Sportech sells lottery contract stake for up to $14.5m

Betting technology company Sportech said it had agreed to sell its interest in the contract to supply lottery systems to Loteria Electronica Internacional Dominicana to Inspired Entertainment for up to $14.5m.

Sportech said $12.5m would be paid in cash on completion with up to a further $2m payable in royalties from the licensing of digital assets to Inspired.

“The board are assessing the capital requirements of the group and will provide an update on the use of proceeds from the sale in due course,” the company said on Tuesday.

Chief executive Andrew Lindley said the deal allowed the Company's lottery division to concentrate exclusively on supplies managed on its wholly owned, cloud-based platform.