Sportech revenue fell to 3.9%

Betting technology specialist Sportech has reported sales decline 3.9% to £63.7m in the year ending 31 December 2018. On a constant currency basis, revenue fell by 0.9%.

Revenue for the 12 months ended December 31, 2018 declined to £63.7m (€73.6m/$83.9m), following fell from the Racing and Digital and Venues divisions.

Last year Sportech invested in the development of its sports betting opportunities both in B2B and in its Connecticut consumer business in the US. In Connecticut, Sportech has invested in a significant lobbying campaign to convince the state legislature to legalise sports betting. The company had two operating divisions: Sportech Racing & Digital, which includes Bump 50:50, and Sportech Venues.

Executive chairman Richard McGuire explained a significantly narrowed loss: «Our new management’s vigilance in controlling costs will be a critical continued focus, while challenging and changing previous assumptions, behaviours, and processes. “We see this as a key component to shifting the group’s market position, and to supporting the development of our entrepreneurial culture to quickly and adeptly explore new opportunities as they arise».