Sportech Reaches Agreement to Develop Branded Betting and Sports Bar Venues in California
DECEMBER 16, 2013 – Sportech Racing and Digital parent company, Sportech PLC, announced that it had signed an agreement with one of the governing bodies for horseracing in California, the Southern California Off Track Wagering, Inc. ("SCOTWinc"), for a license to allow Sportech to operate up to ten innovative retail venues offering customers the ability to bet on horseracing in a high-end sports bar and restaurant facility.
The agreement will enable Sportech to expand its established sports bar and betting business in Connecticut to California, a State in which Sportech's technology systems process all bets on horseracing, which in 2012 exceeded $2 billion in total value. There are currently only 36 locations in California where a bet may be placed on horseracing for a gambling market worth an estimated $15 billion, and this agreement will significantly expand our footprint while attracting new fans and revenues to the sport.
Sportech will open the first sports bar, restaurant and betting venue at a location in the City of Norco, Riverside County, Southern California. The California Horse Racing Board ("CHRB") approved the proposal on the 12th December, following Sportech's receipt of all relevant approvals from the City of Norco.
The proposed 10,000 square feet purpose built facility in Norco is scheduled to open in the summer of 2014 and will combine state-of-the-art betting technology with food and beverage retail operations. This location will be developed under a joint venture between Sportech and the Silky Sullivan Group LLC, a food and beverage operator based in Southern California. The joint venture will share equally the cost of construction (estimated at $1.6m for Sportech) and the profits generated.
Sportech and SCOTWinc have already partnered to open five locations in Southern and Central California, where Sportech provide betting technology and services for customers of third party sports bars to place bets.
To read the full release, visit the Sportech PLC website.