Sportech, a sports betting technology provider, has once again become a private company after completing its final day of trading on the London AIM stock exchange.
The firm – which is the retail betting partner of the Connecticut Lottery Corporation – formally announced on September 11 that it would be delisting, following a review of the firm’s long-term interests and options.
Following its de-listing, Sportech will re-register its business as a private limited company, with new articles of association to be incorporated next week.
Updating investors, Richard McGuire, Executive Chairman of Sportech said: “The Sportech Board carefully considered the importance of enabling our shareholders to continue trading in our company’s shares.
“We are delighted to announce our partnership with JP Jenkins, particularly in light of their recent collaboration with Winterflood Securities, which enhances access to the rapidly expanding unlisted securities markets.”
Explaining its rationale upon announcing its intention to delist, Sportech stated that being listed is putting a “significant financial burden” on the company and that to proceed with the best possible outlook for future activities, Sportech will seek shareholder approval for the motion.
Sportech gained a 10-year contract to host sports betting in Connecticut in 2019 after failing to secure one of the available licenses and worked alongside Rush Street Interactive on this endeavor before the operator terminated its relationship with the lottery.
In Connecticut, Sportech handled $101.8m during H1, marking a 2.2% uptick year-over-year. Despite the opening of the Massachusetts market, Sportech still posted increases in revenue and gross profit in the Constitution State, jumping 10.6% and 39.5% respectively.
