Monday December 16,2013 : SPORTECH HORSERACE BETTING EXPANSION IN CALIFORNIA
Expands U.S. footprint
Sportech PLC has been awarded a license by Californian horseracing body, the Southern California Off Track Wagering Inc.(SCOTWinc), allowing it to offer horserace betting at ten retail venues.
Under the terms of the agreement, Sportech will expand its established sports bar and betting business in Connecticut to California, where Sportech's technology systems process all bets on horseracing.
The company revealed the business’ total value exceeded $2 billion last year.
Currently there are just 36 locations in California where a customer is able to place a bet on horseracing in a gambling market reportedly worth an estimated $15 billion.
Sportech will open the first sports bar, restaurant and betting venue at a location in the City of Norco, Riverside County, Southern California.
The California Horse Racing Board ("CHRB") approved the proposal on the 12th December, following Sportech's receipt of all relevant approvals from the City of Norco.
The proposed 10,000 square feet purpose built facility in Norco is scheduled to open in 2014 and will combine betting technology with food and beverage retail operations provided by the Silky Sullivan Group LLC.
The joint venture between Sportech and the Silky Sullivan Group will share equally the cost of construction, which is estimated at $1.6 million for Sportech, and the profits generated.
Sportech and SCOTWinc have already partnered to open five locations in Southern and Central California, where Sportech provide betting technology and services for customers of third party sports bars to place bets.
We have worked closely with the horseracing and licensing authorities in California for a number of years, and I am pleased that we have reached this important milestone," said Ian Penrose, chief executive officer of Sportech. "We are delighted to have received approvals to develop a branded sports bar and betting retail chain and look forward to establishing a dynamic and successful venture."