Sportech PLC, a sports betting company in the UK, recently announced plans that are working to profit from the popularity of cricket in India. The company appears to be optimistic about the Indian sports betting market for the cricket industry and is waiting to get its license to create cricket pools in India.
The British sport betting company recorded an entire year of profit in 2011 and expects to have access to a big betting market as soon as it is licensed. Sportech initially created a great reputation for its brand when it was among the pioneers to launch football betting pools in the UK.
Sportech plans to work with a regional lottery company in this venture and will be joining with Playwin – one of the most popular lottery brands in India that runs under the Essel Group. Playwin will assist Sportech in establishing the cricket betting pools and is currently possession of a license for provisional gaming. The license is from Sikkim, a Himalayan state in northern India.
It is expected that this provisional license will soon get upgraded to a full license, granting Sportech permission to offer the game in the region.
Sportech and its new business “Sportech Racing” has recorded £8m profit in pre-tax in the year 2011; Sportech Racing was responsible for generating revenue worth £67.3 million in 2011, which was well above 50% of the total earned.
Sportech Racing, contributed revenue of £67.3m last year – more than half of the group’s full-year revenue of £118.2m. Ian Penrose, the CEO of Sportech, also commented on the developments stating that Sportech had managed to cut down bank debts from 18pc to £59.2 million within 2011.