BetMakers acquires Sportech to accelerate international growth
BetMakers has taken another step in delivering its international growth strategy by finalising the purchase of Sportech’s Racing, Tote and Digital assets.
The acquisition covers Sportech’s racing, tote and digital assets in the US, UK and Europe, widening the operator’s international customer base, as well as bolstering its position in the expanding US market.
Integration of Sportech’s assets is also expected to enhance BetMakers’ technological reach, with a specific focus on growth in the US, including with regards to fixed odds wagering and parimutuel verticals.
Approval of the $56 million sale of its Global Tote racing assets to BetMakers was a key focus of Sportech’s 2021 commercial strategy, outlined in a pre-close 2020 trading statement in February.
“The successful completion now allows us to continue to execute the next stages of our global strategy,” said Todd Buckingham, Managing Director at BetMakers.
“It is not often that such compatible international wagering assets become available in our industry. Accordingly, BetMakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering.
“We intend to continue to expand in all regions where we see complimentary synergies for our business that fits this vision.”
The acquisition will see BetMakers leverage Sportech’s UK and European Tote Business, providing betting technology, parimutuel and co-mingling services to 35 customers across the UK, Ireland, Europe and Asia.
Across the Atlantic, the firm will incorporate the Americas Tote Business and Americas Digital Business – the former supplies over 200 racetracks, casinos and betting venues across the US, Latin America and Canada with betting solutions, hardware and operational services, whilst the latter provides white-label digital betting solutions to more than 25 North American clients.
Additionally, BetMakers will also integrate Quantum Tote Technology, a tote betting engine used globally for a range of major horse racing events including Royal Ascot and the Breeders Cup.
Completion of the takeover occured today following successful regulatory approvals and clearances. Further regulatory approvals are now anticipated upon finalisation of the acquisition, following ‘significant engagement with all regulators’.
Buckingham added: “I am delighted that we have been able to reach this significant milestone and I now look forward to integrating these transformational international wagering assets which we expect will unlock enormous potential for BetMakers.
“I would like to officially welcome all our new Sportech team members into BetMakers’ growing family, and we look forward to continue working with our global workforce to deliver results for racing bodies, racetracks and wagering operators globally.”
Source: SBC News