Sportech opens bidding on the Football Pools
Operator has called on interested parties to submit their best and final proposals for the business by mid-January
Sportech has given those interested in acquiring its Football Pools business until mid-January to submit their “best and final proposal” and confirmed it had already received a number of bids for the pools-based product.
In a statement to the market this morning, the firm said its board of directors would then consider each of the tabled proposals and determine whether it would proceed with a sale of the long-running business.
The announcement comes just one day after NetPlay TV confirmed it was in “very preliminary” talks to acquire the Football Pools, with Sportech believed to be looking for around £100m for the asset – the firm turned down a £75m bid from GVC Holdings back in May.
If a deal is reached it would be the second time the pair have done business, with NetPlay acquiring Sportech’s UK-facing Vernons egaming assets for £3m in 2013.
Revenues from the Football Pools fell by £2.1m to £17.2m in the first half of the year, but Sportech said its plan had always been to stabilise revenues and then drive growth.
In a recent trading update, the firm said new player acquisitions via digital had increased 29% year on year to 9,000 off the back of “extensive trials” of new online acquisition channels.
It has been a busy year for Sportech in terms of M&A, after Canada-based Contagious Gaming moved to acquire the firm in its entirety but was unable to raise the required funds.