FY21 Half Year Results
For the half-year ended 31 December 2020, the Company reported:
- Revenues of $7.59 million (increase of 88% Y-o-Y)
- Underlying EBITDA of $0.04 million
- Closing cash balance of $68.6 million
Sportech Tote & Digital Acquisition Update
The Board of BetMakers is pleased to update the market that the proposed acquisition of Sportech's tote and digital assets is on track to complete during next financial quarter.
As previously announced to the market, the proposed acquisition of Sportech's tote and digital business is expected to add substantial revenues and EBITDA to BetMakers' consolidated business. On a pro-forma basis for FY20, the Tote and Digital Business combined with BetMakers' existing operations would have delivered A$56.1 million revenue and A$7.7 million EBITDA.
The Company is especially pleased with its targeted expansion in the United States and believes the acquisition of Sportech's tote and digital assets will deliver transformational growth for BetMakers in this key jurisdiction.
Once completed, the deal will give access to 36 States across the U.S with more than 100 customers across race tracks and casinos, positioning the Company's growth in the region.
U.S. Fixed Odds Update
As previously announced to the market, the New Jersey Bill which "authorizes fixed odds wagering on horse races through fixed odds wagering system" has been introduced to the New Jersey Legislature.
The Bill is expected to progress during the first half of CY21. If and when the Bill becomes law, BetMakers' exclusive agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development LLC. (the operator of Monmouth Park race track) to manage Fixed Odds betting on horse racing within New Jersey will commence.
The Company has set a deliberate path to actively support Fixed Odds betting on horse racing in the U.S. and continues to work with legislators, regulators and racing authorities in New Jersey and other States to establish both a legal framework and a model intended to support racing industries and commercial partners.
The Company believes it is strongly placed to execute on these opportunities and looks forward to updating the market on developments regarding Fixed Odds wagering throughout the U.S.
Matt Tripp Partnership, Strategic Investment and Placement
As announced to the market on 17 February 2021, the Company entered into an agreement with Matt Tripp to partner exclusively with BetMakers to accelerate growth of its B2B wagering strategy. In conjunction with this partnership, Mr Tripp also agreed to subscribe for $25 million new shares (subject to shareholder approval), and the Company completed a placement of an additional $50 million from several existing shareholders.
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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