Matt Tripp leads $75m strategic placement into BetMakers
Matt Tripp leads $75m strategic placement into BetMakers
Sydney, Feb 17, 2021 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (ASX:BET) (FRA:T07) is delighted to announce that it has entered into an agreement which will see online wagering industry leader Matt Tripp partner exclusively with BetMakers to accelerate growth of its B2B wagering strategy.

Separately, Mr Tripp has also agreed to subscribe for $25 million of new BetMakers shares.

BetMakers is currently engaged with a number of parties in relation to opportunities which leverage BetMakers' scalable technology and data platform and looks forward to Mr Tripp's assistance with these exciting initiatives. In addition to reviewing potential opportunities for BetMakers to provide B2B services in the Australian wagering market, the Company is also looking at opportunities in the U.S., with a particular focus on those which can leverage BetMakers' anticipated acquisition of the tote and digital business from Sportech PLC.

BetMakers will continue to focus on transactions which are accretive to BetMakers' shareholders.

STRATEGIC PLACEMENT TO MATT TRIPP

Subject to obtaining shareholder approval at an upcoming extraordinary general meeting under ASX Listing Rule 7.1, Mr Tripp will invest $25 million at an issue price of $0.70 per share which represents a 1.6% discount to the 15 day VWAP, resulting in the issue of approximately 35.7 million shares ("Tripp Placement").

The Company has also received firm commitments of $50.0m cornerstoned by several existing, supportive institutions ("Institutional Placement"). The Institutional Placement will be undertaken pursuant to the Company's existing placement capacity and at the same price as the proposed placement to Mr Tripp. The Institutional Placement is expected to settle on 23 February 2021, with shares expected to trade on ASX on 24 February 2021.

All funds raised will be used to accelerate growth, specifically in pursuing and executing strategic opportunities. Following completion of the capital raising and the transaction with Sportech, the Company will have approximately $110m in cash on hand.

Canaccord Genuity acted as Financial Advisor, Lead Manager and Bookrunner to the transaction.

BetMakers Chief Executive Officer Todd Buckingham said:

"We are thrilled to have secured Matt Tripp's backing, both in the form a significant investment in the Company and also as a key advisor on strategic and transformational deals that he will now pursue. Matt has a proven track record over a brilliant career in the online wagering industry and his support for BetMakers is a great vote of confidence in our Company."

Matt Tripp said:

"BetMakers has cemented itself with a compelling proposition in the global racing wagering market. They have built a formidable team with a highly trusted brand and established a global footprint with a large customer base. I am delighted to invest into the Company and take on a role to assist in growing the business at scale globally. I see clear opportunities to support that growth through inorganic and organic deals both in Australia and internationally."

BETMAKERS CEO TODD BUCKINGHAM SIGNS NEW 3-YEAR COMMITMENT

The Board is pleased to announce that it has entered into a new agreement with BetMakers CEO Todd Buckingham. Under the terms of the agreement Mr Buckingham will remain the CEO of BetMakers until 30 June 2024.

BetMakers Chairman Nick Chan said:

"Todd has delivered outstanding growth and opportunity for the Company through his leadership and vision and the Board is delighted to have secured his commitment under agreeable terms going forward."

BetMakers CEO Mr Buckingham said:

"Through the support of the Board and the world-class team we have at BetMakers I am pleased to be in a position where the next exciting phase of growth can be delivered for the Company and its shareholders."

All relevant shareholder approvals with respect to Mr Buckingham's new agreement will be included in the notice of meeting to be sent to shareholders with respect to Mr Tripp's appointment.

To view more details, please visit:
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About Betmakers Technology Group Ltd

Betmakers Technology Group LtdBetmakers 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.

    


Contact

Charly Duffy
Company Secretary
E: companysecretary@thebetmakers.com
M: + 61-409-083-780

Jane Morgan
Investor and Media Relations
E: investors@thebetmakers.com
M: +61-405-555-618



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