Betmakers Technology Group Ltd (BET.AX) Completes Sportech Acquisition
Sydney, Australia, June 18, 2021 - (ABN Newswire) - The Board of BetMakers Technology Group Limited (ASX:BET) (T07.F) is pleased to note that it has completed the acquisition of the Racing, Tote and Digital business ("Tote and Digital Business") from Sportech PLC ("Sportech").
- BetMakers completes acquisition of Sportech's Racing, Tote and Digital assets in the United States, United Kingdom and Europe.
- The acquisition is intended to accelerate BetMakers' international growth plans with a significantly expanded global customer base.
- BetMakers is now in a strategic position to fully capitalise on emerging opportunities in the U.S. market, including Fixed Odds wagering.
Completion occurred today, after BetMakers had received the last of its regulatory and other approvals and clearances which were required prior to completion. A number of regulatory and other approvals are now expected to be formally received after completion, following significant engagement with all regulators.
The acquisition of the Tote and Digital Business enhances BetMakers' position to capitalise on growth opportunities in international wagering markets and is anticipated to materially expand the Company's global customer base, technology and geographic reach. These assets provide BetMakers with a platform to target growth in the United States, including with respect to Pari Mutuel and Fixed Odds wagering.
BetMakers Managing Director, Todd Buckingham, said:
"The successful completion now allows us to continue to execute the next stages of our global strategy.
It is not often that such compatible international wagering assets become available in our industry. Accordingly, BetMakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering. We intend to continue to expand in all regions where we see complementary synergies for our business that fits this vision.
I am delighted that we have been able to reach this significant milestone and I now look forward to integrating these transformational international wagering assets which we expect will unlock enormous benefits for BetMakers.
I would like to officially welcome all of our new Sportech team members into BetMakers' growing family, and we look forward to continue working with our global workforce to deliver results for racing bodies, racetracks and wagering operators globally."
As previously announced to the ASX on 1 December 2020, the business assets acquired by BetMakers comprise the following:
- Americas Tote Business: providing betting solutions, hardware, and operational services to over 200 racetrack, casino, and betting venues to more than 50 customers across the United States, Canada and Latin America.
- Americas Digital Business: providing white-label digital betting solutions to more than 25 customers in North America.
- UK and European Tote Business: providing betting technology, parimutuel and comingling services to more than 35 customers across the UK, Ireland, Europe, and Asia.
- Quantum(TM) Tote Technology: a world-leading tote betting engine currently used internationally and including for events such as the Breeders Cup and Royal Ascot race meetings.
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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