- Sportech, an operator and supplier of pools and tote betting services, has obtained regulatory approval to build and open a flagship sports bar, restaurant and betting venue in Stamford, Connecticut.

The town has a population of more than 120,000 with a thriving financial district and is situated close to the border with New York.

The development will be the second of its type in the state of Connecticut following the opening earlier this year of Sportech's $4m 10,000 square foot sports bar in Bradley where up to 370 customers can bet, play, dine and drink in the multi-use facility.

The Stamford venue, which is a redevelopment of an existing building, is scheduled for completion next year and will consist of a 20,000 square foot facility, split between two floors.

Ian Penrose, chief executive of Sportech, said: "This decision is another significant step in the development of our business in Connecticut, following the successful opening of our innovative Bradley venue and launch of the State's only legal online betting site, earlier this year.

"We are the only licensed operator of betting in Connecticut, and are confident Bradley and Stamford can fill a gap in the leisure market.

Mr Penrose added that he expected its annual betting volumes in Connecticut alone to exceed $200m.

At 12:54pm: [LON:SPO] Sportech PLC share price was -0.37p at 78.38p

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