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Betmakers Technology Group Ltd (BET.AX) Quarterly Activities Report
Sydney, Australia, Oct 27, 2021 - (ABN Newswire) - The Board of BetMakers Technology Group Ltd (ASX:BET) (HAM:T07) is pleased to release its Quarterly Cash Flow Statement and Quarterly Activities Report for Q1 FY22, the quarter ending 30 September 2021.
The integration of the Global Tote assets and the continued growth of the existing operations has delivered a step-change in the Q1 FY22 performance. The Company recorded its strongest quarter to date with $21.0mil in cash receipts from customers in Q1 FY22. This was up from $8.9mil (+135%) on the previous quarter (Q4 FY21) and is a +437% increase compared with Q1 FY21.
During Q1 FY22 the Company saw significant growth in its Australian platform and Managed Trading Services operations (within the Global Betting Services business segment). This growth is expected to continue during the remainder of FY22 as the Company delivers on its expanded customer pipeline now under contract.
The Company announced the completion of the Sportech PLC ("Sportech") asset acquisition on the 18 June 2021 (Q1 FY22 reflects a full quarter of ownership). These assets contribute to the Company's Global Tote and Global Betting Services operating segments and are performing in line with expectations.
BetMakers intends to continue its strategic investments in B2B wagering technology products and data platforms. This is anticipated to include software and hardware wagering products as well as content acquisition for its Global Racing Network and Global Tote expansion.
During the quarter the Company invested approximately $6.6mil in relation to design and construction of the bespoke Betline self-service betting terminal range and the development of associated software to elevate the user experience and enhance operational efficiency for clients. As part of its US strategy, the Company is committed to investing in the digitalisation and development of the US Racing market.
BetMakers, working in conjunction with Australian terminal specialist Neo Self Service Solutions, has developed a range of terminal hardware for use on track and in venue in the US.
Following completion of the Sportech racing, tote and digital assets acquisition, customary balance sheet settlement payments (net debt / net working capital) of ~$5m were made to Sportech.
The net cash position remains strong with ~$109.0mil in cash as at 30 September 2021.
To view the Quarterly Report, please visit:
About Betmakers Technology Group Ltd:
Betmakers Technology Group Ltd (ASX:BET)(FRA:T07) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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