Betmakers Technology Group Ltd (BET.AX) Waterhouse Deal Generates Over $6.2M in Revenue
Sydney, Australia, July 16, 2021 - (ABN Newswire) - BetMakers Technology Group Limited (ASX:BET) (HAM:T07) is pleased to announce that the Company has recorded relevant revenues of $6,221,685.70 under the conditional commercial agreements (Commercial Agreements) with the Waterhouse Group from the commencement of the Commercial Agreements on 22 May 2020 through to 30 June 2021 (Vesting Period).
The Company is also pleased to announce that, as a result, the Class A Performance Right issued to Waterhouse VC Pty Ltd (Waterhouse VC) vested and was converted into 34,564,921 options (Options) exercisable into ordinary shares in the Company (Shares) with an exercise price of $0.18 and an expiry date of 16 July 2023. Waterhouse VC has elected to exercise the 34,564,921 Options and, accordingly, the Company has today issued 34,564,921 Shares for a total aggregate exercise price of $6,221,685.78.
Tom Waterhouse, CEO of Waterhouse VC, commented: "BetMakers is an attractive investment proposition in global racing, with unique access to valuable race data and bespoke pricing through their Managed Trading Service platform. Waterhouse VC is delighted to convert its first tranche of Performance Rights to provide further funding to this exciting business. We look forward to our ongoing relationship with BetMakers over the years to come."
BetMakers CEO, Todd Buckingham commented: "As a result of the Company's exceptional performance over the period, we're extremely pleased to be able to issue Waterhouse VC with the first tranche of Shares. The deal with the Waterhouse Group not only contributed to BetMakers' growth revenues over the past year but also has helped BetMakers develop these unique products and establish itself as one of the leading B2B technology providers for the racing industry.
We are also looking forward to updating the market with further results and updates in the coming weeks."
As announced to the market on 28 January 2020, BetMakers agreed to terms to provide technology, data and services in conjunction with the Waterhouse Group for:
- tomwaterhouse.com betting application to be offered to the tomwaterhouse.com 80,000 members and designed for dual purposes of offering punters access to Australian bookmakers, delivering the best price(s) in the Australian wagering market from the one application, while at the same time providing wagering operators with a low-cost customer acquisition platform.
- Waterhouse global pricing and trading desk - a B2B Managed Trading Services ("MTS") solution for wagering operators that are looking to outsource their trading operations. It intends to allow any wagering operator to have an outsourced Waterhouse team, powered by BetMakers technology, manage day-to-day bookmaking across hundreds of races with a solution aimed to reduce costs for the operators with minimal risk. The Waterhouse Group can provide 'Pricing and Trading' services along with 'Minimum Guaranteed Returns' to wagering operators that use the B2B service.
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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