UK pools betting operator Sportech has sold its stake in the SNG Interactive joint venture with NYX Gaming Group.

On Thursday, Sportech announced it had sold its 50% stake in SNG to NYX for total consideration of £12m – £5.2m in cash, £5.2m in NYX shares (representing 6.1% of enlarged share capital) and up to £1.6m in deferred consideration. The deferred payments will be made in tranches of £520k for each new non-New Jersey client SNG inks over the next five years (to a maximum of three clients). Sportech estimates it will realize a pretax profit of £8.8m on the deal.

SNG made its first splash last year when the two JV partners inked a deal to supply Atlantic City’s Resorts Casino Hotel with an online casino platform. That platform went live in February in New Jersey’s regulated online gambling market. Resorts has a separate online poker deal with PokerStars (now owned by Canada’s Amaya Gaming) that is still awaiting regulatory approval.

Sportech CEO Ian Penrose said the deal provided “a significant return for the group in a short space of time.” The deal also allowed Sportech to “reinvest in our US growth activities in the sports gaming market, whilst retaining a material stake in the future of online casino gaming in North America.”