Tag Archives: ian penrose

No Deal! Sportech calls off sale of The Football Pools to Burlywood Capital

Updating the market this morning, Sportech Plc has informed that its ‘The Football Pools’ division will not be sold to industry private equity firm Burlywood Capital. Last September, a sale of the Football Pools was announced with Burlywood governance agreeing to pay Sportech a total cash consideration of £97 million for its asset. Issuing a corporate update, Sportech’s CEO Ian …

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Rich Roberts resigns from Sportech PLC Board

Sportech has announced that Rich Roberts, President of Digital and US Corporate Affairs, has stepped down from the PLC Board. He had been a Member of the Board of Directors since December 2013. Roberts’ resignation comes after a reorganisation of responsibilities for Sportech in North America, following the company’s withdrawal from business obligations with Draft Day Daily Fantasy Sports. However, …

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Sportech wins £97 million ‘Spot the Ball’ VAT appeal

Betting technology provider Sportech has been cleared of its long running ‘Spot the Ball’ £97 million VAT repayment dispute with Her Majesty’s Revenues & Customs (HMRC). Today the UK Court of Appeal ruled unanimously in favour of Sportech’s case against HMRC which argues that the company was owed £40 million in VAT, plus added interest, on ‘Sport the Ball’ competition …

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Sportech completes first phase system integration into Betfred’s Totepool

Sports betting and betting pools technology provider,Sportech has completed the first phase of a multi-part technical delivery to Betfred. Sportech confirmed that the Sportech Racing and Digital division has completed the successful integration of Quantum System into Betfred’s Totepool business. The introduction of Sportech’s Quantum System is the first phase of a multi-part project and was showcased at Royal Ascot last …

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Unfavourable XE rates impact Sportech 2014 performance

Reporting on its 2014 full year financial performance, football pools and betting operator Sportech recorded declines in top line metrics as the firm reported a 2% decline in group revenues of to £104 million (FY 2013: £106 million). The firm further recorded a 5% decline in EBITDA earnings to 24 million (FY 2013:£25.3 million) Despite its decline in overall group performance, …

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Sportech optimistic despite US wagering decline

Betting pools and horseracing operator Sportech said its profits should fall within corporate forecasts following its trading update for the period from 22 August to 10 November 2014. The operator has been hit a 2% fall in bet wagering generated from its US racing operations, Sportech commented that the decline had been caused by changes made to the racing calendar. …

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Sportech hit by £93 million tax rebate reverse

Football pools, betting and horse racing operator Sportech has been ordered to pay back a £93 million (€115 million) tax rebate after the HM Revenue & Customs (HMRC) won its appeal against a VAT overpayment claim made by the operator. The rebate ruling, relates to Sportech overpayments claimed on “Spot the Ball” competition operated by Sportech subsidiary brand Littlewoods Pools …

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