FY 2023 Results Pre-Announcement

29th May 2024

Sportech Ltd

(‘Sportech’ or the ‘Group’)

FY 2023 Results pre-announcement

Sportech, an international betting and hospitality business is pleased to announce a pre-close trading update in respect of the financial year ended 31 December 2023 (‘FY 2023’).

Performance Overview Despite inflationary challenges, Sportech delivered a robust performance in 2023, anticipating strong operational results in line with FY 2022 (FY 2022 Revenue: £26.3m, Adjusted EBITDA: £1.6m).   The total betting handle at the Group’s Connecticut Venues business is expected to remain steady at US$201 million, evenly split between sports betting and pari-mutuel products. The average annual betting handle per retail location remains impressive at approximately US$20 million.

Corporate Initiatives In 2023, Sportech executed several key corporate initiatives, including a delisting from AIM; a share consolidation aimed at providing liquidity to smaller investors and a capital return to shareholders. £3.9 million of capital was returned to shareholders in 2023, bringing the total returned since 2021 to £46.4 million. These actions are anticipated to significantly reduce Group operating costs moving forward.

Financial Position The Groups net cash position remains strong at approximately £3.8m at 31 December 2023 (39 pence per share) , offering the potential for further capital returns to shareholders this year.

Looking Ahead  The Group expects to release audited Full Year 2023 Annual Report and Financial Results on July 5th 2024.

Sportech continues to establish new business partnerships, building on its solid foundation, ensuring a stable and prosperous future for shareholders and stakeholders.

 

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 customers.

 

For More Information:

Richard McGuire – Chairman, Sportech Ltd.

Email: [email protected]

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

End of Release

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

Sportech Delivers Derby Day Betting Excitement

Sportech’s 9 Winners Venues along with its online & mobile wagering platform at MyWinners.com, and two Bobby V’s Restaurant & Sports Bar locations delivered the ultimate Kentucky Derby day excitement on May 4.

Throughout the Connecticut estate, customers placed over 200,000 wagers during the day driving betting handle to more than $2.5m.  Standing room only crowds cheered on their favorite horses in the 150th run for the roses but only one horse could be declared the winner – Mystik Dan.

Sportech’s Executive Chairman Richard McGuire commented, “It was a thrilling race that came down to the wire and showed once again why Kentucky Derby is widely regarded as the premier race in the United States.  Customers who backed the 18-1 longshot Mystik Dan were ecstatic whilst collecting their winnings throughout our various locations.  In addition to the high level of excitement in our retail locations, our online and mobile channels performed well, recording an 11% increase in activity.”

All Winners and Bobby V’s locations will feature the second and third legs of the Triple Crown on Saturday, May 18 when the Preakness Stakes takes center stage and on Saturday, June 8 for the Belmont Stakes at Saratoga.

Super Bowl Sunday: Sportech Venues in Connecticut

In the days leading up to Super Bowl Sunday, Sportech Venues became a hub of sports betting excitement as the passion of NFL fans could be felt in our venues across Connecticut.
The Super Bowl was a showdown between the 49ers and Chiefs, and despite the Chiefs’ status as reigning champions, they went into the game as a marginal betting underdog.
For the Big Game itself, our staff processed over 25,500 bets worth in excess of $2.1 million, with an average bet size of $84 per fan, which were handled by our staff on location and lodged with Fanatics Sportsbook.

Despite the Chiefs underdog status, we saw considerable betting support for them as they game drew in, and as Patrick Mahomes threw a thrilling game-winning touchdown it meant that Sportech took a slight loss for the day. Not only was the victory sweet for the Chiefs fans, but also for the numerous Sportech customers who walked away with winnings from their teams victory.

“Super Bowl is always a great time for us,” remarked Paul Dionne, VP of Marketing at Sportech Venues. “Seeing our patrons come together, celebrating wins at our locations, and having so much fun, is testament to the vibrant culture we’re fostering.”

A significant uptick was also seen at Sportech’s leading Food and Beverage venues in Stamford and Windsor Locks, where fans converged to witness the Super Bowl live. This resulted in a notable 13% increase in F&B sales on the day, with the vibrant atmosphere and collective cheers for successful bets enhancing the overall experience.

While condolences were extended to the 49ers fans, congratulations were abundant for the Chiefs on their victory. The entire Sportech team is now looking forward to the next American football season, committed to delivering unparalleled sports betting experiences to their patrons.

As the calendar turns towards the NCAAB championship, known as “March Madness”, Sportech remains focused on exploring growth opportunities within Connecticut’s dynamic sports betting landscape.

The company is also preparing to share its FY2023 trading update with the market and investors in late March, promising further insights into its operations and future plans.

For media inquiries, please contact: [email protected]

About Sportech Venues:
Sportech Venues is a leading provider of innovative sports and gaming entertainment experiences, offering state-of-the-art sports betting and tote betting solutions across Connecticut, USA. With a commitment to excellence, Sportech continues to enhance the fan experience and drive growth in the dynamic world of sports and horse racing wagering.

