Sportech Focuses On U.S. Gambling Market To Recover Losses

Sportech set its sights on the U.S. gambling market to "provide a much-needed turnaround in its fortunes after its losses deepened in the first half of the year," according to Tabby Kinder of the LONDON TIMES. The betting operator, which is listed in London, posted pre-tax losses of £602,000 ($771,500) in the six months to June 30, compared with a loss of £320,000 a year earlier, as its new sports bar in Connecticut "performed worse than expected" and its margins "remained under pressure due to wage inflation and property costs." Revenue at group level "slipped" almost 6% to £31.6M ($40.5M), although it "rose marginally" when adjusted for changes in currency rates. The trading update sent the shares down 2.3% to 67.25p. Sportech has "struggled in recent years." It sold the Football Pools to buyout fund OpCapita in June '17 in a deal worth £83M. The disposal means Sportech now derives about 80% of its revenue from the U.S. (LONDON TIMES, 8/23).