LONDON (Reuters) - Sportech has signed a deal with a high-tech arm of an options exchange to soup up its football and cricket gambling and make it more attractive to a new and younger customer base.
Sportech said its deal with Longitude, whose technology was developed in the securities business to produce efficient prices, would allow it to offer multiple bet types based on a single pool to generate larger and more liquid betting pools.
Sportech, which has a presence in over 30 countries and processes more than $13 billion in bets every year, said it was aiming to bring Longitude-enhanced digital products to markets in Europe and India in the second quarter of 2013, with an initial focus on football.
"The combination of Sportech's extensive industry expertise and Longitude's groundbreaking technology, which will be available primarily in tablet, mobile and online formats, will develop a compelling offering to existing customers, whilst fostering a dynamic new suite of products to create a new and younger customer base," the companies said in a joint statement.
Longitude is a subsidiary of the International Securities Exchange, a leading U.S. options exchange and unit of Deutsche Boerse AG.
Pools and tote betting supplier Sportech reported first half underlying profits of 7 million pounds in August and said it would look to increasingly focus on its North American operations.
Sportech's shares, which have risen 55 percent since the beginning of the year, were trading at 68 pence on Monday on the London Stock Exchange.
(Reporting by Natalie Huet)
We're sorry, this article is unavailable at the moment. If you wish to read this article, kindly contact our Customer Service team at 1-300-88-7827. Thank you for your patience - we're bringing you a new and improved experience soon!