Responsible Gambling Awareness Remains Priority

As a member of the Connecticut Council on Problem Gambling (CCPG), Sportech works closely with the organization to ensure retail and online customers have access to the help they may need should gambling become a problem, as well as creating awareness for responsible gambling.

In October, Sportech Venues proudly sponsored CCPG’s Annual Conference.  Sportech staff members from operations, security and marketing attended the conference to get a deeper understanding of new emerging trends affecting the problem gambling community.

Mike Burris, Sportech’s Manager of Sports Betting, said: “Having attended CCPG’s annual conference over the years has helped me understand the importance of ensuring our customers have the opportunity and access to responsible gambling tactics.  The conference always delivers engaging speakers that provide insight on emerging trends in prevention and treatment of problem gambling.”

In addition to support for CCPG, Sportech also contributes a portion of daily trading to the State of Connecticut’s Problem Gambling fund via the Department of Mental Health and Addiction Services.

For more information on Sportech Venues and Winners, visit MyWinners.com

For more information on the Connecticut Council on Problem Gambling, visit CCPG.org.  

Sportech Delivers Breeders’ Cup 2022 Betting Excitement

Sportech’s pari-mutuel business delivered yet another successful Breeders’ Cup weekend for racing enthusiasts who experienced the excitement of the Breeders’ Cup at Sportech’s Connecticut Winners venues and at MyWinners.com.

Winners OTB locations, telephone wagering and MyWinners.com, the online destination for pari-mutuel wagering in Connecticut, combined to process $1,795,000 in handle over the Friday and Saturday racing days.

In Connecticut, Sportech Venues – home of legal retail and online betting in the State – provided consumers with betting at its ten retail locations and at MyWinners.com, with online channels generating a large share of overall betting.

For more information on Sportech Venues and Winners, visit MyWinners.com

Sportech Launches Sports Betting Informational Hub on CT Post

Sportech Venues, Inc., a division of Sportech PLC is delighted to announce that it has successfully launched its “Sports Betting in Connecticut” information hub on Hearst Media’s CT Post website.

The “Sports Betting in Connecticut” information hub was developed with the intention of providing experienced and novice sports bettors with educational articles to help them navigate the legal sports betting landscape in Connecticut.  Readers interested in learning the basics of sports betting can peruse various articles featuring basic information such as; “Where in Connecticut to Bet on Sports”, “Sports Betting 101, a Glossary of Terms”, and “Biggest Betting Events of the Year”.  More experienced bettors have landed at this hub for “Paul’s Picks”, where Sportech Venues’ VP of Marketing Paul Dionne provides a weekly column highlighting his handicapped best bets of the weekend.

Further, readers can learn more about “Responsible Play, The CT Way” a Connecticut-centric responsible gambling initiative led by the Connecticut Council on Problem Gambling.  Sportech is a proud partner of this initiative alongside the state’s other gaming operators and works to raise the profile of responsible gambling through inclusion in promotional materials, signage and brochures in venues and through managed websites and social media profiles.

For more information on “Sports Betting in Connecticut”, visit the CT Post CT Post website.  To learn more about Sportech Venues and Winners, visit MyWinners.com

Sportech Venues Celebrates the Kick-Off to Football Season

Sports bettors in Connecticut have proven their dedication to America’s favorite game by putting their money where their hearts and minds are – on their favorite football teams.

Sportech Venues Inc., a division of Sportech PLC and provider of retail and online wagering opportunities throughout Connecticut, USA, is pleased to announce a successful kick-off to the NFL and College Football seasons.  Through a partnership with Connecticut Lottery Corp., Sportech Venues is the proud retail operator of PlaySugarHouse Sportsbooks at nine Winners OTB and two Bobby V’s Restaurant & Sports Bar locations.  With the football seasons underway,  Sportech’s locations throughout Connecticut have been filled up with sports fans interested in winning big.

The early returns provide a bright outlook on sports betting handle and hold.  Some sports bettors prefer to back their favorite teams through spread and moneyline wagers, whilst others enjoy the thrill of game and player props such as anytime touchdown scorer.  A significant portion of football bettors prefer to take a swing on big wins with multi-leg parlays or even same game parlays that are offered through the PlaySugarHouse Sportsbook.

Paul Dionne, VP of Marketing for Sportech Venues, Inc. said: “We’ve been very pleased with the foot traffic we’ve seen coming through the doors to start the football season.  The increase of customer volume naturally lends itself to not only an increase in sports betting handle, it also provides an uplift in food & beverage sales.  Further, we’re consistently cross-promoting our parimutuel wagering opportunities to clientele that otherwise might not engage in horse racing.”

The variety of venue types and accessibility Sportech provides in Connecticut has proven to be a very effective modeling.  Customers have easy access to in-person retail sports betting with most of Connecticut residents requiring a 20-minute or less drive to place their bets.  The Bobby V’s Restaurant & Sports Bar locations appeals to sports bettors interested in a full gameday sports bar experience while other Winners OTB venues allow for pop-ins to get their bets on the night’s game and quickly cash winning tickets.