Sportech Racing BV will now be the property of RBP Luxembourg thanks to an agreement by Sportech PLC and the Dutch company. The vital business transaction is estimated to cost approximately 3.25 million Euros.
Sportech which is an online entertainment and gambling company acquired a tote betting and horse racing license to operate in the Dutch region. The license which was secured in June 2017 will be operational for five years. It covers nine shops for betting and 38 outlets which have online and terminals for selling.
However, the disposal agreement is still under scrutiny by some group entities that are under Sportech Racing and Sportech group. In addition to this, the proposed terms for the disposal will still have to get approval from certain licenses, agreements and regulatory consents associated with the companies. Moreover, the company revealed that the process of the sale of the company is still going on and once it’s complete it will be announced.
Andrew Gaughan who is the CEO of Sportech said that the disposal transaction will provide a lucrative business opportunity for the company. In that, it will ensure that the company grows in the American market after its business restructuring model was approved following the company’s extension of the US license.
The Chief Executive Officer of Sportech confirmed that his company will offer a contract that will be long term which will be instrumental in providing RBP with the tote services that it continues to supply. In addition to this, Sportech has also developed a reliable working engagement with the company. This working relationship has ensured that the company develops and sells their pools of French racing in the expanding market of Sportech customers who are all over the world.
Sportech is an entertainment and online gambling establishment that is based in the UK. The popular company is an efficient entity that is listed on the stock exchange in London. As of 2008, Sportech PLC has been able to rake in a net income of 16.8 million pounds and a revenue of 71.8 million in revenue.
The publicly trading company was previously called Rodime PLC and it was an electronics entity that expertly dealt with hard disks. Rodime was started in 1979 but in 1986 it had already managed to be listed in the stock exchange market in London. During this time it was based in Scotland and it’s only in 2000 that it changed its title. This is after it acquired the Littlewoods Pools which it got from the Littlewoods Organization for only 160 million pounds. Littlewoods sold its company because the development of lottery games had already damaged its business. After this vital transaction, the betting firm changed its title.
Sportech PLC has various subsidiaries which include Littlewoods Casino, The New Football Pools and the Littlewoods Bingo. Over the years, Sportech has managed to develop fully by purchasing various influential entities that have built the global brand positively and allowed it to expand its horizons.