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Betmakers Technology Group Ltd (BET.AX) Quarterly Activities Report
Sydney, Australia, Jan 25, 2022 - (ABN Newswire) - The Board of BetMakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) is pleased to release its Quarterly Cash Flow Statement and Quarterly Activities Report for Q2 FY22, the quarter ending 31 December 2021.
The $24.6mil in reported cash receipts from customers in Q2 FY22 was the Company's best result to date and was driven by continued strong revenues across the Group and improved recoverability of accounts receivable. It represented a 17% increase on the $21.0mil reported in the prior quarter and a 521% increase compared with Q2 FY21.
BetMakers CEO, Todd Buckingham, commented:
"The Company has seen strong growth in its core business divisions, including in its Global Betting Services segment, through the Australian Platforms and Managed Trading Services operations."
"We launched two additional clients to our Platforms during the quarter, bringing the total to 10, and can report that these wagering operator clients are now collectively generating in excess of $1.2 billion in turnover per annum (annualised H1 FY22 turnover) on BetMakers' platforms. We expect this growth to continue during the remainder of FY22 as the Company delivers on its contracted customer pipeline with further brands expected to launch this upcoming quarter."
The Company continued to advance its US strategy during the quarter, with further investment in product and people ahead of the upcoming launch of Fixed Odds betting on horse racing in New Jersey.
As noted in the Q1 FY2022 Quarterly Activities Report, a Bill to "authorise fixed odds wagering on horse races through fixed odds wagering system" was signed by the Governor of New Jersey to become law.
As announced by the Company on 4 November 2021, the regulatory framework was released for Fixed Odds betting to commence on horse racing in New Jersey. In addition to the progress being made for fixed odds betting, the Company also sees growth opportunities in the existing tote markets. To support the Company's US strategy, $3.3mil was invested during the quarter on on-track and in-venue hardware to enrich the US racing experience (Q1 hardware investment of $6.5mil, therefore $9.8mil investment YTD).
The Company's 31 December 2021 balance sheet position remains strong with $110.9mil of cash and no debt.
BetMakers CEO, Todd Buckingham continued:
"The Company's performance in the quarter is a very pleasing result, with the continued growth reflecting the strong foundations established by the business. We believe BetMakers now has a proven and comprehensive world-class offering of wagering technology and services and that the Company is perfectly positioned to further capitalise on the opportunities that are presenting themselves globally."
"While Australia and the US are key pillars of our immediate growth strategies, we are now seeing more jurisdictions 'opening up' which we believe will allow us to continue to deliver strong growth results."
"I am pleased with the integration of our acquired global assets and the synergies are now being realised across the Group. Last month I had the opportunity to visit the US for the first time since the rebrand of our Global Tote businesses, including US tote and digital assets, and the trip left me reassured that the Company's plans in the US are on track and the strategy is the right one."
"The Company is excited by the enormous opportunity that exists across US horse racing (both for tote and fixed odds). We believe we are well positioned with our suite of software and hardware solutions to capitalise on several opportunities, and we have the personnel and balance sheet to execute."
Q2 FY22 HIGHLIGHTS INCLUDE:
Signed binding Heads of Agreement to be the tote and racing services provider for Caesars Retail Sportsbooks in Nevada including Las Vegas
BetMakers announced to the market on 23 December 2021 that it had signed a binding Heads of Agreement to become the exclusive provider of Pari-mutuel racing services for Caesers Entertainment Inc's brick-and-mortar retail sportsbook locations in Nevada (including its properties in Las Vegas).
Caesars Entertainment is the largest casino-entertainment company in the United States and one of the world's most diversified casino-entertainment providers.
BetMakers CEO, Todd Buckingham said:
"Caesars is the biggest casino group in the US, so we are delighted to be working with them and, in particular, in the core market of Las Vegas. We strongly believe that racing as a betting product in the U.S. will be a popular part of the total wagering offering, and Caesars is a great brand to be working with to extend this vision."
Two platform clients launched and a further six platform clients contracted
BetMakers continues to see an opportunity for smaller and mid-tier bookmakers to enter the Australian online wagering space. During the quarter BetMakers launched an additional 2 platform clients into the market, bringing the total platform customer base to 10. Additionally, the Company has executed a further six platform deals which it expects to be in the market during the first half of CY22.
BetMakers CEO, Todd Buckingham, said:
"The Australian wagering sector remains an attractive growth market for BetMakers as we leverage our proprietary software solutions to support the wagering industry. We envisage this growth continuing as we continue to expand our product offering, and new entrants approach the market."
Other notable highlights for the quarter include:
- Mediality appointed BetMakers (via the Global Racing Network) as its exclusive distributor of Australian racing data to territories outside of Australia for an initial term of 3 years;
- Racing and Wagering Western Australia (RWWA) signed a long-term deal to use BetMakers' fixed odds pricing services as well as racing data, form and content;
- Loteria Electronica Internacional Domincana, S.A. ("Leidsa") renewed a 3-year deal with Global Tote for the provision of lottery software systems;
- Veikkaus (Finland) appoint Global Tote as its tote technology provider; and
- the first showcasing of the new Bet Line terminals in Tuscon, Arizona, at the Global Symposium on Racing.
*To view the Quarterly Report, please visit:
About Betmakers Technology Group Ltd:
Betmakers Technology Group Ltd (ASX:BET)(OTCMKTS:TPBTF) 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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