Sportech swings into profit as it prepares to launch 'cricket pools' in India The acquisition allowed Sportech to become the only UK company licensed to take horseracing bets in the US. Profits were also helped last year by lower exceptional costs compared to 2010. Sportech, which is headed by chief executive Ian Penrose, said the company had also succeeded in reducing net bank debt during the year by 18pc to £59.2m Mr Penrose said: "We are continuing to make good progress. We have diversified our business interests and revenue streams from a focus on the UK market, in which pools betting has a small market share, to establishing business interests where pools and tote (pari-mutuel) betting is a significant form of betting, and in those markets which are exploring the liberalisation of betting and gaming. Our acquisition of one of the oldest gaming businesses in the USA has given us a unique and leading licensed position in North America, expected to be one of the world's largest gaming markets. Sportech, which is also planning a re-launch of the Vernons pools, said a case to re-claim £80m in VAT is likely to be heard in the next few months. Paul Leyland, analyst with Investec, said the VAT reclaim could be "game-changing." Mr Leyland added: "The provision of pools betting in India could be a significant opportunity."