Sportech (SPO) has contracted to sell its largest business, Global Tote, its Bump 50:50 raffle business and a freehold property in Connecticut (CT) for a combined net ca.£36m. All the transactions are expected to complete in the first half of 2021, leaving SPO with the venues business and a lottery franchise, as well as a £33m pile of cash net of other financial liabilities. The final piece of the jigsaw is its role in the deregulation of sports betting in CT, which is uncertain but could provide significant further upside. SPO is indicating a significant return of surplus cash once it has all been collected.
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