Sportech Venues could get boost from sale involving parent company
Sportech Venues, the company licensed to operate Connecticut’s off-track betting locations and which seeks to provide sports wagering in the state, could benefit from the sale of one of its corporate parent’s other businesses, its president said Thursday.
Sportech PLC, based in the United Kingdom, announced this week it has entered into a conditional agreement to sell its Global Tote gaming services business to BetMaker Technology Group, an Australian company, for about $41.2 million.
The sale is subject to shareholders’ and regulatory approvals.
“The potential sale of one of Sportech PLC’s other businesses to BetMakers does not include the Connecticut Venues business,” Ted Taylor, the Sportech Venues president, said in an email provided by Sportech PLC. “Although it is totally separate from our Connecticut business, as our CEO Richard McGuire noted in Sportech’s public announcement, if the deal goes through it will provide further investment capital to our business here in Connecticut."
“We have also been encouraging BetMakers, a successful international business that is expanding in the U.S., to make Connecticut their U.S. staff headquarters,” Taylor added.
Sportech Venues announced last month it was selling its highly visible Sports Haven location on Long Wharf Drive in New Haven, which houses one of its 12 OTB sites in Connecticut as well as Sportech PLC’s North American headquarters.
The “Winners” OTB locations, typically located in restaurants, offer wagering on broadcasts of horse racing, greyhound racing and jai alai. Sportech Venues, which also runs an online betting platform, has been authorized to operate up to 24 OTB locations in the state.
Taylor has called for the Connecticut legislature to authorize Sportech, the Connecticut Lottery Corp. and the casino-owning Mashantucket Pequot and Mohegan tribes to provide sports wagering. Lawmakers are expected to renew their consideration of the matter next year.