Betting technology firm Sportech has benefited from legislation that clarifies and strengthens its exclusive licence to conduct off-track pari-mutuel betting in Connecticut.
Sportech Venues holds the exclusive licence to offer off-track betting in the state and does so through its 15 venues and online betting services.
This budget legislation closes a loophole and thus legally prohibits unlicensed online operators from taking wagers from Connecticut residents. This law becomes effective as of October 1, 2019.
Richard McGuire, executive chairman of Sportech, said: “The state of Connecticut have clarified and strengthened Sportech’s exclusive licence with this legislation to close a previous loophole. Our online business in Connecticut is pivotal to growth and value.
“It is estimated that Connecticut residents wagered as high as US$60m to $80m annually with unlicensed operators. Our Connecticut online betting platform, MyWinners.com, averages approximately nine per cent margin. Therefore, we are understandably focused on seeking to convert those customers and will update the market with progress on customer acquisition going forward.”
