$35M Placement to Fund Growth Initiatives
- BetMakers has received firm commitments to raise A$35m with strong investor demand from domestic and international institutions
- Funds to pursue strategic initiatives, including expansion into the U.S. wagering market
- Previous guidance for FY20 reaffirmed
Following the recent announcement of an exclusive 10-year deal to distribute and manage Fixed Odds race betting in New Jersey, BetMakers continues to see a number of organic and inorganic opportunities to accelerate its growth, including its expansion into the U.S. Proceeds from the Placement will provide growth capital to BetMakers to pursue and execute these initiatives.
Managing Director, Todd Buckingham said:
"The Placement puts BetMakers in a strong position to pursue a number of near term strategic opportunities and to continue to accelerate its growth plans. These plans include the distribution of Fixed Odds race betting into the U.S., the expansion of our Managed Trading Services offering globally and the distribution of international racing content to wagering operators in Australia, the U.S. and the UK. We are grateful for the ongoing support shown from our existing investor base as well as the strong interest from new institutional investors in BetMakers."
The Company's major shareholder Tekkorp Capital LLC was a cornerstone investor in the Placement. Canaccord Genuity was Lead Manager and Bookrunner for the Placement.
The Placement Price represents an 8.6% discount to BetMakers' closing price of A$0.405 per share on 12 June 2020. The Placement will utilise BetMakers' existing placement capacities, exhausting its capacity under ASX Listing Rule 7.1A, with the balance of the New Shares to be placed under its capacity under ASX Listing Rule 7.1, Settlement and allotment of the New Shares under the Placement is expected to be completed on 22 June 2020.
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.
Betmakers Technology Group Ltd