portech and lottery and gaming brand Playwin would invest an initial 2 million pounds each for their 50 percent stakes in the joint venture to fund start up costs, Sportech said in a statement.
The joint venture will target India's substantial base of sports fans within its vast population of nearly 1.2 billion. The new gaming platform has been specifically developed for the Indian market and is expected to be launched this Spring with a suite of prediction and fantasy games initially centred around India's most popular sports including cricket, football and Formula One motor racing.
"We are delighted to have signed this joint venture agreement with Playwin. India has a huge population with a long history of being committed sports fans and Playwin is ideal as a partner as it is already India's premier gaming operator and enjoys significant brand strength,” said Ian Penrose, CEO of Sportech.
“This gives Sportech a great partner and platform from which to launch sports-based gaming products into a growing and lucrative marketplace. We look forward to operating a successful business in India as we continue to pursue further international distribution opportunities."
"India is a sports-loving nation and there is a huge market for gaming. We are glad to have this association with Sportech considering a very wide base of sports fans in the country. With exciting sports games on offer, we are sure both Playwin and Sportech will see great success in the Indian market,” said Amit Goenka, Chief Executive of Playwin.
“Innovation has always been the backbone of Playwin's strategy since its inception in 2002 and the basis of all our accomplishments. Moving ahead, we aim to attract and target a significant number of sport lovers through this joint venture.”
The joint venture will be promoted across Essel's Zee TV network and online, Sportech said. The company also informed that the investment, already anticipated in its budget, would be phased over the next three years.