Sportech: acquisition of Data Tote and partnership with Picklive
Pools and tote gaming operator Sportech has announced the creation of a joint venture with fantasy sports gaming company Picklive in the US and has also acquired Data Tote, a provider of on-track and online greyhound and horse race betting services in Europe.
Picklive USA will be distributed nationwide, leveraging Sportech’s extensive reach in the US, where it currently processes 50% of all horseracing bets.
Picklive will be accessible to Sportech’s existing customer base in Connecticut as well as to its B2B customers through eBet, Sportech’s US online division, which operates more than 20 horserace betting websites.
The new fantasy games will be launched next year following the launch of MyWinners.com, Connecticut’s only legal online betting, which is expected before the end of this year. Sportech and Picklive's deal follows the recent announcement of Betamerica's launch of Fanex Sports, another fantasy betting site hoping to tap into a lucrative and vast US market.
“This transaction further develops our increasing online presence in the rapidly growing US market,” Sportech chief executive officer Ian Penrose said. “With Sportech’s strong heritage in sports gaming and strong relationship base, the daily fantasy sports market is a natural potential growth area for us, and I am excited by Picklive USA’s potential to become a major player in this space.”
Picklive chief executive officer David Galan added: “Picklive has already enjoyed great success in the UK and this opportunity allows us to bring product innovation and the ‘social’ element into the daily fantasy sports space in the US and become a primary second-screen entertainment destination and social experience to accompany live sport.”
Under the deal to acquire Data Tote, Sportech will now provide tote services to the majority of the UK and Ireland's greyhound tracks.
The value of the takeover is £3.1 million (€3.7 million/$5 million). Upon completion of the acquisition, Sportech will exclusively provide betting services to 41 of the 43 greyhound tracks in the UK and Ireland.
Under the terms of the acquisition, the current management team of Data Tote will continue to build on its core business and the growing business opportunities while further developing Sportech's European tote racing business.
Edwin Osborne, chief executive officer and owner of Data Tote, will continue in his role and assume additional responsibility within Sportech's European tote racing business. Osborne will report into Andrew Gaughan, managing director of Sportech Racing.