Sportech has announced Andrew Lindley will step down from his role as CEO of the lottery and betting technology company.
Lindley only assumed the position in September 2021 but he has already overseen the significant sale of Sportech’s Leidsa lottery contract to Inspired Entertainment.
The deal saw Inspired pay $12.5m cash up front to Sportech, with a further $2m to be paid in royalty-based cash revenues from the licensing of digital assets.
Richard McGuire, current Non-Executive Chairman, has been appointed Executive Chairman effective immediately, while Lindley will “continue to support the group in concluding various current initiatives in the coming months”.
The board change was announced ahead of the company’s AGM on Tuesday, with a trading update further provided.
According to Sportech, the first five months of the year trading has “been in line” with its expectations.
The company continues to experience a “high rate of growth” in sports betting and expects to see betting handle in the group’s Connecticut venues come close to that of pari-mutuel for the full year.
However, record online growth in pari-mutuel betting seen during the COVID-19 pandemic has receded slightly. This has been attributed to the effects of new forms of online gambling in Connecticut.
Sportech, though, has described the introduction of sports betting as “very positive”, and expects to achieve the projected overall improvement in the venues business to support a positive group EBITDA this year.
Meanwhile, Sportech has today paid 7p per share to all registered shareholders on the register at May 6, with an aggregate payment of £7m.
Additionally, it noted the September 1 release of its interim results for the six months ended June 30.