Sportech is an online betting and gambling group. They have come to an agreement with RBP Luxembourg in regards to disposing of their Dutch business. The business is called Sportech Racing BV and the agreement is for a maximum of €3.25 million. A new license for a period of five years was secured by Sportech in June of 2017. This license provides the company with the exclusive rights regarding the operations of horseracing tote betting in the Netherlands. The license is being operated within 38 outlets currently using point of sale terminals, nine betting shops and online.
The regulatory consent is required for the proposed disposal as well as the transfers of a variety of licenses and agreements from specific entities of the Sportech group to Sportech Racing BV. The company made a statement and said there was no guarantee the sale would reach its completion. They also said they would make more announcements as time continues to pass. Andrew Gaughan is the Chief Executive Officer for Sportech. He stated the proposed disposal provides a very attractive opportunity in regards to achieving value. This value would follow the successful extension of the license and the managements restructuring of the business. He plans to increase the focus of the company on growth opportunities inside the United States.
Andrew Gaughan also spoke of the long term contract enabling Sportech to provide RBP with their ongoing tote services. He said they have a very strong professional relationship. This is focused on the development and sales of the businesses French racing pools. The vast footprint of the company's global customers will enable them to make these sales. The shares for BST were down from 2.2% to 63.58p. The most attention for the cabinet Brexit subcommittee meeting's headlines will be received on Wednesday. This is when the debate with the senior ministers over the post-Brexit plans regarding a customs union with the European Union are expected to occur.
If there are no unexpected surprises the corporate results should be all over the Wednesday headlines. Other than this the economic calendar is almost completely empty. The investors are still waiting on a particular update from Facebook. The market capitalization they are sporting is approximately $465 billion at the last count. The direction taken by the shares of the social media giant still have the ability to influence the sentiment of the investors on a wide basis.
Sportech is classified as an online entertainment and gambling company in the United Kingdom. The company was originally created as Rodime PLC. At this time they were an electronics company based in Scotland. Their specialty was hard disk drives. Their name change to Sportech occurred in 2000 once they acquired the organization Littlewoods Pools for £160 million. Sportech has since become a highly trusted name in the industry of international gaming. They offer a global footprint, their business practices are sustainable and responsible and they have a strong leadership team. They provide excitement, entertainment and innovations to gaming fans throughout the world.