Quarterly Activities - Cashflow Report
Sydney, Jan 29, 2021 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (
ASX:BET) (T07:FRA) is pleased to release its Quarterly Cash Flow Statement and Quarterly Activities Report for Q2 FY21, the quarter ending 31 December 2020.
QUARTERLY HIGHLIGHTS
- Strategic acquisition of the Sportech Racing and Digital Assets
- Clear pathway for Fixed Odds legislation on Horse Racing in New Jersey
- Expected net cash of more than $35.0M post completion of the Acquisition
- Cash receipts for the 1H FY21 up 90% on previous half
- Annualised cash receipts at $16.0M
The Board is pleased to report another strong quarter following the substantial growth delivered by the Company in Q1 FY21. These results have contributed to cash receipts for the first half of FY21 being $7.9 million, an increase of 130% on the comparative period in FY20.
The Board is especially pleased that the $4.0 million in cash receipts reported by the underlying business in Q2 FY21 (a record for the business) was achieved in a period when the Company's time and resources were heavily focused on global opportunities.
The focus on strategic initiatives has delivered BetMakers exciting opportunities for global expansion, including the Company entering into binding agreements to acquire Sportech PLC's ("Sportech") Racing and Digital Assets in the United States, United Kingdom and Europe.
In addition, during Q2 FY21, the Company's wholly owned subsidiaries, BetMakers DNA Pty Ltd and Managed Trading Services Pty Ltd, signed agreements to manage Fixed Odds wagering on all horse racing, including Jamaican and international race meetings, through Supreme Ventures Racing and Entertainment Ltd's ("Supreme Ventures") channels for five years. BetMakers also progressed the opportunity to be a pioneer of Fixed Odds betting in the U.S., where a Bill which "authorises fixed odds wagering on horse races through fixed odds wagering system" was introduced to the New Jersey Legislature in November.
BetMakers CEO Todd Buckingham said:
"The Q2 FY21 quarter was not only our best quarterly performance to date, but it was also the Company's most productive and transformational in terms of international expansion.
"I am pleased with the consistent growth in the domestic business, with the performance for the first half of FY21 setting the Company's annualised revenue run rate in line with our expectations as we aggressively invest in efforts to pursue global opportunities.
"I am delighted with our progress internationally during a busy quarter. We believe the Sportech Acquisition will give the Company the opportunity to supercharge our growth and become a worldleading B2B racing data and technology provider at a time of huge opportunity in some of the biggest global markets.
"At the same time, the contract to manage Fixed Odds wagering in Jamaica on all horse racing, plus the continued progress through legislation of Fixed Odds racing in New Jersey, has capped off a very significant quarter for the Company."
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/703S5LB2
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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