Playtech Profits From Sportech Sale

[image credit : Playtech]

After spending approximately ten million pounds in January of 2010 to purchase a 9.9 percent stake in pool and tote sportsbetting supplier Sportech, online gambling software specialist Playtech Limited has now sold half of this investment.

Isle of Man-based Playtech purchased 19,881,020 ordinary shares in Sportech for 50 pence each just over three years ago but offloaded 9,933,270 of these on Monday to post of a profit of almost four million pounds.

As a result of the sale, Mor Weizer, Chief Executive Officer for Playtech and the man responsible for representing the company on Sportech’s board of directors, has resigned his position as Non-Executive Director for the London-based firm with immediate effect.

“I would like to thank Mor for his involvement over the last two years and he leaves us with our best wishes,” said Ian Penrose, Chief Executive Officer for Sportech.

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