Quarterly Activities Report and Presentation
Sydney, Oct 28, 2022 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (
ASX:BET) (TPBTF:OTCMKTS) is pleased to release its Quarterly Cash Flow Statement and Quarterly Activities Report for Q1 FY23, the quarter ending 30 September 2022.
Quarterly highlights
- $23.8m in cash receipts in Q1 FY23 is +13% versus Q1 FY22
- 24 platform and Managed Trading Services customers live
- Amended NTD ("Betr") contract increased by up to $20mil over contract term
- Commenced global distribution of North American racing content
- Share buy-back with 29.1 million shares bought on market
- Closing cash balance of $64.0m
The $23.8m in reported cash receipts from customers in Q1 FY23 represents a 13% increase compared to Q1 FY22. The year-on-year growth is largely a result of the expansion of Global Betting Services platform offering, underpinned by a stable Global Tote customer base.
Q1 FY23 HIGHLIGHTS INCLUDE:
Continued growth in platform and Managed Trading Services clients
During Q1 FY23 the group launched 6 additional Australian platform and Managed Trading Services customers, taking the total to 24 as at September 2022.
Combined annualised turnover was greater than $2bn across the platform clients.
BetMakers platform clients estimated in excess of 100k total downloads for quarter representing ~20% of traditional Australian wagering App downloads.
The above figures exclude the new Betr platform which was launched in October 2022.
NTD ("Betr") contract increase revenue cap by $20 million
BetMakers Technology Group Ltd announced to the market on 16 August 2022 that it had entered into a deed of variation to amend the previously announced contract with NTD Pty Limited ("NTD") to provide technology and services to the new NTD wagering venture ("Betr"). Betr agreed to purchase certain assets of the wagering business TexBet with BetMakers' support. As part of the amendment, the cap on the Annual Fee payable by NTD to BetMakers under the Agreement will be increased by an incremental $2 million per annum over 10 years for a total increase of $20 million.
As part of this arrangement, BetMakers will contribute a total of $2.5 million over two tranches towards the purchase of TexBet by NTD. The first tranche of $1.25 million was paid by BetMakers during Q1 FY23.
Commenced distribution of North American racing content
As announced by the Company on 30 June 2022, BetMakers was awarded the rights to offer PENN National Gaming racing content outside of the US and Canadian markets, for fixed odds bets and exchange wagering.
As part of the agreement BetMakers paid PENN National Gaming the first-year minimum guarantee upfront. This equated to approximately $5.8 million and was paid during Q1 FY23. BetMakers will distribute racing content including data and race vision for over 900 race meetings a year to its customer base.
BetMakers share buy-back initiated
As announced by the Company on 24 June 2022, BetMakers initiated an on-market buy-back to acquire up to 10% of the Company. This buy-back commenced on 12 July 2022.
During Q1 FY23 the Company acquired 29,126,884 shares on-market, at a total consideration of $11,664,000 The Company paid Directors $635,000 for services during Q1 FY23. This included payment to the Chief Executive Officer for employment services and STIP bonus payment related to FY22.
To view the Company Update Presentation, please visit:
https://www.abnnewswire.net/lnk/2G4WUZ06
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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