Sports betting wagering and systems operator Sportech has announced in its latest trading update that it has rejected a takeover bid for its Football Pools division.
Last week The Times UK broke the news that Sportech governance was reviewing a takeover bid for the Football Pools. Sportech released the following corporate statement with regards to the bid
“Following recent media articles, the board confirms that it has received an approach for The Football Pools which it has rejected as it did not match our valuation of the division.”
Sportech senior management stated that the company was focused on halting the decline of the Football Pools by further investing in new technology, user engagement, improved content and new marketing. The operator released the following update on the products performance
“The Football Pools is performing in line with management’s expectations. In the direct business channel, new subscription player recruitment is continuing with 8,400 new players to date in 2015, which is 10% higher than last year, with online acquisitions driving the growth and now making up around 60% of all new acquisitions”.
“The online customers are acquired at a much lower cost and represent a far greater cross sell opportunity than telephone acquired customers. In line with management’s plan to deliver stability in earnings, direct channel revenues are slightly ahead of prior year, with the increase in weekly revenues per customer exceeding the overall reduction in player numbers.”