exceptional service and cutting-edge technology to its retail customers.

Chairman comments

“We are proud of our resilience in navigating competitive and environmental challenges while delivering value to shareholders and enhancing our offerings for customers,” said Chairman Richard McGuire “Our focus on operational efficiency, strategic partnerships, and innovative betting platforms positions us for sustained success in 2025.”

For More Information:   www.sportechplc.com  or [email protected]

 

Note: This press release is for informational purposes and may include forward-looking statements that involverisks and uncertainties.   

Sportech shareholder capital distribution

23 October 2024

This announcement contains inside information

Sportech Ltd

(‘Sportech’ or the ‘Company’)

Capital Distribution to shareholders

Following the sale of certain non-operating assets, Sportech declares a cash capital distribution of 35 pence per share amounting to, in aggregate, £3,398,500 (the ‘Capital Distribution’).

The Capital Distribution is to be paid on 2nd December 2024 to those Ordinary shareholders on the register at the close of business 8th November 2024 (the record date). The shares will be marked ex- distribution on 7th November 2024.

As noted within the FY 2023 Annual Report, the Company was approached by an independent third party who has expressed an interest in acquiring the major operating assets of the Group. The process is at an advanced stage, although there is no certainty that a binding offer will be presented, nor on the terms on which any offer might be made.

The Company will release updates on its website and the JP Jenkins trading platform:

www.sportechplc.com www.jpjenkins.com/company/sportech

For further details Contact:

Richard McGuire

[email protected]

Executive Chairman