Sporttech Invests £100,000 in 123gaming
Sportech is investing £100,000 in 123gaming Ltd as part of a £1m fundraising via crowdfunding platform Seedrs.
The offer is eligible for EIS relief. The cash will be used to update the US betting platform and to launch an online site in the UK. Sportech already provides technology for the US online wagering site and the pari-mutuel-type offering, which combines traditional wagers and fantasy elements as part of the game.
Several US racecourses licence 123gaming’s free-to-play contests as a marketing tool. Sportech is selling its football pools business for £83m – that is lower than the £97.25m offer that fell through last year. Sportech plans to return £20m to shareholders via a tender offer. The result of the tender will be announced on 21 March.
There could be a further tender offer after the disposal proceeds are received.