Sportech pens licensing and services deal with UK Tote Group
Under the deal, Sportech will continue to provide the Tote with its Quantum System, which will enable to operator to deliver its pool betting technologies and services
This arrangement, Sportech said, underpins the Tote’s domestic pools betting, as well as international commingling for access to global horse racing and other sporting pools around the world.
Sportech entered into a separate, multi-year international commingling agreement with the Tote in April this year, in a deal that also sees it supply the operator with its proprietary digital platform.
“Sportech continues to provide stable, large scale global technology and software services, supporting the product innovation and development for our UK and International Tote growth plans,” UK Tote Group managing director Mark Kemp said.
Sportech chief executive Richard McGuire said the new agreement supports the provider’s previously announced strategy of extending client relationships in order to drive incremental growth at the business.
“The Tote is setting incredible new standards of innovation in pools betting, both domestically and globally, and we will continue to provide the foundations on which they build,” McGuire said.
The deal follows Sportech revealing last month that losses widened five-fold in the first half of 2020 as the impact of the novel coronavirus (Covid-19) led to a 38.7% year-on-year drop in revenue to £20.2m.
Sportech’s loss for the period amounted to £10.7m, up 427.3% from the loss it made the year prior.