Grab your virtual seats because we’ve got some spicy updates from London’s own sports betting tech whiz, Sportech! 🇬🇧📈
#BigNews: Despite a tiny loss of £0.3 million in the first half of 2023, Sportech is celebrating an 8% revenue boost, hitting £13.5 million! 🎉💸
#VenueVibes: Sportech Venues, the star of the show with nine gaming spots in Connecticut, stole the limelight with an 8.5% rise, bringing in £12.7 million. Guess what? £9.8 million came from wagers, £1.9 million from food and drinks (yum!), and £1.0 million from sports betting. 😍🎰🍔
#DigitalDelight: After ditching its non-core lottery assets, Sportech Digital still shined bright, matching last year at £0.9 million. 🌐💻
#FYI: If you’re a numbers geek, here’s a tidbit—excluding exchange rate stuff from last year, Sportech’s first-half revenue would’ve been up by 1% year-on-year. 📊🤓
#ResilienceRocks: Sportech proudly said, “We rocked H1 2023!” 🤘 “Amidst the intricacies of a predominantly physical retail business within a heavily regulated industry, the group’s performance stands as a testament to resilience and strategic prowess.” 💪💼
#BettingBonanza: With the Connecticut Lottery Corporation as their partner-in-crime, overall betting handle within venues jumped by 2% to US$101.8 million. 🤑⚾
#PlotTwist: Sportech managed around $50.1 million in retail sports betting handle, but here’s the twist—with a risk exposure of around $12.5 million. 😱💰
#HoldTheLine: Despite challenges and a wild June with some baseball drama, gross profit (hold) stood strong at 10.2% of handle. ⚾💼
#PariMutuel: Pari-mutuel betting handle took a 5% dip to $51.7 million, mainly because online casino gaming and sports betting were stealing the show. 🎰🏇
#VenueVictory: Sportech Venues is holding its ground! “The company’s focus on sports betting, despite its inherent risks, has yielded support to date,” they proudly stated. 💼🏟️
#FutureFocus: Sportech is all about the future, saying, “Operational focus remains resolute.” They’re strengthening partnerships, seizing growth, and optimizing performance. 🌟📈
#CashFlow: As of June 30th, Sportech is chilling with £8.2 million in cash and cash equivalents, just a smidge less than last year’s £8.6 million. 💰💼
#ShareholderSavvy: They did some shareholder magic with a capital restructuring and repaid around £46 million to shareholders in the past two years. In August, they splashed £3.5 million in shareholder repayments, bringing the total to around £121 million since 2017. 💸🤝
#MarketNews: Brace yourselves—Sportech’s shares took a wild 60.78% dive to 38.00 pence per share, and they’re thinking about canceling their listing on London’s AIM market. 📉💔
Sportech might be facing some hurdles, but they’re in it for the long run! 💪🏆
#SportechSuccess #BettingBuzz #GameOnInstagram
