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Sportech Sells Stake in Social Betting Firm

Online betting firm Sportech plc has announced that it has sold its stake in social betting firm NYX Social Gaming JV to NYX for roughly £12 million.

The deal to sell comes roughly 18 months after NYX and Sportech teamed up form the social betting firm. The selling price will include £5.2 million, 2.2 million NYX shares, which have an aggregate value of £5.2 million, and other consideration that will cap out at £1.6 million.

Commenting on the deal Sportech CEO Ian Penrose said, "The structure of the deal enables us to reinvest in our US growth activities in the sports gaming market, whilst retaining a material stake in the future of online casino gaming in North America. NYX is endeavouring to build a market leading position and we look forward to sharing in this opportunity with them."

NYX CEO Matt Davey added: "We've enjoyed a strong partnership with Sportech and look forward to opportunities to work together in the future."

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