LOT.TO Systems is a UK-based, B2B lottery games and lottery software technology business providing Sportech with a digital gaming platform, iLottery, and a specialist team focused on digital gaming technologies.
The acquisition provides Sportech with growth opportunities through broadening the suite of gaming services offered by the group.
Whilst its proprietary Rapid Lotto and lotto betting verticals online have been its core consumer products, LOT.TO’s iLottery platform has the capability to operate in any gambling vertical – including self-service POS terminals, online and mobile interfaces.
Richard McGuire, executive chairman of Sportech, said: “This acquisition will enhance the digital capabilities across all Group business lines. In addition, it will accelerate a strategy to further develop those growth opportunities, consolidate our sports betting capability, enhance our existing Lottery product capabilities and support the digital development of our global pari-mutuel capabilities in an efficient and effective manner.”
Sportech paid a consideration of the issuance of two million new Sportech ordinary shares of 20p each to the vendors which are subject to a three-year lock-up arrangement.
Executive chairman of Sportech, Richard McGuire, as one of the vendors with a five percent holding of the issued share capital of LOT.TO, will receive 100,000 Consideration Shares upon Admission of the shares on the London Stock Exchange’s main market for listed securities.